Financial Coaching Benefits Consumers
by Kaitlyn Snyder, National Housing Conference
The Consumer Financial Protection Bureau (CFPB) recently released two briefs about financial coaching and how it can benefit consumers. This study, based on research the CFPB commissioned from the Urban Institute, found that financial coaching can help increase financial well-being. The study was the first of its kind to evaluate the impact of financial coaching. It found that access to financial coaching resulted in measurable gains in three areas: money management; objective financial health metrics like savings, debt levels and credit score and subjective feelings of financial confidence and financial well-being. Read the new research brief, “Financial Coaching: A Strategy to Improve Financial Well-Being” to learn more about how financial coaching programs benefitted consumers. Financial educators interested in learning more about implementing coaching programs should read the companion brief for practitioners, “Implementing Financial Coaching: Implications for Practitioners.”
This post was originally published in NHC’s Washington Wire, January 24, 2017.