CFPB Money As You Grow Case Study

Background - In 2018, we partnered with ECU Communications to conduct research for the Consumer Financial Protection Bureau's (CFPB) Money As You Grow (MAYG) program. This program aims to empower parents and caregivers with the tools and knowledge to nurture children's financial literacy from a young age.

Understanding the Target Audience

The CFPB needed to identify the most effective ways to reach their target audience with the MAYG program. Our research focused on understanding:

• Mindset: How do parents and caregivers think about financial literacy for children?
• Needs: What challenges do they face in teaching their children about money?
• Motivators: What would encourage them to use the MAYG program?

Our Multifaceted Approach

Our research process involved several key steps:

Discovery Sessions: We began by meeting with CFPB teams to learn from their existing outreach efforts and identify potential partners, such as federal agencies and community groups, working with similar target audiences.

In-Depth Interviews: We conducted 20 interviews with relevant stakeholders like community leaders, child healthcare providers, and interest groups to gain a deeper understanding of the target audience's needs, motivations, and financial literacy practices.

Project Plan Development: Based on our initial findings, we created a comprehensive project plan outlining the research goals, timeline, and communication strategy for keeping the CFPB team informed throughout the process. The plan ensured our research covered all areas of interest to the CFPB, including:

• Building blocks of financial literacy for children
• Summaries of the MAYG program content and its benefits for parents
• Communication channels between the CFPB and other relevant agencies (e.g., Health and Human Services, Health Resources and Services Administration, Department of Agriculture)
• Qualitative Research with Medical Service Providers: We conducted one-on-one phone or online interviews with medical service organizations and healthcare practitioners to understand their role in potentially promoting financial literacy among their patients.

Ensuring Robust Data

We took several steps to ensure the quality and relevance of our research:

• Over-recruitment: We recruited more participants than initially planned to guarantee a sufficient number of qualified responses.
• Careful Pre-screening: We meticulously screened participants to ensure they fit the target audience profile.
• Detailed Discussions: We employed a nuanced approach during interviews to elicit rich and detailed insights from participants.
• Planned Follow-Up: We planned for follow-up questions throughout the interview process to clarify any points and gather additional information.