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WBK Industry News - Federal Regulatory Developments

CFPB Publishes Annual Financial Literacy Report

Recently, the CFPB published its annual financial literacy report for 2016. The report is designed to help the public gain resources and knowledge related to financial literacy, furthering the CFPB’s mission to empower consumers in their financial lives.

The report is lengthy and focuses on numerous tools and resources to increase consumers’ financial decision-making capabilities. The report includes information related to various levels of financial knowledge, including a “Money as You Grow” tool which empowers parents to teach their children age-appropriate financial skills and an “Auto-Loan Worksheet” which can assist a consumer in making the large financial decision associated with purchasing a vehicle.

The report also points out the success of a recent CFPB program called “Ask CFPB.” Ask CFPB allows consumers to ask common questions about money and provides helpful answers from the CFPB. There is also an appendix to the report which consolidates all of the financial education resources provided and includes hyperlinks to each resource.

The report is available at: https://s3.amazonaws.com/files.consumerfinance.gov/f/documents/102016_cfpb_FinancialLiteracyReport.pdf.