GFLEC's Decennial Journey and Impact
2011-2021
Ten years ago, the Global Financial Literacy Excellence Center (GFLEC) launched with a clear vision: a future in which everyone is equipped to manage their personal finances and, as a result, achieve their dreams. In its tireless work toward that goal, GFLEC has boldly positioned itself as the world’s leading incubator for financial literacy research, policy, and solutions.
During our anniversary season, we will continue to connect with you to celebrate GFLEC’s journey, share new research, and describe our vision for the future.
Dear Colleagues and Friends,
As we celebrate GFLEC’s decennial anniversary, we are proud of what the center has accomplished. When GFLEC launched, many individuals and organizations were skeptical about the value of financial literacy. It was an uphill battle, but ten years later, things have changed. GFLEC has helped establish financial literacy as an academic field, and our research has put the financial illiteracy crisis on the agenda of policy makers, private sector leaders, and educators. Our efforts have illustrated that financial literacy is a key driver of financial security and well-being. Our work is not done, but we have surmounted some major obstacles.
With our global objectives in mind, we have been a leading voice among those who are calling for financial education for all—for children, young people, adults, and seniors—and we have advocated for high-impact, tailor-made approaches designed to close literacy gaps. In order to ensure that inequalities are addressed and financial education is effective, we have also identified and studied demographic groups that are at a disadvantage in terms of financial literacy and financial well-being: women, young adults, underserved racial and ethnic groups, and those with lower education and lower income.
This is just the beginning. As I look to the future, I want to build on our efforts and continue to push for GFLEC’s research and evaluations to result in widespread, concrete change in schools, workplaces, and communities.
Together, we will continue to drive change and improve financial literacy and financial well-being worldwide.
Onward and upward!
Annamaria Lusardi
Founder & Academic Director, GFLEC
A special message from Director Lusardi
As we celebrate GFLEC's accomplishments, we also rally our forces to reimagine the future and prepare for bold changes, including the announcement of a new global network of financial literacy and personal finance researchers.
In this 10th birthday year, the team is most proud of having accelerated breakthrough data-driven research and built financial literacy into a dynamic academic field. In doing so, we opened the doors to new generations of researchers and turned a lens on inclusive, equitable pathways to financial literacy.
AWARDS RECEIVED DURING OUR 10 YEAR JOURNEY
GFLEC is honored to contribute in far-reaching ways to the understanding of why financial literacy matters and is grateful for the partnership of preeminent collaborators. At the same time, we are humbled by the acclaim, accolades, and awards we have received for our work. Every honor magnifies GFLEC’s visibility and broadens its influence.
GFLEC GREATEST HITS: PUBLICATIONS
GFLEC Greatest Hits It’s a GFLEC master class! Take a virtual tour of the top 10 publications from the past decade.
Who Is Afraid of Financial Education?
Forbes | Annamaria Lusardi | October 12, 2021
TESTIMONIALS
The journey GFLEC has been on these last ten years has been filled with many truly incredible partners, collaborators, funders, and friends. We could not have raised awareness about the vital importance of financial literacy or see the impact and influence we are having without these individuals and organizations. We have received several touching testimonials from our GFLEC community. Today, we are sharing the first of many to come as our anniversary celebration continues.
Dame Diana Crossan
Chair, GFLEC Advisory Council
Former Retirement Commissioner, New Zealand
Maria Demertzis, Ph.D.
Deputy Director, Bruegel
Billy J. Hensley, Ph.D.
President & CEO, National Endowment for Financial Education
Thomas J. LeBlanc, Ph.D.
President, The George Washington University
Laura Levine
President & CEO, Jump$tart Coalition for Personal Financial Literacy
Anuj Mehrotra, Ph.D.
Dean, The George Washington University School of Business
Flore-Anne Messy
Acting Deputy Director, OECD Directorate for Financial and Enterprise Affairs
Executive Secretary, OECD International Network on Financial Education (INFE)
Wim Mijs
Chief Executive Officer, European Banking Federation
Olivia S. Mitchell, Ph.D.
Executive Director, Pension Research Council
Professor, The Wharton School, University of Pennsylvania
Nan J. Morrison
President & CEO, Council for Economic Education
Gerri Walsh
President, FINRA Investor Education Foundation
Senior Vice President, Investor Education, FINRA
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"Financial decisions affect many dimensions of our daily life -- and they can have far-reaching implications. Sound and informed financial decision-making is thus key for individuals as well as for the financial system as such. For ten years, Professor Lusardi and her team at GFLEC have pioneered research on financial literacy, which has significantly improved our understanding of the topic. Their work provides important practical implications for today's societies and for policymaking."
Professor Claudia Buch
Vice-President, Deutsche Bundesbank -
“Congratulations to GFLEC on its 10-year anniversary! Over the last decade, GFLEC’s research, leadership and partnerships have helped raise the level of financial knowledge throughout the United States, and across the globe. At Edelman Financial Engines, we believe that every individual deserves to move their financial life forward, and we are proud to partner with GFLEC in support of that mission. Dr. Lusardi and her exceptional team are not only thought leaders, they are collaborative and innovative partners. We are thrilled to be working with the GFLEC team to design and deliver personalized help that improves financial literacy, confidence and behaviors across multiple communities and demographics. We look forward to our continued partnership with GFLEC and can’t wait to see its impact grows over the next decade and beyond.”
Kelly O’Donnell
Executive Vice President and Head of Workplace, Edelman Financial Engines -
"Congratulations to my friends at GFLEC – and especially my friend and colleague Dr. Annamaria Lusardi—on your tenth year of doing such important work to advance financial literacy. Over the past decade, your leadership in the field and your innovative research has played an invaluable role as a thought leader, helping us stay abreast on critical research that informs our program development and ultimately our ability to positively impact communities. I’m so proud to have had the opportunity to partner with you over the years – and I look forward to many more ahead! Congratulations from me and all my colleagues at Charles Schwab."
Carrie Schwab-Pomerantz
President & Board Chair at Charles Schwab Foundation
GW Alumna -
“Helping to build future prosperity for students requires laying the groundwork today. Our work with Global Financial Literacy Excellence Center can help us better understand the principal elements of a successful financial curriculum. This is important to help schools struggling to find financial literacy resources – a key contributor that can lead to more prosperous and equitable outcomes for students everywhere.”
Dave Zasada
Vice President Corporate Responsibility
Intuit
OUR VISION FOR THE FUTURE
Although we have spent 10 years connecting research, policy, and solutions, we have barely begun. We will continue to build global networks of researchers to raise the field of financial literacy to the next level. We will continue to translate research into action, including through public policy. And we will continue to advance discoveries that will enable us to overcome inequality in financial literacy. We know our work can transform lives and turn dreams into reality. We know because we have already seen it happen.