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CFPB Released Financial Literacy Report
On Friday, October 31, 2016, the CFPB released its 2016 Financial Literacy Report and “one-pager.” The report outlines the Bureau’s financial literacy strategy, financial education initiatives, and research initiatives. In terms of education initiatives, the CFPB discusses the following resources: Ask CFPB, Paying for College, Planning for Retirement, Know Before You Owe: Take control of your auto loan, and CFPB en Español. The CFPB indicates its financial literary strategy has two key aspects: 1) Education initiatives to reach consumers; and 2) Research to identify and build effective practices.
In remarks to the Financial Literacy and Education Commission on November 3, 2016, CFPB Director Richard Cordray highlighted three key building blocks, including 1) “Developing executive function” in early childhood; 2) “Encouraging parents and caregivers to instill positive financial habits and norms in the child” for teenagers; and 3) “Taking part in actual financial experiences such as shopping or doing their own research to gain financial knowledge and decision-making skills” for high school-age children.