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  • Assessing Financial Literacy Among the Young

    March 19, 2025

  • Personal Finance Education in the Classroom

    July 13, 2024

    HEFWA Executive Leadership Forum on Financial Wellness | July 2024

  • Assessing Financial Literacy Among the Young

    June 26, 2024

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

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

    March 12, 2024

    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 »

  • Evaluating Deliberative Competence: A Simple Method with an Application to Financial Choice

    March 04, 2021

    We introduce a method for experimentally evaluating interventions designed to improve the quality of choices in settings where people imperfectly comprehend consequences. Among other virtues, our method yields an intuitive sufficient statistic for welfare that admits formal interpretations even when… Read More »

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

    February 09, 2021

    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

    February 09, 2021

    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 »

  • Stereotypes in Financial Literacy: Evidence from PISA

    December 16, 2020

    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 »

  • Best Practices for Teaching in an Online Environment

    May 01, 2020

    Watch the webinar.

  • Financial Education Affects Financial Knowledge and Downstream Behaviors

    April 25, 2020

    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 »

  • Methodological Challenges and Advances in Evaluating Financial Literacy Interventions

    January 03, 2020

    Watch the video.

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

    October 14, 2019

    Watch the video

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

    May 13, 2019

    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 »

  • Millennial Financial Literacy and Fin-tech Use

    November 08, 2018

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

  • Financial Education: Young People in the Digital Age

    October 19, 2018

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

    September 12, 2018

    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

    August 03, 2018

  • Financial Literacy in Italy: Student Characteristics

    August 03, 2018

  • Financial Literacy in Italy: Parent Influence

    August 03, 2018

  • An Analysis of Financial Literacy Among Italian Students

    August 03, 2018

    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 »

  • Financial Literacy and Financial Fragility among Millennials

    May 14, 2018

  • Empowering Youth

    February 12, 2018

  • 2018 Survey of the States Panel Discussion

    February 08, 2018

  • Findings in Financial Literacy

    December 07, 2017

    You may watch a video of the presentation here.

  • Financial Literacy: A Vision for the Future

    May 08, 2017

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

    March 22, 2017

    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 »

  • Student Loan Repayments

    February 28, 2017

    This interactive visualization provides a breakdown of statistics on student loan debt repayment using data from the 2015 National Financial Capability Study. For more details, please refer to our study “Student Loan Debt in The US: An Analysis of The… Read More »

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

    November 14, 2016

    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 »

  • Financial Literacy: Interview with Dr. Annamaria Lusardi

    October 05, 2016

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

  • Behavior Insights for Scalable Solutions in Education

    May 26, 2016

    Watch Now

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

    May 23, 2016

    Watch the Video

  • Household Financial Fragility: Evidence and Implications

    April 22, 2016

    Netherlands - OECD Global Symposium on Financial Resilience throughout Life

  • Financial Literacy, Illuminated

    March 18, 2016

    Watch the video.

  • Financial Education in Schools: Lessons from Germany

    January 22, 2016

    Watch the video.

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

    January 22, 2016

    Watch the video.

  • Financial Education in Schools: Lessons from Australia

    January 22, 2016

    Watch the video.

  • Stepping Up the Effort: Educating Teachers

    January 22, 2016

    Watch the video.

  • Stepping Up the Effort: Educating Teachers

    January 22, 2016

    Watch the video. 

  • Empowering the Youth

    January 22, 2016

    Watch the video.

  • AN OVERVIEW OF THE PISA FINANCIAL LITERACY ASSESSMENT

    January 15, 2016

  • A GLOBAL PERSPECTIVE ON FINANCIAL LITERACY

    November 18, 2015

  • A GLOBAL PERSPECTIVE ON FINANCIAL LITERACY

    November 18, 2015

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

    October 24, 2015

    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 »

  • LOOKING FORWARD – RESEARCHER VIEWS

    October 01, 2015

  • THE ECONOMIC IMPORTANCE OF FINANCIAL LITERACY

    September 25, 2015

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

    September 22, 2015

    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 »

  • Interview from 8th ANBIMA Investment Funds Congress

    July 24, 2015

    Watch Lusardi's interview

  • Teaching Students Financial Literacy: Why is it Necessary?

    July 14, 2015

  • The Effect of Financial Education on the Quality of Decision Making

    June 29, 2015

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

  • Financial Literacy and Economic Outcomes: Evidence and Policy Implications

    June 05, 2015

    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

    May 28, 2015

    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

    May 22, 2015

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

  • PISA Financial Literacy Assessment

    May 18, 2015

    Watch the video.

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

    May 18, 2015

    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 »

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

    May 18, 2015

    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

    May 15, 2015

  • Effectiveness of Financial Education in High Schools

    May 14, 2015

    Watch the video.

  • State Mandated Financial Education and the Credit Behavior of Young Adults

    May 14, 2015

    Watch the video.

  • HARNESSING FINANCIAL EDUCATION TO SPUR ENTREPRENEURSHIP AND INNOVATION

    May 07, 2015

  • The Economic Importance of Financial Literacy

    March 30, 2015

    Watch Prof. Lusardi's presentation

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

    March 30, 2015

  • Financial Literacy and Economic Outcomes: Evidence and Policy Implications

    March 27, 2015

    Watch Prof. Lusardi's presentation European Money Week

  • State of Affairs: FINRA Financial Capability Study Results

    March 27, 2015

  • The Impact of Bank Account Ownership on Adolescents’ Financial Literacy

    March 26, 2015

    Watch the video.

  • The Impact of Bank Account Ownership on Adolescents’ Financial Literacy

    March 26, 2015

    Watch the video.

  • PISA FINANCIAL LITERACY ASSESSMENT

    January 06, 2015

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

    January 06, 2015

  • GENDER, CONFIDENCE, AND FINANCIAL LITERACY

    January 06, 2015

  • THE ECONOMIC IMPORTANCE OF FINANCIAL LITERACY

    January 06, 2015

  • FINANCIAL LITERACY AND HIGH-COST BORROWING IN THE UNITED STATES

    December 31, 2014

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

  • VISUAL TOOLS AND NARRATIVES: NEW WAYS TO IMPROVE FINANCIAL LITERACY

    December 17, 2014

    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

    December 17, 2014

    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

    December 17, 2014

    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

    December 17, 2014

    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

    December 17, 2014

    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

    December 17, 2014

    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

    December 17, 2014

    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

    November 30, 2014

    Watch the video.

  • TOWARDS A MORE INCLUSIVE SOCIETY

    November 01, 2014

  • APEC Guidebook on Financial and Economic Literacy in Basic Education

    November 01, 2014

    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 »

  • Student Loans

    October 02, 2014

    Watch the video.

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

    April 24, 2014

    Watch the video.

  • School Sense Video from within the CFED Presentation

    March 27, 2014

    Watch the video.

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

    March 27, 2014

    Watch the video.

  • COLLEGE-EDUCATED MILLENNIALS: AN OVERVIEW OF THEIR PERSONAL FINANCES

    February 01, 2014

    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

    November 13, 2013

    Watch the video.

  • Opening at Global Financial Literacy Summit 2013

    November 13, 2013

    Watch the video.

  • Financial Education in Schools: Lessons from Australia

    November 13, 2013

    Watch the video.

  • Empowering the Youth

    November 13, 2013

    Watch the video.

  • THE FINANCIAL FRAGILITY OF AMERICAN FAMILIES

    September 01, 2013

    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 »

  • TESTIMONY OF ANNAMARIA LUSARDI BEFORE THE U.S. SENATE

    April 24, 2013

    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.

  • FINANCIAL LITERACY AROUND THE WORLD (FLAT WORLD)

    April 01, 2013

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

  • Financial Education for Adults

    December 13, 2012

    Watch the video.

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

    December 13, 2012

    Watch the video.

  • Financial Education and Saving for Retirement

    November 14, 2012

    Watch the video.

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

    November 14, 2012

    Watch the video. 

  • The Saving Museum

    November 14, 2012

    Watch the video.

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

    November 14, 2012

    Watch the video.

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

    November 14, 2012

    Watch the video.

  • Best Practices for Financial Education Programs

    November 14, 2012

    Watch the video.

  • Best Practice Cases for Improving Financial Literacy

    November 14, 2012

    Watch the video.

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

    November 14, 2012

    Watch the video.

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

    November 14, 2012

    Watch the video.

  • Role of Intesa Sanpaolo bank in the Museum of Saving

    November 14, 2012

    Watch the video.

  • Financial Literacy at the OECD

    November 14, 2012

    Watch the video.

  • Financial Literacy Around the World: The Big Picture

    November 14, 2012

    Watch the video.

  • Financial Education and Saving for Retirement

    November 14, 2012

    Watch the video.

  • How America Pays for College 2012

    November 01, 2012

    Watch the video.

  • How America Pays for College 2012

    November 01, 2012

    Watch the video.

  • Demonstrating the Returns to Work for Children after SSI

    June 21, 2012

    Watch the video.

  • Changing the Financial Futures of Young Adults

    June 21, 2012

    Watch the video.

  • Building Financial Literacy: For K-8 Pre-Service Teachers and Adult Learners

    June 21, 2012

    Watch the video.

  • Optimal Knowledge and Wealth Inequality

    June 21, 2012

    Watch the video.

  • Opening Remarks: Overview of the Financial Literacy Conference 2012

    June 21, 2012

    Watch the video.

  • Financial Literacy among Young People Discussion

    June 21, 2012

    Watch the video.

  • Financial Capability Discussion

    June 21, 2012

    Watch the video.

  • Understanding and Measuring Financial Literacy

    June 21, 2012

    Watch the video.


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