This story appeared in Bank Digest.
The Consumer Financial Protection Bureau has released two briefs that present the findings of an evaluation of financial coaching programs commissioned by the CFPB showing that coaching can help increase financial well-being. The study looked at the impact of two different coaching programs that serve low- and moderate-income consumers.
The first brief summarizes the evaluation, which showed that access to financial coaching resulted in measurable gains for the low- and moderate-income consumers served in three areas: financial behaviors; objective financial health metrics like savings, debt levels, and credit score; and subjective feelings of financial confidence and financial well-being. The second brief shares implications from the study for financial education practitioners.