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Assessing Financial Literacy Among the Young
March 19, 2025 -
Personal Finance Education in the Classroom
July 13, 2024HEFWA Executive Leadership Forum on Financial Wellness | July 2024
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Assessing Financial Literacy Among the Young
June 26, 2024Abstract: 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 »
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Evaluating the Effects of a Low-Cost, Online Financial Education Program
March 12, 2024Abstract: 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 »
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Evaluating Deliberative Competence: A Simple Method with an Application to Financial Choice
March 04, 2021We 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 »
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Testing the Use of the Mint App in an Interactive Personal Finance Module (Summary Report)
February 09, 2021Summary: 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 »
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Testing the Use of the Mint App in an Interactive Personal Finance Module
February 09, 2021Summary: 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 »
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Stereotypes in Financial Literacy: Evidence from PISA
December 16, 2020Abstract: 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 »
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Financial Education Affects Financial Knowledge and Downstream Behaviors
April 25, 2020Abstract: 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 »
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Methodological Challenges and Advances in Evaluating Financial Literacy Interventions
January 03, 2020Watch the video.
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The Impact of School-Based Financial Education on High School Students and their Teachers: Experimental Evidence from Peru
October 14, 2019Watch the video
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Raising Awareness of the Importance of Personal Finance in School: New Insights
May 13, 2019We 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 »
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Millennial Financial Literacy and Fin-tech Use
November 08, 2018Watch a video recording of Director Lusardi's keynote address here.
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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, 2018Summary: 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.
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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, 2018Summary: 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 »
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Empowering Youth
February 12, 2018 -
2018 Survey of the States Panel Discussion
February 08, 2018 -
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, 2017Summary: 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 »
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Student Loan Repayments
February 28, 2017This 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 »
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STUDENT LOAN DEBT IN THE US: AN ANALYSIS OF THE 2015 NFCS DATA
November 14, 2016Summary: 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 »
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Financial Literacy: Interview with Dr. Annamaria Lusardi
October 05, 2016Summary: David Allen interviews Director Lusardi to discuss why financial literacy is such an important subject.
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Financial Literacy Seminar Series with Ben Castleman: Behavioral Insights for Scalable Solutions in Education
May 23, 2016Watch the Video
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Household Financial Fragility: Evidence and Implications
April 22, 2016Netherlands - OECD Global Symposium on Financial Resilience throughout Life
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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, 2015Foreward: 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 »
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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, 2015Foreward: 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 »
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The Effect of Financial Education on the Quality of Decision Making
June 29, 2015Abstract: 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 »
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Financial Literacy and Economic Outcomes: Evidence and Policy Implications
June 05, 2015Abstract: 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 »
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Testimony of Annamaria Lusardi Before the ERISA Advisory Council
May 28, 2015Summary: 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 »
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High School Students and Financial Literacy: Evidence from PISA
May 22, 2015Click here to read the lecture as published in the Journal of Consumer Affairs.
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Hispanic Personal Finances: Financial Literacy and Decisionmaking Among College-Educated Hispanics
May 18, 2015Summary: 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 »
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Hispanic Personal Finances: Financial Literacy and Decisionmaking Among College-Educated Hispanics
May 18, 2015Summary: 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 »
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The Economic Importance of Financial Literacy
May 15, 2015 -
State Mandated Financial Education and the Credit Behavior of Young Adults
May 14, 2015Watch the video.
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Financial Literacy and Economic Outcomes: Evidence and Policy Implications
March 27, 2015Watch Prof. Lusardi's presentation European Money Week
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State of Affairs: FINRA Financial Capability Study Results
March 27, 2015 -
The Impact of Bank Account Ownership on Adolescents’ Financial Literacy
March 26, 2015Watch the video.
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The Impact of Bank Account Ownership on Adolescents’ Financial Literacy
March 26, 2015Watch the video.
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PISA FINANCIAL LITERACY ASSESSMENT
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, 2014Abstract: 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 »
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VISUAL TOOLS AND NARRATIVES: NEW WAYS TO IMPROVE FINANCIAL LITERACY
December 17, 2014Abstract: 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 »
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FINANCIAL LITERACY AND RETIREMENT PLANNING IN CANADA
December 17, 2014Abstract: 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 »
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OPTIMAL FINANCIAL KNOWLEDGE AND WEALTH INEQUALITY
December 17, 2014Abstract: 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 »
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FINANCIAL EDUCATION, FINANCIAL COMPETENCE, AND CONSUMER WELFARE
December 17, 2014Abstract: 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 »
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FINANCIAL LITERACY AROUND THE WORLD: AN OVERVIEW
December 17, 2014Abstract: 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 »
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FINANCIAL LITERACY AND QUANTITATIVE REASONING IN THE HIGH SCHOOL AND COLLEGE CLASSROOM
December 17, 2014Abstract: 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 »
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THE ECONOMIC IMPORTANCE OF FINANCIAL LITERACY: THEORY AND EVIDENCE
December 17, 2014This 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 »
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TOWARDS A MORE INCLUSIVE SOCIETY
November 01, 2014 -
APEC Guidebook on Financial and Economic Literacy in Basic Education
November 01, 2014Summary: 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 »
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Financial Literacy Among Graduate Students: A Case Study from the Indiana University System
April 24, 2014Watch the video.
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COLLEGE-EDUCATED MILLENNIALS: AN OVERVIEW OF THEIR PERSONAL FINANCES
February 01, 2014Summary: 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 »
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THE FINANCIAL FRAGILITY OF AMERICAN FAMILIES
September 01, 2013Summary: 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 »
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TESTIMONY OF ANNAMARIA LUSARDI BEFORE THE U.S. SENATE
April 24, 2013Summary: Annamaria Lusardi testifies about the lack of financial capability and literacy among the American people and why financial education in high school is important.
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FINANCIAL LITERACY AROUND THE WORLD (FLAT WORLD)
April 01, 2013Summary: 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 »
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Experimental Evidence of the Efficacy of Financial Education for Adults: A Cross Experiment Comparison
December 13, 2012Watch the video.
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Distinguished Speaker: Elsa Fornero Closing Speech Global Financial Literacy Summit 2012
November 14, 2012Watch the video.
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The Role of the Private Sector in Financial Education: A View from the Teller’s Desk
November 14, 2012Watch the video.
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Sue Lewis introduces Dusan Hradil at the Global Financial Literacy Summit 2012
November 14, 2012Watch the video.
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Annamaria Lusardi introduces Elsa Fornero at the Global Financial Literacy Summit 2012
November 14, 2012Watch the video.
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Heleen Buijs introduces Keynote Speaker Andrea Beltratti Global Financial Literacy Summit 2012
November 14, 2012Watch the video.
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Building Financial Literacy: For K-8 Pre-Service Teachers and Adult Learners
June 21, 2012Watch the video.