Request for Information on Effective Financial Education

Federal Register, Thursday Aug. 2, 2012

Volume 77, Number 149

[Notice]

[Page 46069]

[PDF version of this document]

SUMMARY: The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 ("Dodd-Frank") established the Office of Financial Education ("OFE") within the Bureau of Consumer Financial Protection ("CFPB") to develop and launch initiatives that will educate consumers and help them make better informed financial decisions. The CFPB's OFE seeks public comment on effective financial education approaches—including tools, topics and dissemination strategies—that will help improve consumers' financial decision-making capabilities.

DATES: Comments must be received on or before October 31, 2012.

SUPPLEMENTARY INFORMATION: The CFPB's OFE seeks public comment on effective financial education approaches that create opportunities for consumers to improve their financial decision making capabilities. OFE is interested in promoting innovation to assist consumers in solving common, discrete financial decision-making problems where behavioral approaches could be valuable. Some of these common financial decisions could be facilitated by a number of approaches that specifically address the behavioral impediments to progress. The questions listed below reflect one or more of the areas mentioned above. Please feel free to respond to any or all of the questions below and please be sure to indicate in your comments on which questions you are commenting. Comments could include, where appropriate, specific examples or related research and/or program evaluation that illustrate your comments.

1. In your experience, what are consumers' most common financial decision-making challenges?

2. Is there a common set (or lack) of habits, attitudes, or practices, and if so, what are they?

3. What are the major challenges in providing financial education that would help adult consumers address the issues identified in questions 1 and 2, and that would lead to good financial outcomes for recipients?

4. Given the five core areas [1] (earning, spending, saving and investing, borrowing, and protecting) identified by the Financial Literacy and Education Commission in 2010, what skills are most helpful for building capability in the areas of spending, savings and borrowing? What information on these and other topics should the CFPB further develop and disseminate?

5. How might CFPB effectively disseminate financial literacy and education resources that will help consumers build the necessary skills to achieve good financial outcomes?

6. What financial education tools, topics, or practices designed to help consumers improve their own financial decision-making lead to measurable outcomes?

7. What research in behavioral economics or other academic fields—published or still in process—provides insight into financial education approaches that can help consumers achieve their own financial goals?

 

Publication Date: 9/11/2012

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