Established as a division of the Institute for Financial Literacy® in 2007, the mission of the Center for Consumer Financial Research is to promote the effective delivery of consumer financial products, services and education through the dissemination of research within these fields. The Center accomplishes this mission by objectively assessing the effectiveness of financial education efforts, researching consumer financial behavior and publishing its findings.
Initial research efforts will be based upon the collection of comprehensive demographic data for consumers filing bankruptcy nationwide. Prior research developed and published by the Institute for Financial Literacy from 2006 and 2007 accurately mirrors demographic data independently developed and published by both government and industry. The sample size and its correlation with independently developed population data validate the representative nature of the sample data.
This capacity to create viable mini-model analysis from ongoing large-scale data collection adds to the developing body of knowledge on the impact of financial literacy education and offers the potential for long term research into consumer financial behavior. In turn, this research can inform the policy decisions of a broad range of governmental, financial services, educational, economic and social science interests.