10-Year Anniversary of The TIAA Institute-GFLEC Personal Finance Index (P-Fin Index)

A decade of tracking
financial literacy in America

Findings from the 2026 TIAA Institute–GFLEC Personal Finance Index

For 10 years, the TIAA Institute–GFLEC Personal Finance Index (P-Fin Index) has examined financial literacy among U.S. adults. This is a unique survey covering the same set of questions over time but also adding new information in each wave. Unfortunately, results over the decade point to persistently low financial literacy, leaving many Americans at a disadvantage in an increasingly complex personal finance landscape. Each year, U.S. adults have correctly answered only about one-half of the 28 index questions, on average. In 2026, this figure was 47%, and it has never exceeded 52%.

TIAA GFLEC

P-Fin 8 Index

To mark the P-Fin Index’s 10-year anniversary, we are making a new abbreviated measure publicly available.

Highlights from the 2026 P-Fin Index

Financial knowledge has declined in five of the eight functional areas covered by the P-Fin Index. This means that decreased financial literacy is broad-based across many topics that matter in everyday personal finances. Comprehending risk remains the area of weakest knowledge, with only 36% of risk-related questions answered correctly in 2026.

Demographic differences continue to persist:

  • Financial literacy among women has consistently lagged that of men. In 2026, the gender gap in the percentage of index questions answered correctly is 6 percentage points. Likewise, there’s a gender gap in all functional knowledge areas except consuming.
     
  • Financial literacy tends to be low across generations, but particularly so among Gen Z. On average, Gen Z correctly answered only 38% of the P-Fin Index questions in 2026. Likewise, Gen Z’s financial knowledge is consistently lower across all functional areas. Insuring is Gen Z’s weakest area and the one with the largest gaps relative to other generations. Comprehending risk is the one area where knowledge is consistently low across generations, showing little improvement at older ages.

“Annamaria's quote.”

— Annamaria Lusardi

Information about the survey

The P-Fin Index measures knowledge and understanding that enable sound financial decision making and effective management of personal finances among U.S. adults. The P-Fin Index is an annual survey developed by the TIAA Institute and the Global Financial Literacy Excellence Center, in consultation with Greenwald & Associates. It is unique in its breadth of questions and its coverage of the topics that measure financial literacy. The index is based on responses to 28 questions across eight functional areas: earning, consuming, saving, investing, borrowing/managing debt, insuring, comprehending risk, and go-to information sources.

The initial wave of the survey was fielded online in September 2016 to a nationally representative sample of U.S. adults, ages 18 and older. Each year, the survey oversamples a particular demographic group to better understand the financial literacy levels and financial behaviors of that group. Because the P-Fin Index is an annual study, future waves will enable trend analysis of overall personal finance knowledge, as well as knowledge in the different functional areas and across demographic groups.

P-Fin Index Research