2016 Financial Literacy Annual Report
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. First, the Bureau is seeking to provide assistance to consumers with tools and resources to increase their capability to make financial choices that support their financial well-being and ability to achieve their life goals at important points in their financial lives. This includes providing assistance directly, and building channels with others who can provide consumers with financial education opportunities—in schools, workplaces, and communities. Second, the Bureau is moving forward on research to identify effective approaches to financial education and better define the metrics for success. 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.