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Defining Financial Well-Being and Measuring Impact

Truly the biggest buzz in the financial education space right now is how you define financial well-being or financial capability.

By Gigi Hyland | Updated on March 08, 2015
gigi hyland, hylandhighways, ncuf, national credit union foundation

The National Credit Union Foundation’s mission is to be a catalyst to improve people’s financial lives through credit unions. And, one of the gnarliest – a technical word – problems about that mission is how you actually measure improvement to people’s financial lives.

Measuring impact and defining how people move from one financial state to a better financial state is a hot issue. Truly the biggest buzz in the financial education space right now is how you define financial well-being or financial capability.

In early January, the CFPB issued a report, “Financial Well-Being: The Goal of Financial Education.” The report details the CFPB’s initial research into how people acquire financial capability. According to the CFPB, its overarching objective for the report was to determine how to define and measure the success of different financial literacy strategies so that it would have a basis for measuring the effectiveness of different strategies.

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