The Consumer Financial Protection Bureau (CFPB) has examined what financial well-being means to consumers, in their own words, for their own lives.
They also created a rigorous way to measure it, and developed a model of what factors drive an individual’s financial well-being. What the research demonstrates is that there is no single right way to help adult consumers improve their financial decision-making skills and choices, just as there is no single right way everyone should conduct their financial lives. There are many approaches that work, reflecting the diversity of people’s circumstances, opportunities, and aspirations. CFPB have distilled from this research certain principles, or underlying factors, that can be put into practice through adult financial education to help drive financial action and well-being.
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