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.