Youth Financial Capability

FDIC ComE-IN Advisory Board Meeting

October 9, 2013

Camille M. Busette, PhD

Assistant Director, Office of Financial Education

Consumer Financial Protection Bureau
CFPB’s Statutory Objectives

• To ensure that consumers have timely and 

understandable information to make responsible 

decisions about financial transactions;

• To protect consumers from unfair, deceptive, or 

abusive acts or practices, and from discrimination;

• To reduce outdated, unnecessary, or unduly 

burdensome regulations;

• To promote fair competition by enforcing the 

Federal consumer financial laws consistently; and

• To advance markets for consumer financial products 

and services that operate transparently and 

efficiently to facilitate access and innovation.

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Our Vision

A consumer finance marketplace...

where customers can see prices and risks up front and 

where they can easily make product comparisons;

in which no one can build a business model around 

unfair, deceptive, or abusive practices;

that works for American consumers, responsible 

providers and the economy as a whole.

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CFPB Office of Financial Education Objectives

• Build a comprehensive approach to financial education 

in the U.S.: Develop knowledge about what works in financial 

education and provide opportunities for financial educators to 

learn about effective strategies.

• Promote innovation: Test new ideas and share successful 

innovations with the field.

• Educate consumers: Provide understandable information that 

helps customers make informed financial decisions.

• Increase outreach and federal coordination: Build 

relationships with all stakeholders. In addition, Director of the 

CFPB serves as the vice chair of the Financial Literacy and 

Education Commission. 

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Servicemembers

• Improve financial 

protection

• Monitor Service 

members 

complaints

• Coordinate w/ 

DoD, etc.

• 2.2 million 

military 

personnel

• 22 million 

veterans

Older Americans

• Protect against 

financial abuse

• Improve 

financial 

literacy

• Planning for life 

events

• 50 million aged 

62+

Students

• Increase 

awareness of debt 

when selecting a 

college 

• Monitor students 

complaints

• Build campus 

awareness

• 22-28 million 

(age 16-26)

Financial

Empowerment

• Improve financial 

stability for low-income 

& other economically 

vulnerable consumers

• 68 million unbanked or 

underbanked

• 33% of Americans earn 

less than twice the 

poverty line

• Approximately 50 

million have thin or no 

credit files

Consumer Education and Engagement

Financial Education

• Provide targeted educational 

content

• Identify and promote 

effective fin ed practices 

Consumer Engagement

Create interactive, informative 

relationship with consumers

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Our Recommendations

CFPB’s policy recommendations for supporting youth financial 

capability.

Recommendation 1: Introduce key financial education concepts early and continue to build on 

that foundation consistently throughout the K-12 school years. In addition, CFPB encourages 

states to make a stand-alone financial education course a graduation requirement for high school 

students.

Recommendation 2: Include personal financial management questions in standardized tests.

Recommendation 3: Provide opportunities throughout the K-12 years to practice money 

management through innovative, hands-on learning opportunities.

Recommendation 4: Create consistent opportunities and incentives for teachers to take 

financial education training with the express intention of teaching financial management to their 

students.

Recommendation 5: Encourage parents and guardians to discuss money management topics 

at home and provide them with the tools necessary to have money conversations with their 

children.
Resources

• Ask CFPB: http://www.consumerfinance.gov/askcfpb/

• Order Materials: http://promotions.usa.gov/cfpbpubs.html

• CFPB Blog: http://www.consumerfinance.gov/blog/

• Paying for College: www.consumerfinance.gov/students/. 

• Complaints: http://www.consumerfinance.gov/complaint/

• Rulemakings: http://www.consumerfinance.gov/notice-andcomment/

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For more information visit: 

www.consumerfinance.gov

twitter.com/CFPB

facebook.com/CFPB