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 »

Financial Literacy and Retirement Fluency: New insights for improving financial well-being

The TIAA Institute-GFLEC Personal Finance Index (P-Fin Index), now in its eighth year, annually assesses financial literacy among U.S. adults and examines the relationship between financial literacy and financial well-being. In addition to a robust measure of overall financial literacy,… Read More »

Financial literacy and financial education: An overview

Abstract: This article provides a concise narrative overview of the rapidly growing empirical literature on financial literacy and financial education. We first discuss stylized facts on the demographic correlates of financial literacy. We next cover the evidence on the effects… 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 »

Financial literacy, longevity literacy, and retirement readiness: The 2022 TIAA Institute-GFLEC Personal Finance Index

Six years of data from the TIAA Institute-GFLEC Personal Finance Index (P-Fin Index) clearly demonstrate that U.S. adults with greater financial literacy tend to have better financial well-being. This report shows that retirement readiness, a specific realm of financial well-being,… Read More »

How financial literacy varies among U.S. adults: The 2022 TIAA Institute-GFLEC Personal Finance Index

Summary: The TIAA Institute-GFLEC Personal Finance Index (P-Fin Index) is an ongoing project now in its sixth year that annually assesses financial literacy among the U.S. adult population. The P-Fin Index is unique in its capacity to produce a robust… Read More »

Financial Literacy and Well-Being: Evidence from Five Years of Data

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 »

Financial literacy and well-being in a five generation America: The 2021 TIAA Insitute-GFLEC Personal Finance Index

Summary: With five years of the Gen Z cohort now over age 18, the U.S. adult population spans five generations. This report uses data from the 2021 TIAA Institute-GFLEC Personal Finance Index (P-Fin Index) to compare financial literacy across the… 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 Anxiety and Stress Among U.S. Adults: New Evidence From a National Survey and Focus Groups

Summary: The economic impact of the COVID-19 pandemic has shed light on the deeply rooted financial insecurity that many Americans face. Our research shows that even before the pandemic hit, and at a time of economic expansion, a large share… 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

Financial Literacy and Financial Behavior at Older Ages

Abstract: Recent research has documented that people are increasingly entering old age holding more debt than ever before, and having done little or no retirement planning. This paper examines some of the reasons why older peoples’ financial behaviors depart from… Read More »

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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Financial Fragility during the COVID-19 Pandemic

Abstract: Early in the COVID-19 pandemic, much of the US economy was closed to limit the virus's spread, and several emergency interventions were implemented. Our analysis of older (45–75) respondents fielded in April–May of 2020 indicates that about 1 in… Read More »

Financial Resilience in America

This fact sheet provides a snapshot of the state of Americans’ financial resilience right before the onset of the COVID-19 pandemic. Many Americans were unprepared to cover a mid-sized emergency expense, and there are considerable variations across groups with different… Read More »

Financial Anxiety and Stress among U.S. Households: New Evidence from the National Financial Capability Study and Focus Groups

Summary: The economic impact of the COVID-19 crisis has brought to light the deeply rooted financial struggles that many Americans face. This paper shows that even before the pandemic, a substantial share of households was already anxious and stressed about… Read More »

Financial Fragility during the COVID-19 Pandemic

Financial Well-Being and Literacy in the Midst of a Pandemic: The 2021 TIAA Insitute-GFLEC Personal Finance Index

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 »

Fearless Woman: Financial Literacy and Stock Market Participation

Abstract: Women are less financially literate than men. It is unclear whether this gap reflects a lack of knowledge or, rather, a lack of confidence. Our survey experiment shows that women tend to disproportionately respond “do not know” to questions… Read More »

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 »

Testing the Use of the Mint App in an Interactive Personal Finance Module (Summary Report)

Summary: If today’s youth are to be full participants in society, they must be financially literate. To advance understanding of effective financial education methods, the Global Financial Literacy Excellence Center (GFLEC) conducted an experiment using Mint, a financial improvement tool… Read More »

Testing the Use of the Mint App in an Interactive Personal Finance Module

Summary: If today’s youth are to be full participants in society, they must be financially literate. To advance understanding of effective financial education methods, the Global Financial Literacy Excellence Center (GFLEC) conducted an experiment using Mint, a financial improvement tool… 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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Debt Close to Retirement and its Implications for Retirement Well-Being

Abstract: We analyze debt and debt management of Americans nearing retirement age, to document that older people have numerous financial obligations that can lead to financial distress. Using data from the 2015 National Financial Capability Study and drawing on an… Read More »

Are Americans Financially Resilient to Weather COVID-19?

Stereotypes in Financial Literacy: Evidence from PISA

Abstract: We examine gender differences in financial literacy among high school students in Italy using data from the 2012 Programme for International Student Assessment (PISA). Gender differences in financial literacy are large among the young in Italy. They are present… Read More »

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 »

Stereotypes in Financial Literacy: Evidence from PISA

Abstract: We examine gender differences in financial literacy among high school students in Italy using data from the 2012 Programme for International Student Assessment (PISA). Gender differences in financial literacy are large among the young in Italy. They are present… Read More »

Financial Fragility during the COVID-19 Pandemic

Abstract: Early in the COVID-19 pandemic, much of the US economy was closed to limit the virus’ spread, and several emergency interventions were implemented. Our analysis of older (45-75) respondents fielded in April-May of 2020 indicates that about one in… 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 »

Household Financial Fragility during COVID-19: Rising Inequality and Unemployment Insurance Benefit Reductions

Abstract: We draw on new high-frequency survey data collected from repeated cross-sections of Americans between June and November 2020. These data capture rich measures of household financial fragility and employment status. We find evidence of a building “second wave” of… Read More »

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

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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 »

How Ordinary Consumers Make Complex Economic Decisions: Financial Literacy and Retirement Readiness

This paper explores who is financially literate, whether people accurately perceive their own economic decision-making skills, and where these skills come from. Self-assessed and objective measures of financial literacy can be linked to consumers’ efforts to plan for retirement in… 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 Education Affects Financial Knowledge and Downstream Behaviors

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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 »

Financial Education Affects Financial Knowledge and Downstream Behaviors

Abstract: We study the rapidly growing literature on the causal effects of financial education programs in a meta-analysis of 76 randomized experiments with a total sample size of over 160,000 individuals. The evidence shows that financial education programs have, on… 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 »

Attitudes Toward Debt and Debt Behavior

Abstract: We introduce a novel survey measure of attitude toward debt. Matching our survey results with panel data on Swedish household balance sheets from registry data, we show that our debt attitude measure helps explain individual variation in indebtedness as… 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 literacy and financial resilience: Evidence from around the world

Abstract: We measure financial literacy using questions assessing basic knowledge of four fundamental concepts in financial decision making: knowledge of interest rates, interest compounding, inflation, and risk diversification. Worldwide, just one in three adults are financially literate—that is, they know… Read More »

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

Debt Close to Retirement and Its Implications for Retirement Well-being

We analyze debt and debt management of Americans nearing retirement age, and we show that older people have numerous financial obligations that can lead to financial distress. Drawing on the 2015 National Financial Capability Study and an extensive literature review,… Read More »

Debt Close to Retirement and Its Implications for Retirement Well-being

Abstract: We analyze debt and debt management of Americans nearing retirement age, and we show that older people have numerous financial obligations that can lead to financial distress. Drawing on the 2015 National Financial Capability Study and an extensive literature… Read More »

Defined Contribution Plans and the Challenge of Financial Illiteracy

Abstract: Retirement investing in the United States has changed dramatically. The classic defined-benefit (DB) plan has largely been replaced by the defined-contribution (DC) plan. With the latter, individual employees’ decisions about how much to save for retirement and how to… Read More »

Defined Contribution Plans and the Challenge of Financial Illiteracy

Abstract: Retirement investing in the United States has changed dramatically. The classic defined-benefit (DB) plan has largely been replaced by the defined-contribution (DC) plan. With the latter, individual employees’ decisions about how much to save for retirement and how to… Read More »

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 »

Debt and Financial Vulnerability on the Verge of Retirement

Abstract : We analyze older individuals’ debt and financial vulnerability using data from the Health and Retirement Study (HRS) and the National Financial Capability Study (NFCS). In the HRS, we compare three groups of people age 56-61 in 1992, 2004,… 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 »

Financial Fraud among Older Americans: Evidence and Implications

Abstract: Objectives: 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… 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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Gender Differences in Financial Literacy: Evidence and Implications

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

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Financial Literacy and Financial Fragility among Millennials

Exploring the Prevalence, Risk Factors, and Financial Consequences of Fraud: Evidence from the Health and Retirement Study

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

Causes and Consequences of Financial Mismanagement at Older Ages

Summary: The consequences of poor financial capability at older ages are potentially serious, particularly when people make mistakes with credit, draw down retirement assets too quickly, or are defrauded by financial predators. Because older persons are close to or past the… Read More »

Financial Fragility in the U.S.: Evidence and Implications

Summary: The capacity to cope with unexpected expenses is a crucial component of financial wellbeing. The lack of such preparedness is like balancing on a beam—a shock or unexpected financial adversity can immediately shake one off and it is hard to… Read More »

Financial Fragility in the U.S.: Evidence and Implications

Abstract: This project examines financial fragility in the United States, which is measured as individuals’ ability to cope with unexpected expenses. Using data from the 2015 National Financial Capability Study and the 2015 Survey of Household Economics and Decisionmaking, we… Read More »

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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Debt and Financial Vulnerability on the Verge of Retirement

Abstract: We analyze older individuals’ debt and financial vulnerability using data from the Health and Retirement Study (HRS) and the National Financial Capability Study (NFCS). Specifically, in the HRS we examine three different cohorts (individuals age 56–61) in 1992, 2004,… Read More »

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 »

When will the penny drop? Money, financial literacy and risk in the digital age

Summary: In November 2016, Allianz, in collaboration with Director Annamaria Lusardi, surveyed a total of 10,000 (approximately 1,000 people in each country) in the western European countries of Austria, Belgium, France, Germany, Italy, the Netherlands, Portugal, Spain, Switzerland, and the… 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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Time-Inconsistency and Saving: Experimental Evidence from Low-Income Tax Filers

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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.

ENTREPRENEURSHIP AMONG BABY BOOMERS: RECENT EVIDENCE FROM THE HEALTH AND RETIREMENT STUDY

Abstract: We study entrepreneurship among Baby Boomers using data from the US Health and Retirement Study (HRS). Using two different definitions of entrepreneurship (being self-employed and being a business owner), we compare entrepreneurs to non-entrepreneurs and entrepreneurs who were age… Read More »

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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HOUSEHOLD FINANCIAL FRAGILITY: EVIDENCE AND IMPLICATIONS

Macrofinancial Symposium: Links between Financial Markets and the American Economy

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

GENDER DIFFERENCES IN FINANCIAL LITERACY AROUND THE WORLD

THE FINANCIAL LITERACY MANIFESTO

Older Women’s Labor Market Attachment, Retirement Planning, and Household Debt

Abstract: The goal of this paper is to ascertain whether older women’s current and anticipated future labor force patterns have changed over time, and if so, to evaluate the factors associated with longer work lives and plans to continue work at… Read More »

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.

The Effect of Financial Education on the Quality of Decision Making

Abstract: We introduce a method for measuring the quality of financial decision making built around a notion of financial competence, which gauges the alignment between individuals' choices and those they would make if they properly understood their opportunities. We use it to document the… Read More »

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 »

Americans’ Troubling Financial Capabilities: A Profile of Pre-Retirees

Summary: Many people envision a life of work that builds to comfortable and enjoyable retirement years. For previous generations, the financial security that marked that post–labor-force chapter hinged on how generous employers were with pensions or how well employers invested and… Read More »

Employee Financial Literacy and Retirement Plan Behavior: A Case Study

Abstract: This paper uses administrative data on all active employees of the Federal Reserve System to examine participation in and contributions to the Thrift Saving Plan, the System’s defined contribution (DC) plan. We link to administrative records a unique employee survey… Read More »

How financially literate are women? An overview and new insights

Abstract: We document strikingly similar gender differences in financial literacy across countries. When asked to answer questions that measure knowledge of basic financial concepts, women are less likely than men to answer correctly and more likely to indicate that they do… Read More »

The Display of Information and Household Investment Behavior

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Anchors, Target Values, and Credit Card Payments

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Financial Literacy Seminar Series with Abigail Sussman: Anchors, Target Values, and Credit Card Payments

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Behavior Insights for Scalable Solutions in Education

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Financial Literacy Seminar Series with Ben Castleman: Behavioral Insights for Scalable Solutions in Education

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Financial Literacy Seminar with Annamaria Lusardi, Financial Literacy Around the World: Insights from S&P Global FinLit Survey

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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

HOW FINANCIALLY LITERATE ARE WOMEN? AN OVERVIEW AND NEW INSIGHTS

Abstract: We document strikingly similar gender differences in financial literacy across countries. When asked to answer questions that measure knowledge of basic financial concepts, women are less likely than men to answer correctly and more likely to indicate that they… Read More »

Policy Perspectives: Mary John Miller, U.S. Department of the Treasury

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Policy Perspectives: Richard Cordray, CFPB Chair

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Shifting Paradigms to Improve Retirement Security

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Q&A for Investor Education: Regulators’ Perspectives

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Investor Education: Regulators’ Perspectives

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Investor Education: Regulators’ Perspectives

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Investor Education: Regulators’ Perspectives

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Investor Education: Regulators’ Perspectives

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Q&A Elsa Fornero on Pension Reforms and Financial Literacy

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Pension Reforms and Financial Literacy

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Q&A for Empowering the Youth

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Empowering the Youth

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Empowering the Youth

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Financial Education in Schools: Lessons from Germany

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Q&A Billy Hensley on Stepping up the Effort: Educating Teachers

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Stepping Up the Effort: Educating Teachers

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Financial Education in Schools: Lessons from Australia

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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

FINANCIAL KNOWLEDGE AND 401(K) INVESTMENT PERFORMANCE: A CASE STUDY

Abstract: We explore whether investors who are more financially knowledgeable earn more on their retirement plan investments compared to their less sophisticated counterparts, using a unique new dataset linking administrative data on investment performance and financial knowledge. Results show that the… Read More »

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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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 »

Visual Tools and Narratives: New Ways to Improve Financial Literacy

Abstract: We developed and experimentally evaluated four novel educational programs delivered online: an informational brochure, a visual interactive tool, a written narrative, and a video narrative. The programs were designed to inform people about risk diversification, an essential concept for financial… Read More »

Credit Scores and Committed Relationships

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LOOKING FORWARD – RESEARCHER VIEWS

INTERNATIONAL DIVERSIFICATION & 296 401(K) PLANS

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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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The Global Findex Database 2014: Measuring Financial Inclusion Around the World

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EMPLOYEE FINANCIAL LITERACY AND RETIREMENT BEHAVIOR: A CASE STUDY

Abstract: This paper uses administrative data on all active employees of the Federal Reserve System to examine participation in and contributions to the Thrift Saving Plan, the system’s defined contribution (DC) plan. We have appended to the administrative records a unique… Read More »

Teaching Students Financial Literacy: Why is it Necessary?

Financial Literacy and Economic Outcomes: Evidence and Policy Implications

Abstract: This paper reviews what we have learned over the past decade about financial literacy and its relationship to financial decision-making around the world. Using three questions, we have surveyed people in several countries to determine whether they have the fundamental… 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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State Mandated Financial Education and the Credit Behavior of Young Adults

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HARNESSING FINANCIAL EDUCATION TO SPUR ENTREPRENEURSHIP AND INNOVATION

BANKRUPTCY RATES AMONG NFL PLAYERS WITH SHORT-LIVED INCOME SPIKES

Abstract: One of the central predictions of the life-cycle hypothesis is that individuals smooth consumption over their economic life cycle; thus, they save when income is high, in order to provide for when income is likely to be low, such as after retirement. We… Read More »

Retirement Security

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

FIVE STEPS TO PLANNING SUCCESS: EXPERIMENTAL EVIDENCE FROM U.S. HOUSEHOLDS

Abstract: While financial knowledge has been linked to improved financial behaviour, there is little consensus on the value of financial education, in part because rigorous evaluation of various programmes has yielded mixed results. However, given the heterogeneity of financial education programmes… Read More »

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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BANKRUPTCY RATES AMONG NFL PLAYERS WITH SHORT-LIVED INCOME SPIKES

Abstract: One of the central predictions of the life-cycle hypothesis is that individuals smooth consumption over their economic life cycle; thus, they save when income is high, in order to provide for when income is likely to be low, such as after retirement. We… Read More »

Enhanced Active Choice

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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

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

Financial Literacy and Economic Outcomes: Evidence and Policy Implications

Abstract: This paper reviews what we have learned about financial literacy and its relationship to financial decision-making around the world. Using three simple questions, we have surveyed people in many countries to determine whether they have the fundamental knowledge of… Read More »

HOW FINANCIALLY LITERATE ARE WOMEN? AN OVERVIEW AND NEW INSIGHTS

Abstract: We document strikingly similar gender differences in financial literacy across countries. When asked to answer questions that measure knowledge of basic financial concepts, women are less likely than men to answer correctly and more likely to indicate that they do… Read More »

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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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 KNOWLEDGE AND 401(K) INVESTMENT PERFORMANCE

Abstract: Using a unique new data set linking administrative data on investment performance and financial knowledge, we examine whether investors who are more financially knowledgeable earn more on their retirement plan investments, compared to their less sophisticated counterparts. We find that… Read More »

FIVE STEPS TO PLANNING SUCCESS: EXPERIMENTAL EVIDENCE FROM U.S. HOUSEHOLDS

Abstract: In this paper, we design and field a low-cost, easily-replicable financial education program called “Five Steps,” covering five basic financial planning concepts that relate to retirement. We conduct a field experiment to evaluate the overall impact of “Five Steps” on a… Read More »

FINANCIAL LITERACY AND RETIREMENT PLANNING IN CANADA

Abstract: Financial literacy and Canadians’ capacity to plan for retirement is of primary importance for the policy debate over pension system reform in Canada. In this paper, we draw on internationally comparable survey evidence on financial literacy and retirement planning in… Read More »

OPTIMAL FINANCIAL KNOWLEDGE AND WEALTH INEQUALITY

Abstract: Using a stochastic life cycle model with endogenous financial knowledge accumulation, we show that financial knowledge is a key determinant of wealth inequality. The mechanism we posit is that financial knowledge enables individuals to better allocate resources over their lifetimes… Read More »

FINANCIAL EDUCATION, FINANCIAL COMPETENCE, AND CONSUMER WELFARE

Abstract: We introduce the concept of financial competence, a measure of the extent to which individuals’ financial choices align with those they would make if they properly understood their opportunity sets. Unlike existing measures of the quality of financial decision making,… Read More »

FINANCIAL LITERACY AROUND THE WORLD: AN OVERVIEW

Abstract:  In an increasingly risky and globalized marketplace, people must be able to make well informed financial decisions. New international research demonstrates that financial illiteracy is widespread in both well-developed and rapidly changing markets. Women are less financially literate than men, the… Read More »

FINANCIAL LITERACY AND QUANTITATIVE REASONING IN THE HIGH SCHOOL AND COLLEGE CLASSROOM

Abstract:  This overview frames the eight articles devoted to financial literacy in this issue of Numeracy. The survey questions used to assess financial literacy in the United States, Romania, France, Switzerland, Australia, and elsewhere include mathematics that is routinely covered… Read More »

THE ECONOMIC IMPORTANCE OF FINANCIAL LITERACY: THEORY AND EVIDENCE

This paper undertakes an assessment of a rapidly growing body of economic research on financial literacy. We start with an overview of theoretical research, which casts financial knowledge as a form of investment in human capital. Endogenizing financial knowledge has… 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

APEC Guidebook on Financial and Economic Literacy in Basic Education

Summary: This is a joint initiative, that means, it is based on the efforts, knowledge and wisdom of experts from all the APEC economies and at the same time it is hoped to benefit all the economies in the APEC… Read More »

Individual Investors’ Numerical Skills

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Individual Investors’ Numerical Skills

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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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FINANCIAL CAPABILITY NEAR RETIREMENT: A PROFILE OF PRE-RETIREES

Summary: This report shows how pre-retirees—those between 51 and 61 years of age—face a number of financial challenges. Authors Carlo de Bassa Scheresberg and Annamaria Lusardi use financial capability data from the 2012 National Financial Capability Study to highlight the troubling… Read More »

Trying the Impossible–Financing 30-Year Retirements with 40-Year Careers: A Discussion of Social Security and Retirement Policy

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Trying the Impossible–Financing 30-Year Retirements with 40-Year Careers: A Discussion of Social Security and Retirement Policy

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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 »

An Analysis of Default Risk in the Home Equity Conversion Mortgage (HECM) Program

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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 Among Graduate Students: A Case Study from the Indiana University System

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Lapse-Based Insurance

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School Sense Video from within the CFED Presentation

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Financial Education and Account Access among Elementary Students: Findings from the Assessing Financial Capability Outcomes Pilot

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Inattention and Inertia in Household Finance: Evidence from the Danish Mortgage Market

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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 »

Stepping Up the Effort: Educating Teachers

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Opening at Global Financial Literacy Summit 2013

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Financial Education in Schools: Lessons from Australia

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Empowering the Youth

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PROCEEDINGS OF THE OECD/INFE/GFLEC GLOBAL POLICY RESEARCH SYMPOSIUM TO ADVANCE FINANCIAL LITERACY

Summary: This document collects the contributions of the four main speakers of the OECD/INFE/GFLEC Global Policy Research Symposium to Advance Financial Literacy, held in Paris on 31 October 2013. The conference was co-organised with the Global Financial Literacy Excellence Center… Read More »

DEBT AND DEBT MANAGEMENT AMONG OLDER ADULTS

Abstract:  Many individuals lack the financial know-how to manage the complex new financial products increasingly available in the financial marketplace. How people borrow and manage debt has become of increasing policy maker concern, given recent evidence on Americans’ over-indebtedness. As… 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 »

Financial Literacy and Financial Behavior among Young Adults: Evidence and Implications

Abstract: This paper uses data from the 2009 National Financial Capability Study to examine financial literacy and financial behavior in a sample of approximately 4,500 young adults age 25 to 34. The paper finds that most young adults lack basic financial… Read More »

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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Predictable Surprise: The Unraveling of the U.S. Retirement System

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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 »

Retiree Out-of-Pocket Healthcare Spending: A Study of Consumer Expectations and Policy Implications

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Financial Education for Adults

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Experimental Evidence of the Efficacy of Financial Education for Adults: A Cross Experiment Comparison

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Early Withdrawals from Retirement Accounts

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Early Withdrawals from Retirement Accounts During the Great Recession

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Financial Education and Saving for Retirement

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Distinguished Speaker: Elsa Fornero Closing Speech Global Financial Literacy Summit 2012

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The Saving Museum

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The Role of the Private Sector in Financial Education: A View from the Teller’s Desk

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Tammo Bijmolt introduces Michael Haliassos at the Global Financial Literacy Summit 2012

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Tammo Bijmolt introduces Keyong Dong at the Global Financial Literacy Summit 2012

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Sue Lewis introduces Olaf Simonse at the Global Financial Literacy Summit 2012

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Sue Lewis introduces Flore-Anne Messy at the Global Financial Literacy Summit 2012

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Sue Lewis introduces Dusan Hradil at the Global Financial Literacy Summit 2012

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China’s Dynamic Financial Literacy Needs

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State of Financial Literacy in China

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Best Practices for Financial Education Programs

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Best Practice Cases for Improving Financial Literacy

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Relevance of Financial Literacy in the New Financial Landscape

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Annamaria Lusardi introduces Elsa Fornero at the Global Financial Literacy Summit 2012

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Key Challenges & Opportunities: Regional Reports

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Household Financial Literacy, Financial Innovation, and Product Regulation

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Heleen Buijs introduces Keynote Speaker Andrea Beltratti Global Financial Literacy Summit 2012

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Harry Smorenberg introduces Annamaria Lusardi at the Global Financial Literacy Summit

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From Literacy to Financial Planning: Global Retirement Income Adequacy

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Role of Intesa Sanpaolo bank in the Museum of Saving

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Financial literacy: Is there a gender issue?

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Financial Literacy at the OECD

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Financial Literacy Around the World: The Big Picture

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Financial Literacy and Pension Awareness in the Netherlands: A platform approach

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Financial Education in Action: New Initiatives

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Financial Education and Saving for Retirement

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

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How America Pays for College 2012

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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.

Study Regarding Financial Literacy Among Investors

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Financial Literacy Among Investors

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Social Security and Retirement Decisions: The Impact of Knowledge and Framing

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The Impact of Knowledge and Framing

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The Impact of Knowledge and Framing

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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 »

Financial Literacy for Vulnerable Groups

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Financial Literacy for Vulnerable Groups

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Financial Education in the Workplace

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Can Commitment Savings Help Americans be Better Prepared for Retirement?

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Financial Education in the Workplace

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Financial Literacy Close to and After Retirement

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Panel Discussion: Directions for Further Research on Financial Literacy

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Optimal Knowledge and Wealth Inequality

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Opening Remarks: Overview of the Financial Literacy Conference 2012

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Financial Literacy Close to and After Retirement

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Introduction to Financial Education in the Workplace

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Improving Understanding of Retirement Health Care Expenditures

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Improving Legal Immigrant’s Access to Financial Services

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How Financial Advisors Influence Social Security Claiming

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Financial Capability Discussion

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Evaluating Workforce Financial Education and Encouraging New Hires to Save for Retirement

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What are the Real-World Framing Influences on Retirement Claiming Behavior?

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Understanding and Measuring Financial Literacy

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Social Networks and The Decision To Insure

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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 »