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Monday, December 14, 2015

CFPB’s New Tool Measures ‘Financial Well-Being’

The CFPB released a new tool to help financial educators and others assess and quantify financial well-being among consumers.

The tool is composed of 10 questions based around four elements of financial well-being, as defined by a report issued by the CFPB in January: having control over one’s finances; having the capacity to absorb a financial shock; being on track to meeting financial goals; and being able to make choices that allow one to “enjoy life.” Based on responses to the assessment questions, consumers are given a financial well-being score which can be used as metric to help financial educators to track progress over time.

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