CFPB Launches Initiative to Provide Financial Education to Low-Income Consumers

The Consumer Financial Protection Bureau announced its partnership with national and local organizations to train social services staff to offer financial education and tools to clients with low-to-moderate incomes.

The CFPB introduced a new online toolkit called “Your Money, Your Goals,” which is a guide to making sound financial decisions. Topics such as debt management, budgeting, and avoiding common scams are addressed.

The Bureau says it is making an effort to lend a hand to consumers with low-to-moderate income due to the unique pressures they face. This group faces daily stressors that are likely to interrupt success in the areas such as finding and keeping secure housing, completing their education, and possibly obtaining stable employment.

“Since we opened our doors, we’ve worked to equip consumers to make informed decisions that will help them reach their personal financial goals,” said CFPB Director Richard Cordray in a statement.

Several organizations will be taking part in training social services staff to use the CFPB toolkit. Confirmed organizations include Catholic Charities USA and the Los Angeles County Department of Consumer Affairs.