Published: April 2020
By: Ray Kirk, Ph.D., Federal Benefits Specialist
The Consumer Financial Protection Bureau (CFPB) has identified financial well-being as the ultimate measure of the success of financial literacy efforts. Financial literacy efforts traditionally have focused on gaining knowledge and applying that knowledge appropriately to make good financial decisions. Financial well-being is defined by CFPB “as the state of being wherein a person can fully meet current and ongoing financial obligations, can feel secure in their financial future and is able to make choices that allow enjoyment of life.”