Consumer voices on financial rules to live by
Consumers face a daunting set of tasks and decisions in managing their financial lives. These choices range from daily low-stakes decisions such as whether to buy a cup of coffee, to infrequent high-stakes choices related to homeownership and car purchases. The wide array of financial decisions to be made—around savings, bill paying, use of credit and debt, choice and use of financial products, retirement, housing, and more—can be overwhelming to many consumers. The range of choices available in today's complex financial marketplace adds to the challenge.For financial educators and others who help people with decision-making, there is evidence that providing financial rules of thumb to consumers can work better than more detailed and complex financial education in some situations.