The consumer Financial Protection Bureau announced today that it will host a symposium on Behavioral Law and Economics at 9:00 am EDT on September 19, 2019. Yay! Let’s talk about money!
Okay, seriously, even brilliant people seem to struggle with living within their means. I would like to say this is everywhere, but specifically, Americans are known around the world for carrying too much debt way too long. So why do we do that to ourselves? Why is basic finance so hard for so many of us? The CFPB wants to approach consumer protection by first helping consumers take proactive control of their own money. The CFPB will then use the dialogue from this series to develop potential future rules.
What is exciting about this symposium is the comparison with other research that shows behavioral economics can be successfully applied to better financial decision making by consumers. For instance, have you ever started the day with a certain amount of cash in your pocket, and at the end of the day wonder where it all went? Behavioral economic studies suggest that by following a few simple rules, you would plan ahead more, so you have an idea of how much for each activity, instead of running out before you can pay for dinner, or for that replacement water heater or whatever you needed that day.
I do not think the CFPB series of symposiums will reduce the need for a watchdog, but if Americans can bring their spending into focus and organize a plan, they can protect themselves more and find an improved quality of life. If you want to attend the symposium in person, you should RSVP at this link: https://consumer-financial-protection-bureau-4.forms.fm/cfpb-symposium-behavioral-economics/forms/7130. The live stream does not require registration. When the symposium begins at 9:00 am on September 19, 2019, you can access the link at www.consumerfinance.gov.