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

The Consumer Financial Protection Bureau today 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.

Share.

About Author

Monica C. Meinert

Monica C. Meinert is deputy editor of the ABA Banking Journal and a senior editor at the American Bankers Association, where she oversees ABA Daily Newsbytes.