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 »

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

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

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

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

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 »

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 »

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 »

Remaking Retirement: Debt in an Aging Economy

Summary: Around the world, people nearing and entering retirement are holding ever-greater levels of debt than in the past. This is not a benign situation, as many pre-retirees and retirees are stressed about their indebtedness. Moreover, this growth in debt… 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 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 Well-Being of the Millennial Generation: An In-Depth Analysis of its Drivers and Implications

Abstract: This research highlights the importance of designing and offering financial education programs that will optimally meet the needs and address the concerns of this diverse population. To improve financial well-being, programs should be tailored to the financial situation of… Read More »

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 »

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 »

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 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 »

A Method for Evaluating the Quality of Financial Decision Making, with an Application to Financial Education

Abstract: We introduce a method for measuring the quality of financial decisions built around a notion of financial competence, which gauges the alignment between consumers choices and those they would make if they properly understood their opportunities. We prove our… 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). Specifically, in the HRS we examine three different cohorts (individuals age 56–61) in 1992, 2004,… Read More »

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

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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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 »

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 »

Financial Literacy, Illuminated

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Employees’ Financial Wellness: New Strategies

Using a Life Cycle Model to Evaluate Financial Literacy Program Effectiveness

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 »

THE ECONOMIC IMPORTANCE OF FINANCIAL LITERACY

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 »

The Effect of Financial Education on the Quality of Decision Making

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

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 »

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 »

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 »

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

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.

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

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Planning and Saving for Retirement

The Economic Importance of Financial Literacy

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

State of Affairs: FINRA Financial Capability Study Results

PISA FINANCIAL LITERACY ASSESSMENT

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

GENDER, CONFIDENCE, AND FINANCIAL LITERACY

THE ECONOMIC IMPORTANCE OF FINANCIAL LITERACY

FINANCIAL LITERACY AND HIGH-COST BORROWING IN THE UNITED STATES

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

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 »

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 »

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

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Gender Differences

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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 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 »

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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Financial Literacy: Illuminated! Annamaria Lusardi at TEDxFoggyBottom

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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 »

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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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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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 »

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 »

How Borrowers Choose and Repay Payday Loans

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How Borrowers Choose and Repay Payday Loans

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TESTIMONY OF ANNAMARIA LUSARDI BEFORE THE U.S. SENATE

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

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

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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 »

Do Consumers Know How to Value Annuities? Complexity as a Barrier to Annuitization

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

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

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Technology and Entertainment: A New Approach to Financial Education

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

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

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From Literacy to Financial Planning: Global Retirement Income Adequacy

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

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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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Beyond Our Means: Why America Spends While the World Saves

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Beyond Our Means: Why America Spends While the World Saves

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

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

Do Financial “Health” Checkups Prompt Behavioral Changes

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The Storm to Come: A Conversation about Annuities

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Financial Literacy for Vulnerable Groups

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Demonstrating the Returns to Work for Children after SSI

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The Persistence of Defaults: When, Why and for Whom?

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Financial Literacy for Vulnerable Groups

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Financial Education in the Workplace

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Changing the Financial Futures of Young Adults

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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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Raising Awareness of Tax-Time Saving Options (for the low-income population) and Encouraging Better Financial Decision Making Among Low-Income and Minority Groups

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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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Five Steps to Financial Planning Success

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Financial Literacy among Young People Discussion

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Financial Literacy among the Middle Aged Discussion: Part II

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Financial Literacy among the Middle Aged Discussion

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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 the Geography of Financial Literacy in the U.S.

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Understanding and Measuring Financial Literacy

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Internet Panel Survey Data on Financial Capability and Behavior: RAND American Life Panel

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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

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 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 »