2022 Financial Literacy Annual Report
March 15, 2023 / Source: CFPB
The 2022 Financial Literacy Annual Report of the Consumer Financial Protection Bureau (CFPB) is required under Section 1013 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. It details the CFPB’s financial literacy strategy and activities to improve the financial literacy of consumers. Overall, this report describes the CFPB’s efforts in a broad range of financial literacy areas relevant to consumers’ financial lives. It highlights our work including, efforts helping people to assert their rights, avoid pitfalls, and take action when something goes wrong. The CFPB strives to be a source for objective information and, where appropriate, seeks partners that can provide neutral and unbiased financial education programs free of marketing motives. We continue to highlight our financial well-being research, with the five principles of effective financial education that together offer a holistic framework for the wide variety of financial education strategies aimed at boosting financial well-being for adults.
Congress specifically charged the CFPB with conducting financial education programs and ensuring that consumers receive timely and understandable information to make responsible decisions about financial transactions. Empowering consumers to help themselves, protect their own interests, and choose the financial products and services that best fit their needs is vital to preventing consumer harm and building financial well-being.
The ultimate goal is to improve the financial literacy of all consumers in America and we are committed to bringing together partners from across sectors to develop and execute a strategy to achieve this outcome. We will continue to build on our efforts going forward to prevent consumer harm and ensure that consumers are protected.