WASHINGTON (10/14/15)--The Consumer Financial Protection Bureau (CFPB) recently blogged about a study it commissioned the Urban Institute to conduct and which found that financial coaching can help increase consumers' financial well-being.
"At the CFPB, we believe all consumers have the right to achieve greater financial wellbeing for themselves and their families. That’s why we’ve studied a promising approach to financial education: financial coaching," the blog post says.
It explains that financial coaching is customized to meet each person’s goals.
The Urban Institute analyzed two coaching programs. Each serves low and moderate-income consumers: Branches, a faith-based social services organization, is located in Miami and the Financial Clinic, a nonprofit financial services organization, operates in New York City.
The study showed that on average, people offered access to financial coaching:
The CFPB offers a financial coaching program to recently transitioned veterans and vulnerable families, partnering with the U.S. Department of Labor and more than two dozen social services providers.