MyMoney Tools

This report describes the results of a CFPB-commissioned a study to rigorously evaluate the impact of financial coaching. The study found that access to financial coaching resulted in measurable gains in three areas: money management; objective financial health metrics like savings, debt levels, and credit score; and subjective feelings of financial confidence and financial well-being.

An essential part of the mission of the Consumer Financial Protection Bureau is to empower consumers to take more control over their financial lives. That’s why we’ve made financial education a critical component of our work.The Bureau’s strategy to improve financial literacy has two key aspects. Fundamental to this strategy is identifying financial education approaches that provide youth with opportunities to develop the knowledge, skills, habits, and capabilities that will serve them as adults. The report highlights some of these efforts.

Research paper on findings regarding consumer spending and financial management. Partner paper to worksheet and “Managing Spending: Ideas for Financial Educators” released by the Consumer Finance Protection Bureau (CFPB).

This report describes the results of focus groups with consumers on credit reports and scores. The report examines issues such as whether consumers were checking their credit scores and reports, how they were doing it, and what motivated them to check it.

This report describes the results of focus groups with consumers on common financial guidelines. The CPFB learned that many consumers are aware of and interested in financial guidelines or rules of thumb. However, many consumers also face difficulties in acting on these rules, and were interested in customizing rules for their own situations – what we call “financial rules to live by.”

CFPB conducted a field scan of financial education programs for immigrant populations. The report raises visibility about the financial education challenges that many immigrants face. This report also shares promising financial education strategies that financial education providers can use to better serve immigrants who seek their services and are part of their communities.

CFPB recently talked with consumers and found that many of them aspire to manage their spending better. We heard that people would like to use budgets and plans, but these tools can be hard to use in guiding spending decisions in the moment. Over 90 percent of the consumers CFPB talked with were interested in tools that could tell them how much money would be left in their budget if they bought something. These consumers said that spending feedback tools could help them curb impulse spending, manage spending on special occasions, and reduce uncertainty about their financial situation. This paper discusses ideas for educators seeking to teach adults about money management and spending. This is part of a suite of resources helping consumers and financial educators who work with consumers on this topic, which includes a worksheet, and two research papers.

This report, including research from the Department of Defense and the U.S. Military Academy, has explored important financial education topics, including evidence of the impact of financial education on service members’ retirement savings and use of credit.

The CFPB’s research addressed the childhood origins of adult financial capability and well-being. Building blocks to help youth achieve financial capability: A new model and recommendations, illuminates critical attributes, abilities, and opportunities acquired during the years spanning preschool through young adulthood that support the development of adult financial capability.

This brief was released by the Department of Labor Behavioral Interventions Project. The research shows ways to better encourage employees to focus on saving and investing for retirement.