The Consumer Financial Protection Bureau and Financial Services Roundtable have launched a public-private initiative to promote effective financial education across the U.S.
The CFPB, through its Office of Financial Education, and FSR will work together to facilitate the gathering and sharing of information about effective financial education strategies. Their aim is to encourage adoption of financial education initiatives, especially in K-12 schools and in the workplace, and to protect older Americans from financial exploitation.
This joint initiative provides an opportunity to explore ways we can work together to advance a vision for stronger and more capable consumers, CFPB Director Richard Cordray said in prepared remarks about the initiative. We have identified three areas, in particular, where we can focus our mutual efforts.
The three areas of focus in the initiative include working with schools and teachers to help young people increase their financial capability; providing workplace financial education and encouraging others to do the same; and helping to educate older Americans and those who care for them to avoid financial scams and abuse.
The CFPB and FSR will host a series of working groups and listening sessions at various locations throughout the U.S. to determine best practices and a path moving forward.
We are already engaging to develop opportunities to leverage resources, scale ideas, expand access and identify high-level, measurable results, Cordray said. Our joint efforts will create more visibility and focused effort to promote financial education and share promising practices around the country.