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The Stability and Predictive Power of Financial Literacy: Evidence From Longitudinal Data
October 29, 2020Summary: We administered the FINRA Investor Education Foundation’s National Financial Capability Study (NFCS) questionnaire to members of the RAND American Life Panel (ALP) in 2012 and 2018. Using this longitudinal data set, we investigate the evolution of financial literacy over… Read More »
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Financial Capability of American Adults: Insights from the American Life Panel
February 10, 2017Summary: While providing a wide range of financial capability indicators, the National Financial Capability Study (NFCS) lacks information about important determinants of financial outcomes, such as individuals’ health and cognition, and does not offer a precise, quantitative assessment of critical variables,… Read More »
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The National Financial Capability Study: Empirical Findings from the American Life Panel Survey
November 22, 2016Summary: 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 »
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Visual Tools and Narratives: New Ways to Improve Financial Literacy
October 19, 2015Abstract: 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 concept for financial… Read More »
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Internet Panel Survey Data on Financial Capability and Behavior: RAND American Life Panel
June 20, 2012Watch the video.