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 »

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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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 »

Trading Stocks Increases Financial Literacy and Compresses the Confidence Gender Gap

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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 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 »

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 »

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 »

Millennial Financial Literacy and Fin-tech Use

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

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.

Gender Differences in Financial Literacy: Evidence and Implications

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 »

The Gender Gap in Financial Literacy

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 »

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

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Financial Literacy: A Vision for the Future

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 »

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 »

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 »

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 »

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 »

GENDER DIFFERENCES IN FINANCIAL LITERACY AROUND THE WORLD

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 »

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 »

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 »

Household Financial Fragility: Evidence and Implications

Netherlands - OECD Global Symposium on Financial Resilience throughout Life

Financial Literacy, Illuminated

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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 »

Pensions and the Importance of Financial Literacy Education for Women

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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

THE ECONOMIC IMPORTANCE OF FINANCIAL LITERACY

Financial Literacy and Retirement Planning in Canada

Abstract: In this paper, we draw on internationally comparable survey evidence on financial literacy and retirement planning in Canada to investigate how financially literate Canadians are and how financial literacy is linked to retirement planning. We find that 42 percent of… Read More »

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 »

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.

The Economic Importance of Financial Literacy

How Can Financial Literacy Improve Retirement Planning?

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

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 »

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

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PISA FINANCIAL LITERACY ASSESSMENT

GENDER, CONFIDENCE, AND FINANCIAL LITERACY

THE ECONOMIC IMPORTANCE OF FINANCIAL LITERACY

VISUAL TOOLS AND NARRATIVES: NEW WAYS TO IMPROVE FINANCIAL LITERACY

Abstract: In this paper, 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… 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 »

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 »

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 »

Gender Differences

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TOWARDS A MORE INCLUSIVE SOCIETY

FINANCIAL SOPHISTICATION IN THE OLDER POPULATION

Abstract:  This paper examines data on financial sophistication among the U.S. older population, using a special-purpose module implemented in the Health and Retirement Study. We show that financial sophistication is deficient for older respondents (aged 55+). Specifically, many in this… Read More »

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 »

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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Financial Literacy, Illuminated: It’s a FLAT World

Opening at Global Financial Literacy Summit 2013

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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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Distinguished Speaker: Elsa Fornero Closing Speech 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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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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Financial literacy: Is there a gender issue?

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Financial Literacy Around the World: The Big Picture

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Financial Education in Action: New Initiatives

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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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Opening Remarks: Overview of the Financial Literacy Conference 2012

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How Financial Advisors Influence Social Security Claiming

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Financial Literacy among Young People Discussion

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Financial Capability Discussion

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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 »