New Financial Tool Helps Measure Financial Well-Being

With 2016 fast approaching, it will soon be time to make New Year’s resolutions. Many of our resolutions are related to our financial situation, such as saving more or cutting down on our spending. Your BBB® has learned that the Consumer Financial Protection Bureau (CFPB) has just released a new tool to help financial educators and consumers measure their financial well-being.

In the Press Release announcing the new tool, Richard Cordray, the CFPB Director commented, “A key part of our mission is providing resources that aid and empower people to lead stable and healthy financial lives. Our financial well-being tool will give financial educators an important means by which to evaluate and support consumers’ financial health.” The Press Release further explains that in the past, there has not been a way to quantify a consumer’s financial well-being, but this new tool makes that possible.

To read more about this tool, click here.