Statement by CFPB Director Richard Cordray on GAO Workplace Financial Literacy Report

WASHINGTON, D.C. — This week, the GAO released a report on financial literacy in the workplace, which summarized a forum of employers, federal government agencies, and academic researchers who discussed the role of employers in improving employees’ financial well-being. Consumer Financial Protection Bureau (CFPB) Director Richard Cordray issued the following statement:

“There is a natural connection between the workplace and certain key financial decisions like saving for retirement, securing health and life insurance, and setting aside funds to meet child care and medical expenses. The GAO report adds to the growing body of evidence that suggests that a financially capable workforce is more satisfied, more engaged, and more productive for their employers. Both employers and employees will reap the benefits of workplace financial well-being programs.”

The CFPB encourages employers to take simple steps to promote financial well-being, and to utilize the tools and resources available at consumerfinance.gov, including the CFPB report “Financial Wellness at Work,” with recommendations and case studies; ‘Your Money, Your Goals: A financial empowerment toolkit for workers ;’ and Ask CFPB, an interactive online tool that gives consumers expert and neutral answers to more than a thousand commonly asked questions.

The GAO report can be accessed at http://gao.gov/products/GAO-15-639SP .

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The Consumer Financial Protection Bureau is a 21st century agency that helps consumer finance markets work by making rules more effective, by consistently and fairly enforcing those rules, and by empowering consumers to take more control over their economic lives. For more information, visit consumerfinance.gov.