CFPB and Bank of America Discuss Consumer Financial Habits

The Consumer Financial Protection Bureau and Bank of America held a discussion regarding consumer financial habits. A report noted that the Consumer Financial Protection Bureau observes that children begin developing habits and attitudes about money at a young age, and these lessons can influence behavior into adulthood. The report also detailed how habits formed in childhood, such as reusing items, can lead to adult resourcefulness.

The discussion addresses consumer financial struggles and habits. Since early life experiences can influence adult financial behavior, this topic relates to how consumers manage risk and finances. This could affect the risk assessment models used by companies like FICO.