The Consumer Financial Protection Bureau (CFPB) has launched a nationwide effort to provide financial education and tools to low-income consumers.
The CFPB will partner with national and local organizations across the country to train social services staff to help their clients with low-to-moderate incomes navigate complex and overwhelming financial situations.
As part of the initiative, CFPB unveiled a new online toolkit, “Your Money, Your Goals,” which is a comprehensive guide to financial decision-making, covering topics such as budgeting daily expenses, managing debt and avoiding financial tricks and traps. The toolkit also covers some mortgage and housing topics, including how to manage debt-to-income ratio with a mortgage.
The guide will train social services staff to help their clients learn decision-making skills and to help them avoid financial setbacks.
For example, clients in job placement programs who secure a job are often required to receive their pay via direct deposit. The agency’s “Your Money, Your Goals” toolkit will provide information on whether to open a checking account and understanding what’s needed to open one.
Access the toolkit.
Written by Emily Study