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Tuesday, November 24, 2015

CFPB Planning National Survey on ‘Financial Well-Being’

The CFPB is seeking regulatory approval for a national survey of consumer “financial well-being,” according to a filing in the Federal Register. The proposed survey of 6,000 adults would record how Americans rate their financial well-being; probe what kinds of knowledge, behavior and skills support well-being; and produce “fully de-identified” data that would be open for further research.

In a report issued in January, the CFPB outlined four factors that constitute financial well-being: 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 bureau is using the concept to define the end goal of a financial education program.

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