We think the CFPB hit the nail on the head with this report
St. Louis, MO (PRWEB) February 19, 2015
Workplace financial wellness firm, Four Seasons Financial Education (FSFE), today weighed in on a new Consumer Financial Protection Bureau (CFPB) report which outlines the elements that define financial well-being for Americans*. According to the CFPB, consumers feel the four needed elements are: feeling in control, capacity to absorb a financial shock, on track to meet goals, and flexibility to make choices. The CFPB report included interviews with consumers of various age groups from around the US.
"We think the CFPB hit the nail on the head with this report," said Travis Freeman, President of FSFE. "Their work affirms the guidelines we have followed for years in our workplace financial wellness programs. Financial wellness is a process, not an event."
Freeman, speaking on behalf of FSFE, also stated that the elements of the report accommodate all income levels. Financial well-being, or lack thereof, is not only an issue for lower income families. FSFE has found numerous families with six-figure incomes living paycheck to paycheck.
Freeman also agreed with the report finding that factual knowledge in and of itself is not sufficient in driving behavioral changes. Financial education is an integral first step, but must be followed by factors of accountability and priority to trigger behavioral changes in personal finances.
The CFPB report did not, however, include adequate information regarding the effects of financial education and financial wellness programs within employer groups, according to Freeman. Similar reports from the CFPB have included such facts. FSFE feels employers have a vested interest in making programs available to employees which may increase financial knowledge and well-being.
About Four Seasons Financial Education
Four Seasons Financial Education provides workplace financial wellness services to companies throughout the US to help them improve their bottom line. Since 1986, we have helped corporate America increase workplace productivity by focusing on the most important asset of the company - the employees. Services provided through RFG Advisory Group, an SEC Registered Investment Adviser.
*CFPB Report - Financial well-being: The goal of financial education - http://tinyurl.com/lsmuwu3