The Consumer Financial Protection Bureau (“CFPB”) recently released a study of consumer financial services marketing, which found that it can be difficult for consumers to find objective information. The study focuses on the size and scope of the financial information field. The study was commissioned to understand the wide range of information sources consumers could be exposed to in making financial decisions. The study’s results give an overall indication of the relative amounts spent in the U.S. on financial education and on the marketing of certain types of financial products. We expect that the CFPB will use the results of the study to develop priorities in the areas of financial education, policymaking and supervision, and enforcement.
The key takeaways:
The results show that financial services companies spend about $17 billion each year on marketing, about $54 a person per year. This excludes marketing of retirement products, college loans, and investment products...
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