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CFPB last week released a tool that educators and others working to build financial competence can use to measure the financial well-being of consumers, the bureau said.

This tool complements a report CFPB issued in January of this year that provided a definition of financial well-being: "a state of being wherein a person can fully meet current and ongoing financial obligations, can feel secure in their financial future, and is able to make choices that allow them to enjoy life."

This new tool contains 10 questions that financial educators can use with their clients when measuring their financial security and overall financial well-being.

CFPB says this tool allows an educator to do, among other things, an initial assessment of a person's financial well-being, track their progress over time and analyze a financial program's outcome.

Results from an April Economic & CU Monitor survey showed that nearly every credit union offers financial literacy training to its members (84.6 percent) and credit unions' financial literacy efforts reach an average of 20,800 members per institution.