The Consumer Financial Protection Bureau (CFPB) completed a study examining the information available to consumers when they’re making financial decisions, along with the dollars being spent on both marketing promotions and education. Financial institutions’ budgets remain clearly directed toward marketing financial products and services, with non-profit organizations responsible for the bulk of education spending.
“In the U.S., billions of dollars are spent on financial industry marketing efforts, about 25 times more than is spent on financial education. The study found that approximately $670 million is spent annually on providing financial education by federal, state, and local governments, financial institutions, nonprofit organizations, charitable foundations, and others. At the same time, the financial services industry spends approximately $17 billion annually marketing consumer financial products and services (not counting marketing of products related to retirement, college loans, and other investments).”
Read the full article at The Financial Brand. There’s also a link to download the CFPB report.
