Today, the White House hosted a Summit on Financial Capability and Empowerment, aimed at empowering Americans to make informed financial decisions. At the Summit, the Administration announced new private and public sector commitments to promote financial empowerment,as well as a new resource guide for schools, colleges and universities, employers, and communities to help leaders begin their own financial capability initiatives. Director of the Consumer Financial Protection Bureau Richard Cordray gave opening remarks highlighting the work of the Consumer Financial Protection Bureau (CFPB). In the below blog post, Gail Hillebrand, Associate Director of Consumer Education and Engagement for CFPB, highlights some of the Bureau’s important work related to financial literacy.
There are certain occasions in everyone’s life when one decision can have long-lasting effects. How will you pay for college? Which mortgage should you choose? Where will you turn when you need credit? When will you start saving for retirement? How you answer these questions and others like them can profoundly impact your financial future.
Unfortunately, too many graduates are entering the workforce saddled with student loan debt, limited employment opportunities, and important financial decisions for which they are often unprepared. There is simply too wide a gap between complex financial products and the level of education that many consumers have about them.
The Consumer Financial Protection Bureau (CFPB) is dedicated to closing that gap by making financial products more transparent and helping to educate consumers so they can make better-informed choices when pursuing their own financial goals.
Fonte: White House