Today the customer Financial Protection Bureau (Bureau) released an Innovation Insight report which defines a primary of the sort research exploring the partnership between subjective financial wellbeing and objective credit history traits and customersвЂ™ engagement with monetary information through academic tools. вЂњCredit Characteristics, Credit Engagement Tools, and Financial Well-BeingвЂќ presents the findings of a joint study amongst the Bureau and Credit Karma, an individual finance technology business supplying free fico scores and reports and credit-related academic tools. This report could be the very first to examine the connection between monetary engagement and well-being with economic information centered on a survey of customers matched with real information on engagement.
Building from the BureauвЂ™s past research efforts on economic wellbeing, this research makes use of the Financial Well-Being (FWB) Scale developed by the Bureau to determine customersвЂ™ subjective monetary wellbeing and relates the derived FWB score to objective measures of consumersвЂ™ monetary wellness, specifically, customersвЂ™ credit history traits. The research additionally seeks to connect customersвЂ™ subjective well-being that is financial customersвЂ™ engagement with economic information through academic tools, including use of a credit score simulation device, information regarding credit facets, and email messages with information and recommendations.