Bureau touts 12 million reached through financial education tools in ‘19

About 12.3 million persons, including consumers, used the federal consumer financial protection agency’s internet-based and print educational resources last year, exceeding the target total by 4 million, the agency said Dec. 23.

In its financial literacy report for fiscal year 2019, the Consumer Financial Protection Bureau (CFPB) said users of its educational resources included parents and young children, college students and student loan borrowers, older Americans and their family caregivers, servicemembers, veterans and their families, and traditionally underserved consumers.

In other areas, the report shows the bureau’s results were closer to the targets set at the beginning of the fiscal year, falling both slightly above and below the goals. Those included:

  • 80% of “Ask CFPB” users (a method for consumers to request answers to questions to the agency about personal money management) rated answers as “helpful.” The agency had set a target of 85% “helpful” answers.
  • Percentage of confidence level of social services staff trained in discussing core financial management topics with clients after using the bureau’s “Your Money, Your Goals” training: Target, 35%; Actual, 24%.
  • Downloads of tools/papers/materials for educators serving adults: Target, 50,000; Actual, 52,703.
  • Number of library locations engaged to be local centers of financial education: Target, 2,000; Actual, 2,702.

CFPB Financial Literacy Annual Report (2019)

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