Financial-services marketers, such as banks promoting credit cards, outspend financial education efforts 25 to 1, according to a recent study by the Consumer Financial Protection Bureau. And that doesn’t even include marketing spending on the huge areas of investments and insurance.
“When consumers receive the vast majority of their financial information from companies that are trying to promote an image or sell products, consumers have very little unbiased information,” said bureau director Richard Cordray, who called the difference in spending “staggering.”
The report found that the financial-services industry spends about $17 billion a year marketing financial products and services to consumers, but only $670 million is spent annually to provide financial education to consumers.
Where can you go for unbiased financial information to educate yourself? There are many resources, including books and some blogs. A well-regarded general book, for example, is Eric Tyson’s “Personal Finance for Dummies.” Always assess who is giving the information and why. The bureau hosts a site at askcfpb, as does the Federal Trade Commission, at .
