Consumer Money Management Guides Available from Consumer Financial Protection Bureau
This especially affects young people who are new to banking, and immigrants who are new to the American banking system.
That’s why the Consumer Financial Protection Bureau has put out The Newcomer’s Guide to Managing Money.
This is what the CFPB’s website says:
Beneficiary. Collateral. Debit. Fair market value. These terms might look familiar, but what do they really mean? Now imagine how confusing financial language might sound if you didn’t grow up speaking English. According to recent studies, people with limited English proficiency may be more likely to fall prey to frauds and schemes, and it can be harder to manage money on a day-to-day basis. That’s why we’ve developed the Newcomer’s Guides to Managing Money to provide recent immigrants with straightforward information about basic money decisions.
It includes guides for Ways to Receive Your Money, a Checklist for Opening an Account, Ways to Pay Your Bills, and Selecting Financial Products and Services.