Under the Dodd-Frank Wall Street Reform and Consumer Protection Act, Public Law 111Â203, the Bureau's Office of Financial Education (''OFE'') is responsible for developing and implementing a strategy to improve the financial literacy of consumers that includes measurable goals and initiatives, in consultation with the Financial Literacy and Education Commission, consistent with the National Strategy for Financial Literacy. The collection will focus on financial education program elements related to increasing household non-retirement savings and/or reducing financial distress.
The CFPB expects to collect quantitative and qualitative data through in-person, telephone, or Internet based surveys. The information collected through quantitative and qualitative evaluation methods will increase OFE's understanding of what interventions can improve financial decision-making skills and outcomes for consumers.
The core objective of the data collection is to measure the effectiveness of selected financial education programs. This data will provide useful information on evidence-based practices that can be used to improve financial education programs nationwide, leading to better financial decision-making outcomes for adult consumers.
To develop and implement initiatives that encourage and enable informed financial decision making, it is first important to understand which elements of financial education programs contribute effectively and efficiently to improved financial decision-making. There is a growing realization among experts in the field of financial education that there is not enough evaluation-based evidence to indicate which financial education strategies are most effective. According to a recent Government Accountability Office (GAO) report on financial literacy, "relatively few evidence-based evaluations have been conducted, limiting what is known about which specific methods and strategies are most effective." Without adequate evidence of what works, it is difficult to improve the effectiveness and quality of financial education, and therefore improve consumer outcomes.
To address this need, the CFPB has contracted with the Urban Institute (UI) to engage in a rigorous quantitative evaluation of two financial coaching programs to increase its understanding of which interventions can improve consumers' financial decision-making skills. CFPB has selected the Financial Clinic (the Clinic) and South Florida Urban Ministries (SFLUM), two community-based financial coaching providers, for the evaluation. The evaluation will focus on the extent to which the selected sites' financial coaching interventions increase household non-retirement savings and reduce financial distress among program participants.
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
Form 3170-XXXX Outcome Survey
Financial Education Program Evaluation Supporting Statement B FINAL.pdf
Outcome Survey