Development Of The Cfpb Financial Well Being Scale

CFPB Financial Well-Being Scale: Measuring Financial Well-being

Development of the CFPB Financial Well-Being Scale

The Consumer Financial Protection Bureau (CFPB) has developed a scale to measure financial well-being. This scale is based on a rigorous research effort to develop a consumer-driven definition of financial well-being. The CFPB Financial Well-Being Scale can be used to assess a person's financial well-being before providing a service.

Using the CFPB Financial Well-Being Scale

The CFPB 2017c launched the National Financial Well-Being Survey (NFWBS) using this scale. The NFWBS is a nationally representative survey of U.S. adults that measures their financial well-being. The results of the NFWBS can be used to track changes in financial well-being over time and to identify groups of people who are more likely to experience financial challenges.

The CFPB Financial Well-Being Scale is a valuable tool for financial professionals and policymakers. It can be used to:

Assess a person's financial well-being

Track changes in financial well-being over time

Identify groups of people who are more likely to experience financial challenges

Develop and test financial products and services