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Tuesday, November 19, 2013

CFPB Compares Spending on Financial Marketing, Education

Financial institutions spend about 25 times more on marketing their products and services than all sources of funding spend on higher education, the CFPB said. It noted that governments, financial institutions and nonprofit organizations spend $670 million on financial education annually, while financial institutions spend $17 billion on marketing. The bureau said:

Though the results should not be treated as precise measures of spending, we hope the study encourages further research and stimulates discussion on the scope and role of financial education. While the study does not explore the effect of this spending disparity on consumer decisions, it provides a meaningful comparison when we consider consumers’ financial educational needs.

Read the report.

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