Retired for how long? Worker expectations for how long they’ll live in retirement

How long will you live in retirement? Individuals can’t answer this question with certainty because they don’t know how long they’ll live in general, and this makes planning and preparing for retirement inherently difficult. However, individuals have expectations about how… Read More »

Assessing Financial Literacy Among the Young

Personal Finance Education in the Classroom

HEFWA Executive Leadership Forum on Financial Wellness | July 2024

Assessing Financial Literacy Among the Young

Abstract: Since 2012, the Programme for International Student Assessment (PISA), an initiative of the Organisation for Economic Co-operation and Development (OECD), conducted triennial tests to evaluate the financial literacy of 15-year-old students in various countries. These data provide an opportunity… Read More »

Evaluating the Effects of a Low-Cost, Online Financial Education Program

Abstract: This paper provides evidence on how a low-cost, online, and scalable financial education program influences older participants’ financial knowledge. We tested the program using a field experiment that included short stories covering three fundamental financial education topics: compound interest,… Read More »

An unrecognized barrier to retirement income security: Poor longevity literacy

Longevity literacy is an understanding of how long people tend to live upon reaching retirement age. It is particularly important since retirement income security requires planning, saving, and preparing for a period that is uncertain in length. Unfortunately, data from… Read More »

ESG Knowledge and Interest: A study among Householders in 8 countries

Abstract: In this study, we surveyed over 16,000 respondents in eight countries to collect information on individuals’ preferences for sustainable investing, ownership of ESG investment products, as well as their level of financial literacy, investing sophistication and understanding of topics… Read More »

Financial wellness programs in the workplace: Evidence from a Fortune 25 company

Abstract: Financial wellness programs in the workplace are the best ways to reach a vast majority of the adult population. This report is part of a more comprehensive study that focuses on a particular financial wellness program launched by Edelman… Read More »

Are your employees in good financial shape? Evidence from a Fortune 25 company

Abstract: Workplace financial education is crucial for helping working adults improve their financial well-being. This report shows the results of a six-week challenge called Fast Track to Financial Health, a joint project between Edelman Financial Engines (EFE) and the George… Read More »

On the costs of financial illiteracy and how to take care of your personal finances

Millennials’ and Gen Z’s Money Management During COVID-19: Challenges and Opportunities

Abstract: The economic consequences of the COVID-19 pandemic have not been felt equally among individuals, with millennials and Gen Z among those hit hardest. We examine responses to a novel survey conducted in May 2021 to understand how the pandemic… Read More »

Examining the Barriers to Annuity Ownership for Older Americans

Abstract: The annuity take-up rate is lower than economic theory predicts.1 Using data from the 2018 National Financial Capability Study, we conduct an empirical analysis of individuals in the retirement-planning phase of the life cycle (ages 40–61) and individuals of… Read More »

Coping with new (and old) vulnerabilities in the post-pandemic world

The symposium concludes the work programme carried out by the Global Partnership for Financial Inclusion (GPFI) under the Italian G20 Presidency. It aims to take stock of the main experiences gained in financial education and consumer protection, including during the… Read More »

Financial Resilience in America

Summary: In this report, we examine the concept and assessment of financial resilience and its associated factors, which include income and cash flow management, debt management, risk protection, and financial literacy. We use longitudinal data from before and after the… Read More »

How to Strengthen Household Financial Resilience

Introduction: The COVID-19 pandemic and its economic consequences have laid bare the deeply rooted financial insecurity many Americans face daily. Many households are highly dependent upon earned income and have little to buffer an income loss due to business shutdowns… Read More »

Factors Contributing to Financial Well-Being among Black and Hispanic Women

Abstract: This article provides an in-depth examination of the financial well-being of Black and Hispanic women and the factors contributing to that well-being, using the 2018 survey wave of the National Financial Capability Study. The article documents meaningful differences between… Read More »

Working Longer: Motivation, Challenges, and Phased Retirement Programs

Introduction: The tendency of U.S. workers to stay in the labor force longer, including beyond the traditional retirement age of 65, has grown over the past two decades. Recent research has shown that the expected annual growth rate of workers between… Read More »

Working Longer: Implications for a Heterogeneous Workforce

Abstract: Working past the general retirement age is becoming a must for many in the baby boomer cohort and the cohorts that follow, and flexible work arrangements such as phased retirement programs can help meet the needs of employers and employees… Read More »

The Demand for and Supply of Phased Retirement Programs: Opportunities and Barriers

Abstract: Phased retirement offers many benefits to employees who wish to maintain a steady income stream later in life and to employers who want to retain their experienced workforce, yet few employers offer formal programs as a variety of barriers… Read More »

Working Longer | Retirement Decisions: Challenges and Possible Solutions

Working Longer | Phased Retirement: Benefits and Challenges

Gender Differences in Financial Literacy

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Financial Well-being and Literacy in the Midst of a Pandemic

Women’s Financial Wellbeing and Literacy

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Black and Hispanic Women’s Financial Well-Being

Summary: We provide an in-depth examination of the financial well-being of Black and Hispanic women and the factors contributing to it, using the 2018 wave of the National Financial Capability Study. We document meaningful differences between Black and Hispanic women… Read More »

Interest Rates: Prices Hidden in Plain Sight

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Trading Stocks Increases Financial Literacy and Compresses the Confidence Gender Gap

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Avoiding Prejudice: Combat Fatalities, Anti-Muslim Bias, and Work Behavior of Arabs and Muslims

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Are Americans Financially Resilient to Weather COVID-19?

The P-Fin Index: Four Years of Data to Understand Personal Finance in America

The Importance of Financial Literacy: Evidence and Recommendations

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Financial Literacy and Wellness Among U.S. Women: Insights on Underrepresented Minority Women

Summary: The TIAA Institute-GFLEC Personal Finance Index (P-Fin Index) provides an annual measure of overall financial literacy among the U.S. adult population, plus a nuanced analysis of personal finance knowledge across eight functional areas. The 2020 P-Fin Index survey was… Read More »

The Financial Fragility of European Households During COVID-19 and The Role of Financial Education and Literacy

The Stability and Predictive Power of Financial Literacy: Evidence From Longitudinal Data

Summary: We administered the FINRA Investor Education Foundation’s National Financial Capability Study (NFCS) questionnaire to members of the RAND American Life Panel (ALP) in 2012 and 2018. Using this longitudinal data set, we investigate the evolution of financial literacy over… Read More »

Are Americans financially resilient to weather COVID-19?

Introduction: Financial wellness depends, at least in part, on such knowledge, as demonstrated by four years of findings from the TIAA Institute/GFLEC Personal Finance Index (P-Fin Index). In times that are anything but normal—times like today with the COVID-19 pandemic… Read More »

P-Fin Index Insights: Improving financial resilience

The TIAA Institute-GFLEC Personal Finance (P-Fin) Index demonstrates the precarious position of many U.S. adults just before the coronavirus pandemic.

Financial Literacy, Wellness and Resilience Among African Americans

Summary: The financial situation of African Americans lags that of the U.S. population as a whole, and of whites in particular. Simple economic indicators illustrate the gap. While 66% of African Americans report that they are doing at least OK… Read More »

The financial fragility of European households in the time of COVID-19

Introduction: One of the first consequences of COVID-19 lock downs has been an immediate fall in household incomes. In a March 2020 survey for the G7 countries, 31 percent of households reported that the coronavirus had already impacted their incomes.… Read More »

How To Solve Income Inequality

Summary: The podcast talks about why income and wealth inequality is growing and why it’s a problem for the poor, middle class and wealthy, including offering solutions to address the issue.

Millennials and money: Financial preparedness and money management practices before COVID-19

Abstract: Millennials (individuals age 18–37 in 2018) are the largest, most highly educated, and most diverse generation in U.S. history, and they are already playing a pivotal role in society by making up the largest share of the work force. Consequently,… Read More »

Financial Literacy and Wellness among African-Americans: New Insights from the Personal Finance (P-Fin) Index

The nation’s 44 million African-Americans account for 13% of the U.S. population and have a significant impact on the economy, with $1.2 trillion in purchases annually. Yet the financial well-being of African-Americans lags that of the U.S. population as a… Read More »

Financial Capability Assessment for Church Pension Group Members

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Financial Capability Assessment for Church Pension Group Members

Abstract: In today’s economy, individuals are required to make important and complex financial decisions, many of them carrying long-lasting consequences. Yet significant numbers of people lack the basic knowledge needed to handle this responsibility and execute informed choices, underscoring the… Read More »

The 2020 TIAA Institute-GFLEC Personal Finance Index: Many Do Not Know What They Do and Do Not Know

Summary: The TIAA Institute-GFLEC Personal Finance Index (P-Fin Index) is an annual barometer of knowledge and understanding which enable sound financial decision making and effective management of personal finances among U.S. adults. It is unique in its capacity to examine financial… Read More »

Building Financial Resilience

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Mind the Gap: Women, Men, and Investment Knowledge

When surveyed about their investment knowledge, female investors performed poorly compared to male investors. Out of ten questions designed to assess knowledge, on average, male investors correctly answered 5.2 questions while female investors correctly answered 4.1 questions. Moreover, 40% of… Read More »

Millennials and money: The state of their financial management and how workplaces can help them

Summary: Millennials (individuals age 18–37 in 2018) are the largest, most highly educated, and most diverse generation in U.S. history. Millennials are making financial decisions that will likely shape the future of the U.S. economy for the next 30 years,… Read More »

Financial Education Works

Summary: This podcast talks about the state of financial literacy in the United States, income inequality across communities, and the impact of financial education.

Millennial mobile payment Users: A look into their personal finances and financial behavior

Abstract The financial technology (fintech) sector is revolutionizing traditional financial practices, yet little information exists on the users of these services. In this study, we examine untapped information from the 2015 National Financial Capability Study and the 2016 GFLEC Mobile… Read More »

Trust, Financial Literacy and Market Participation

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Household Financial Behavior: What Banking Data Can Tell Us, If We Ask

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Methodological Challenges and Advances in Evaluating Financial Literacy Interventions

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Financial Well-Being of the Millennial Generation: An In-Depth Analysis of Its Drivers and Implications

Retirement Security in a Low-Interest-Rate Environment

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Financial Literacy and Wellness among African-Americans: New Insights from the Personal Finance (P-Fin) Index

Forthcoming in the Journal of Retirement The nation’s 44 million African-Americans account for 13% of the U.S. population and have a significant impact on the economy, with $1.2 trillion in purchases annually. Yet the financial well-being of African-Americans lags that… Read More »

The FinTech Opportunity in Personal Finance

Presentation to the 2019 Annual Commonwealth Central Bank Governors Meeting

The Impact of School-Based Financial Education on High School Students and their Teachers: Experimental Evidence from Peru

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Fully Closed: Individual Responses to Realized Capital Gains and Losses

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Women in Finance

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New Evidence on the Financial Knowledge and Characteristics of Investors

Abstract: Increased individual responsibility for retirement saving and investing, together with the growing complexity of financial products, require that investors have financial knowledge and awareness. This report provides evidence of substantial differences across investor types. Workplace-only investors, whose exposure to… Read More »

Boosting Financial Literacy to Improve Livelihoods and Economic Prosperity

Second Chance: Life without Student Debt

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Income Growth and the Distributional Effects of Urban Spatial Sorting

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Pooling (Data) Assets to Learn about Debts and Debt Collection

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Complexity, Financial Decision Making, and Consequence Messaging

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Financial Fragility in America

Raising Awareness of the Importance of Personal Finance in School: New Insights

We investigate teachers’ awareness of the importance of financial education, along with their motivation and confidence in teaching personal finance. We aim to identify strategies to advance school based financial education and further support educators. We survey a sample of… Read More »

Millennials’ Engagement with Online Financial Education Resources and Tools: New Survey Insights and Recommendations

In today’s economy, individuals—sometimes at an early age—are required to make important and complex financial decisions, many of them with long-lasting consequences. In executing these decisions, people may tap into many resources, including ones online. For those aiming to expand… Read More »

Financial Literacy in the United States and Its Link to Financial Wellness: The 2019 TIAA Institute-GFLEC Personal Finance Index

The 2019 TIAA Institute-GFLEC Personal Finance Index (P-Fin Index) represents the third wave of a long-term project to annually assess financial literacy among the U.S. adult population. The P-Fin Index is unique in its capacity to produce a robust measure… Read More »

Financial Fragility in America

Making the World a Better Place: Innovations in Financial Inclusion, Literacy, and Development

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Retirement Savings for All – The Importance of Financial Literacy and FinTech Solutions

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Financial Literacy and the Need for Financial Education: Evidence and Implications

Introduction Throughout their lifetime, individuals today are more responsible for their personal finances than ever before. With life expectancies rising, pension and social welfare systems are being strained. In many countries, employer-sponsored defined benefit (DB) pension plans are swiftly giving… Read More »

Millennial Financial Literacy and Fin-tech Use

Watch a video recording of Director Lusardi's keynote address here.

Financial Education: Young People in the Digital Age

Millennial Financial Literacy and Fin-tech Use: Who Knows What in the Digital Era

Summary: Using an oversample of Gen Y in the 2018 wave of the TIAA Institute-GFLEC Personal Finance Index (P-Fin Index), this report examines the financial literacy of millennials and how they engage with fin-tech, i.e., use smartphones for financial purposes.

Financial Literacy in Italy: Teacher and School Influence

Financial Literacy in Italy: Student Characteristics

Financial Literacy in Italy: Parent Influence

An Analysis of Financial Literacy Among Italian Students

Summary: Youth today confront an economic climate that imposes individual financial responsibility at levels greater than in the past. The financial literacy assessment within the Programme for International Student Assessment (PISA) provides an international measure of students’ preparedness for the… Read More »

Relationship Contracts and Reputation: Evidence from Residential Appraisers

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What Do Hand-Washing and Financial Illiteracy Have in Common?

Summary: This podcast explores the idea that most problems are solved by more education — except when they’re not. Director Lusardi explains that financial education is the path forward to a more financially literate world.

Financial Fraud among Older Americans: Evidence and Implications

Abstract: The consequences of poor financial capability at older ages are serious and include making mistakes with credit, spending retirement assets too quickly, and being defrauded by financial predators. Because older persons are at or past the peak of their… Read More »

Director’s Cut: Making Europe financially literate

Summary: Bruegel, the think tank, asks Director Lusardi about the state of financial literacy in Europe and its consequences. Annamaria Lusardi previously made a presentation at the Bruegel event, ‘The Importance of Being Financially Literate,’ on May 15, 2018. Click… Read More »

Should Kids Pay Back Their Parents for Raising Them?

Summary: When one athlete turned pro, his mom asked him for $1 million. Our modern sensibilities tell us she doesn’t have a case. But should she?

Everything You Always Wanted to Know About Money (But Were Afraid to Ask)

Summary: The bad news: roughly 70 percent of Americans are financially illiterate. The good news: all the important stuff can fit on one index card. Here’s how to become your own financial superhero.

How Mobile Payments Drain Our Financial Literacy

Summary: Does the convenience of mobile payments diminish consumers' financial literacy? George Washington University School of Business's Annamaria Lusardi discusses how a significant level of financial awareness is removed when making payments via devices.

Should Americans Really Be Worried About Retirement?

Summary: Many Americans don't think about retirement until it looms in their immediate future. So how confident are Americans that they will have enough money when they retire? And how much are they relying on Social Security and 401(k)s? When is… Read More »

Private Paternalism, the Commitment Puzzle, and Model-Free Equilibrium

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Knowledge, Fear and Beliefs: Household Demand for Socially Responsible Investments

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Financial Literacy and Financial Fragility among Millennials

The 2018 TIAA Institute-GFLEC Personal Finance Index: The State of Financial Literacy Among U.S. Adults

Summary: The TIAA Institute-GFLEC Personal Finance Index (P-Fin Index) is an annual barometer of knowledge and understanding which enable sound financial decision making and effective management of personal finances among U.S. adults. It is unique in its capacity to examine financial… Read More »

Consumer-Lending Discrimination in the FinTech Era

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Empowering Youth

2018 Survey of the States Panel Discussion

Findings in Financial Literacy

You may watch a video of the presentation here.

Financial Education, Financial Competence, and Consumer Welfare

Summary: Employers routinely attempt to address deficiencies in financial decision making among their employees by deploying educational interventions that are brief and laden with motivational rhetoric. The object of the rhetorical elements is to compensate for brevity by making the material… Read More »

Financial Literacy and Financial Education Can Change Lives

Financial Literacy and Long-Term Financial Security

Does Financial Education Impact Financial Literacy and Financial Behavior?

The Gender Gap in Financial Literacy

Financial Literacy Around the World and Among the Youth

Financial Literacy Among U.S. Hispanics: New Insights from the Personal Finance (P-Fin) Index

Summary: This report uses the inaugural wave of the TIAA Institute-GFLEC Personal Finance Index (P-Fin Index) to examine financial literacy among Hispanics. A more refined understanding of Hispanic financial literacy could accelerate initiatives to improve their financial well-being.Personal finance knowledge… Read More »

The Gender Gap in Financial Literacy: A Global Perspective

Summary: Financial literacy is a skill that is essential if one is to participate in today’s economy. Wide-ranging developments in the financial marketplace have contributed to growing concerns about the level of financial literacy of citizens of many countries. Through… Read More »

The Gender Gap in Financial Literacy: A Global Perspective

Summary: With data on financial literacy from a survey of more than 150,000 people in 140 economies worldwide, the 2014 Standard & Poor’s Ratings Services Global Financial Literacy Survey (S&P Global FinLit Survey) represents the most comprehensive global measure of… Read More »

Three Central Investment Mistakes (And How to Mitigate their Prevalence)

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The Knowledge Gap in Workplace Retirement Investing and the Role of Professional Advisors

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TIAA Institute-GFLEC Personal Finance (P-Fin) Index

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Millennials and Financial Literacy: A Global Perspective

Summary: Worldwide, just one in three adults show an understanding of basic financial concepts, making it clear that billions of people are unprepared to deal with rapid changes in the financial landscape. Credit products, many of which carry high interest… Read More »

Millennials and Financial Literacy: A Global Perspective

Summary: Financial literacy is of utmost importance for Millennials, as they face financial decisions that can have consequences for the rest of their life. However, in a rapidly changing economic landscape, Millennials do not seem to be prepared to deal… Read More »

Financial Literacy: A Vision for the Future

Ditching the Middle Class with Financial Regulation

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Investors in the United States 2016

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The Social Security Statement: Its History and Impact on Knowledge and Behavior

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The TIAA Institute-GFLEC Personal Finance Index: A New Measure of Financial Literacy

Summary: The TIAA Institute-GFLEC Personal Finance Index (P-Fin Index) measures knowledge and understanding which enable sound financial decision-making and effective management of personal finances. It is unique in its capacity to examine financial literacy across eight areas of personal finance in… Read More »

Remarks of Annamaria Lusardi to the SEC Investor Advisory Committee

Click here to view Director Lusardi's presentation from the SEC IAC meeting. View the agenda of the meeting by clicking here.  Watch the meeting webcast by clicking here (Director Lusardi begins speaking at 48:09).       

Financial Capability and Financial Literacy among Working Women: New Insights

Summary: The following report provides a comprehensive analysis of the personal finances of working women. Using data from the National Financial Capability Study conducted in 2015, we examined the financial capability of working women and how it changed since 2012. The… Read More »

Entrepreneurship among Baby Boomers

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Financial Capability of American Adults: Insights from the American Life Panel

Summary: While providing a wide range of financial capability indicators, the National Financial Capability Study (NFCS) lacks information about important determinants of financial outcomes, such as individuals’ health and cognition, and does not offer a precise, quantitative assessment of critical variables,… Read More »

An Investigation on Health Impact of Self-Employment

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Self-Employment Transitions among Older Americans

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Self-employment for Underserved Older Adults

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Government Supported Entrepreneurship Programs

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Economic Insecurity of American Households

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Wealth Inequality in the US

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Effects of Access to High-Cost Consumer Credit

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Recent Trends of Economic Well-Being

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How Trends in Disability Affect Income Inequality and Financial & Retirement Security

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Time-Inconsistency and Saving: Experimental Evidence from Low-Income Tax Filers

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Financial Literacy – How It Affects Us All

Summary: Manisha Thakor talks with Director Lusardi about financially fragile groups and how low financial literacy affects the economy.

Americans’ Financial Capability

The National Financial Capability Study: Empirical Findings from the American Life Panel Survey

Summary: The National Financial Capability Study (NFCS) is an ongoing study first conducted in 2009. It is commissioned and supported by the FINRA Investor Education Foundation, in consultation with the U.S. Department of the Treasury and the President's Advisory Council on… Read More »

Entrepreneurship among Baby Boomers: Recent evidence from the Health and Retirement Study

Summary: The evolution of entrepreneurship among Baby Boomers (i.e., those born between 1946 and 1964) is an important topic in economic research and public policy, as Boomers have proven to be prolific entrepreneurs. More generally, self-employment among older individuals is… Read More »

STUDENT LOAN DEBT IN THE US: AN ANALYSIS OF THE 2015 NFCS DATA

Summary: According to the study, 54 percent of student loan holders did not try to figure out what their monthly payments would be before taking out loans. And 53 percent said that if they could go back and redo the… Read More »

Entrepreneurship Among Baby Boomers: Recent evidence from the Health and Retirement Study

Financial Literacy: Interview with Dr. Annamaria Lusardi

Summary: David Allen interviews Director Lusardi to discuss why financial literacy is such an important subject.

Women and Retirement Security

Summary: Our research investigates whether and how older women’s current and anticipated future labor force patterns has changed over time, to evaluate the factors associated with longer work lives and plans to continue working at older ages. For our empirical… Read More »

Bankruptcy among NFL Players

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FINANCIAL LITERACY AROUND THE WORLD: EVIDENCE, THEORY, AND IMPLICATIONS

GENDER DIFFERENCES IN FINANCIAL LITERACY AROUND THE WORLD

THE FINANCIAL LITERACY MANIFESTO

The Evolution of Consumer Debt Following the Great Recession: An analysis of data from the 2015 NFCS

Learn more about the 2015 National Financial Capability Study, a project of the FINRA Investor Education Foundation, by clicking here.

Financial Capability in the United States 2016

Summary: Financial capability is a multi-dimensional concept that encompasses a combination of knowledge, resources, access, and habits. The NFCS is designed to understand and measure a rich, connected set of perceptions, attitudes, experiences, and behaviors across a large, diverse sample in… Read More »

The Display of Information and Household Investment Behavior

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Behavior Insights for Scalable Solutions in Education

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Household Financial Fragility: Evidence and Implications

Netherlands - OECD Global Symposium on Financial Resilience throughout Life

Financial Literacy, Illuminated

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Employees’ Financial Wellness: New Strategies

Investor Education: Regulators’ Perspectives

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Financial Education from a Behavioral Perspective

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Investor Education: Regulators’ Perspectives

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Financial Literacy Amongst the Educated

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Stepping Up the Effort: Educating Teachers

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Pensions and the Importance of Financial Literacy Education for Women

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Stepping Up the Effort: Educating Teachers

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Empowering the Youth

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AN OVERVIEW OF THE PISA FINANCIAL LITERACY ASSESSMENT

Financial Literacy: A Global Perspective

The Importance of Financial Literacy and the Effectiveness of Financial Education

Financial Education and Investor Behavior Conference

Financial Literacy: A Global Perspective

International Seminar: Financial Education in Brazil and in the World (in Portuguese)

Risk Literacy

The Effect of Financial Education on the Quality of Decision Making

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Financial Literacy Around the World: Insights from the Standard & Poor’s Ratings Services Global Financial Literacy Survey

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A GLOBAL PERSPECTIVE ON FINANCIAL LITERACY

A GLOBAL PERSPECTIVE ON FINANCIAL LITERACY

FINANCIAL LITERACY AROUND THE WORLD: INSIGHTS FROM THE STANDARD & POOR’S RATINGS SERVICES GLOBAL FINANCIAL LITERACY SURVEY

Summary: Given the many ways financial literacy affects financial behavior (Lusardi and Mitchell, 2014), it is important to understand the extent of people’s understanding of basic financial concepts as well as the degree to which financial skills fall short among groups like women and… Read More »

Hispanic Personal Finances: Financial Literacy and Decision-making Among College-Educated Hispanics

Cognitive Constraints on Valuing Annuities

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Credit Scores and Committed Relationships

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LOOKING FORWARD – RESEARCHER VIEWS

International Diversification & 296 401(k) Plans

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THE ECONOMIC IMPORTANCE OF FINANCIAL LITERACY

Financial Literacy Skills for the 21st Century: Evidence from PISA

Foreward: I am delighted to be asked to give the Colston Warne Lecture at the American Council on Consumer Interests annual conference. What I want to cover in this lecture is what I consider to be one of the most important… Read More »

THE GLOBAL FINDEX DATABASE 2014: MEASURING FINANCIAL INCLUSION AROUND THE WORLD

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Interview from 8th ANBIMA Investment Funds Congress

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Teaching Students Financial Literacy: Why is it Necessary?

The Effect of Financial Education on the Quality of Decision Making

Abstract: We introduce the concept of financial competence, a measure of how closely individuals’ choices align with those they would make if they properly understood their opportunity sets. The concept is firmly rooted in the principles of choice-based behavioral welfare analysis and… Read More »

Minimum Payments and Debt Paydown in Consumer Credit Cards

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Testimony of Annamaria Lusardi Before the ERISA Advisory Council

Summary: The transfer of risk from defined benefit plan sponsors to plan participants when offering lump sum distributions of pensions was the topic of Annamaria Lusardi’s testimony. In her testimony, she discussed the information that participants need to make informed decisions… Read More »

High School Students and Financial Literacy: Evidence from PISA

Click here to read the lecture as published in the Journal of Consumer Affairs.

PISA Financial Literacy Assessment

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Hispanic Personal Finances: Financial Literacy and Decisionmaking Among College-Educated Hispanics

Summary: This report examines the personal finances—assets, liabilities, planning behaviors, financial vulnerability and financial literacy—of college-educated Hispanics, i.e., those with high school degrees who report at least “some college” as their highest level of educational attainment. Many college-educated Hispanics are, in… Read More »

The Economic Importance of Financial Literacy

Effectiveness of Financial Education in High Schools

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HARNESSING FINANCIAL EDUCATION TO SPUR ENTREPRENEURSHIP AND INNOVATION

Retirement Security

2015 White House Conference on Aging Watch the video of Lusardi's presentation.

Do NFL Players with Short-Lived Income Spikes Smooth Consumption?

Financial Illiteracy Meets Conflicted Advice: The Case of Thrift Savings Plan Rollovers

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Enhanced Active Choice

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How Can Financial Literacy Improve Retirement Planning?

The Economic Importance of Financial Literacy

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Investor Protection and Education Going Forward – What does it take to change behavior?

Financial Literacy and Economic Outcomes: Evidence and Policy Implications

Watch Prof. Lusardi's presentation European Money Week

Working Women’s Financial Capability: An Analysis Across Family Status and Career Stages

State of Affairs: FINRA Financial Capability Study Results

The Impact of Bank Account Ownership on Adolescents’ Financial Literacy

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Loan Contracting in the Presence of Usury Limits

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‘There is an important role for women in finance’, expert says

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PISA FINANCIAL LITERACY ASSESSMENT

DEBT AND FINANCIAL FRAGILITY: FINDINGS FROM THE 2012 NATIONAL FINANCIAL CAPABILITY STUDY

GENDER, CONFIDENCE, AND FINANCIAL LITERACY

THE ECONOMIC IMPORTANCE OF FINANCIAL LITERACY

FINANCIAL LITERACY AND HIGH-COST BORROWING IN THE UNITED STATES

Abstract:  In this paper, we examine high-cost methods of borrowing in the United States, such as payday loans, pawn shops, auto title loans, refund anticipation loans, and rent-to-own shops, and offer a portrait of borrowers who use these methods. Considering… Read More »

Exponential Growth Bias

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Household Finance

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It Pays to Set the Menu: Mutual Fund Investment Options in 401(K) Plans

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Gender Differences

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Effects of the Affordable Health Care Act Young Adult Provision

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TOWARDS A MORE INCLUSIVE SOCIETY

Inflation Expectations and Behavior: Do Survey Respondents Act on Their Belief?

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Inflation Expectations and Behavior: Do Survey Respondents Act on Their Belief?

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FINANCIAL CAPABILITY AMONG YOUNG ADULTS

Student Loans

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Working Women’s Financial Capability: An Analysis across Family Status and Career Stages

Summary: This study increases our understanding of the unique financial needs of working women by examining key factors associated with their personal finances and identifying issues that are critical to their financial future. The study provides an overview of working women’s… Read More »

Financial Literacy: Illuminated! Annamaria Lusardi at TEDxFoggyBottom

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GEN Y PERSONAL FINANCES: A CRISIS OF CONFIDENCE AND CAPABILITY

Summary:  Generation Y will leave a lasting imprint on American history. The largest, most diverse generation America has seen, Generation Y comprises millions who were born between the late 1970s and the mid-1990s. While this generation is confident, they face… Read More »

Financial Literacy, Illuminated: It’s a FLAT World

HELPING GEN Y ACHIEVE LONG-TERM FINANCIAL SECURITY

Summary: They are young, tech savvy, and confident; diverse, connected, and idealistic. And, they face a host of financial challenges. We’re talking, of course, about Gen Y, represented by the 2,124 college-educated respondents age 23 to 35 who took part in… Read More »

COLLEGE-EDUCATED MILLENNIALS: AN OVERVIEW OF THEIR PERSONAL FINANCES

Summary:  This study has used new data from the NFCS to analyze salient issues related to college-educated Millennials’ financial capability, practices, and status, and in the process identify key financial challenges they face. The results suggest that the promotion of financial… Read More »

THE FINANCIAL FRAGILITY OF AMERICAN FAMILIES

Summary:  The economic crisis that began in 2007 started a wide-ranging spiral that not only weakened the U.S. economy but also eroded the financial stability of households—exposing the fragility of American families. Stock values dropped, real estate prices plummeted, household wealth… Read More »

How Borrowers Choose and Repay Payday Loans

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TESTIMONY OF ANNAMARIA LUSARDI BEFORE THE U.S. SENATE

Summary:  Annamaria Lusardi testifies about the lack of financial capability and literacy among the American people and why financial education in high school is important.

Active vs Passive Decisions and Crowd-Out in Retirement Savings Accounts

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FINANCIAL LITERACY AROUND THE WORLD (FLAT WORLD)

Summary:  Across the world, people are being asked to assume more responsibility for their financial well-being. Because of changes in the pension landscape, notably a shift from defined benefit to defined contribution type pensions, individuals must determine not only how much… Read More »

Financial Education for Adults

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Early Withdrawals from Retirement Accounts

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A Complex Portrait: An Examination of Small-Dollar Credit Consumers

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Technology and Entertainment: A New Approach to Financial Education

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Best Practices for Financial Education Programs

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The Role of Banks in Promoting Financial Literacy

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Role of Intesa Sanpaolo bank in the Museum of Saving

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Financial Literacy Around the World: The Big Picture

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How America Pays for College 2012

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Annamaria Lusardi on Financial Literacy

Summary: Dr. Annamaria Lusardi is all about encouraging young and not so young people to become financially literate and take the hope out of retirement planning and turn it into that certainty you deserve.

Financial Literacy Among Investors

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The Impact of Knowledge and Framing

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The Impact of Knowledge and Framing

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Beyond Our Means: Why America Spends While the World Saves

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HOW EMPLOYERS CAN HELP NEW HIRES SAVE FOR RETIREMENT: BEST PRACTICES THAT BUILD LONG-TERM FINANCIAL SECURITY

Summary:  Not all employer-sponsored defined contribution retirement savings plans are created equal—some employer practices and plan designs are more successful than others in helping new hires accumulate a robust retirement nest egg. We reviewed numerous studies conducted by researchers affiliated… Read More »

Social Networks and The Decision To Insure

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Financial literacy and retirement planning in the United States

Abstract: We examine financial literacy in the US using the new National Financial Capability Study, wherein we demonstrate that financial literacy is particularly low among the young, women, and the less-educated. Moreover, Hispanics and African-Americans score the least well on… Read More »

Financial literacy and stock market participation

Abstract: We have devised two special modules for De Nederlandsche Bank (DNB) Household Survey to measure financial literacy and study its relationship to stock market participation. We find that the majority of respondents display basic financial knowledge and have some… Read More »

Financially Fragile Households: Evidence and Implications

Abstract: We examine households’ financial fragility by looking at their capacity to come up with $2,000 in 30 days. Using data from the 2009 TNS Global Economic Crisis Study, we document that approximately one-quarter of U.S. respondents are certain they… Read More »