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Thursday, January 29, 2015

CFPB Launches New Research on ‘Financial Well-Being’

The CFPB has launched a new research effort to better understand what it calls “financial well-being,” a term it is using to describe the end goal of a financial education program. According to a report released on Tuesday, the four factors that define financial well-being are control over finances, ability to absorb a financial shock, being on track to meet financial goals and financial freedom that allows one “to enjoy life.”

The report — conducted through open-ended interviews with consumers and financial practitioners — found that behaviors, knowledge and personal traits all contributed to financial well-being. “A growing consensus is emerging that the ultimate measure of success for financial literacy efforts should be individual financial well-being,” said the CFPB. The bureau added:

We encourage [financial education] practitioners to take these ideas and consider how they might be incorporated into your one-on-one interaction strategies or program designs. The field needs practitioners to experiment inventively — and to report back on what you are learning.

Read the report.

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