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Personal Finance Education in the Classroom
July 13, 2024HEFWA Executive Leadership Forum on Financial Wellness | July 2024
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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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An unrecognized barrier to retirement income security: Poor longevity literacy
August 21, 2023Longevity 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 »
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How financial literacy varies among U.S. adults: The 2022 TIAA Institute-GFLEC Personal Finance Index
April 12, 2022Summary: The TIAA Institute-GFLEC Personal Finance Index (P-Fin Index) is an ongoing project now in its sixth year that annually assesses financial literacy among the U.S. adult population. The P-Fin Index is unique in its capacity to produce a robust… Read More »
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Coping with new (and old) vulnerabilities in the post-pandemic world
October 05, 2021The symposium concludes the work programme carried out by the Global Partnership for Financial Inclusion (GPFI) under the Italian G20 Presidency. It aims to take stock of the main experiences gained in financial education and consumer protection, including during the… Read More »
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Financial Resilience in America
August 11, 2021Summary: In this report, we examine the concept and assessment of financial resilience and its associated factors, which include income and cash flow management, debt management, risk protection, and financial literacy. We use longitudinal data from before and after the… Read More »
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How to Strengthen Household Financial Resilience
August 11, 2021Introduction: The COVID-19 pandemic and its economic consequences have laid bare the deeply rooted financial insecurity many Americans face daily. Many households are highly dependent upon earned income and have little to buffer an income loss due to business shutdowns… Read More »
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Financial Literacy and Financial Behavior at Older Ages
July 29, 2021Abstract: 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 »
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Financial Fragility during the COVID-19 Pandemic
May 17, 2021Abstract: 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 »
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Stereotypes in Financial Literacy: Evidence from PISA
November 04, 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 Fragility during the COVID-19 Pandemic
November 03, 2020Abstract: Early in the COVID-19 pandemic, much of the US economy was closed to limit the virus’ spread, and several emergency interventions were implemented. Our analysis of older (45-75) respondents fielded in April-May of 2020 indicates that about one in… Read More »
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Household Financial Fragility during COVID-19: Rising Inequality and Unemployment Insurance Benefit Reductions
October 04, 2020Abstract: We draw on new high-frequency survey data collected from repeated cross-sections of Americans between June and November 2020. These data capture rich measures of household financial fragility and employment status. We find evidence of a building “second wave” of… 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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The 2020 TIAA Institute-GFLEC Personal Finance Index: Many Do Not Know What They Do and Do Not Know
April 07, 2020Summary: The TIAA Institute-GFLEC Personal Finance Index (P-Fin Index) is an annual barometer of knowledge and understanding which enable sound financial decision making and effective management of personal finances among U.S. adults. It is unique in its capacity to examine financial… Read More »
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Attitudes Toward Debt and Debt Behavior
April 06, 2020Abstract: We introduce a novel survey measure of attitude toward debt. Matching our survey results with panel data on Swedish household balance sheets from registry data, we show that our debt attitude measure helps explain individual variation in indebtedness as… Read More »
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Financial Well-Being of the Millennial Generation: An In-Depth Analysis of its Drivers and Implications
December 03, 2019Abstract: 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 »
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New Evidence on the Financial Knowledge and Characteristics of Investors
October 09, 2019Abstract: 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 »
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Retirement Savings for All – The Importance of Financial Literacy and FinTech Solutions
January 04, 2019Watch the video.
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Financial Literacy and the Need for Financial Education: Evidence and Implications
December 19, 2018Introduction Throughout their lifetime, individuals today are more responsible for their personal finances than ever before. With life expectancies rising, pension and social welfare systems are being strained. In many countries, employer-sponsored defined benefit (DB) pension plans are swiftly giving… Read More »
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The Gender Gap in Financial Literacy: A Global Perspective
July 11, 2017Summary: With data on financial literacy from a survey of more than 150,000 people in 140 economies worldwide, the 2014 Standard & Poor’s Ratings Services Global Financial Literacy Survey (S&P Global FinLit Survey) represents the most comprehensive global measure of… Read More »
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Millennials and Financial Literacy: A Global Perspective
May 11, 2017Summary: Worldwide, just one in three adults show an understanding of basic financial concepts, making it clear that billions of people are unprepared to deal with rapid changes in the financial landscape. Credit products, many of which carry high interest… Read More »
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Millennials and Financial Literacy: A Global Perspective
May 11, 2017Summary: Financial literacy is of utmost importance for Millennials, as they face financial decisions that can have consequences for the rest of their life. However, in a rapidly changing economic landscape, Millennials do not seem to be prepared to deal… Read More »
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The Social Security Statement: Its History and Impact on Knowledge and Behavior
April 25, 2017Watch the video.
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Remarks of Annamaria Lusardi to the SEC Investor Advisory Committee
March 13, 2017Click 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).
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When will the penny drop? Money, financial literacy and risk in the digital age
January 30, 2017Summary: In November 2016, Allianz, in collaboration with Director Annamaria Lusardi, surveyed a total of 10,000 (approximately 1,000 people in each country) in the western European countries of Austria, Belgium, France, Germany, Italy, the Netherlands, Portugal, Spain, Switzerland, and the… Read More »
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Time-Inconsistency and Saving: Experimental Evidence from Low-Income Tax Filers
January 13, 2017Watch the video.
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How Trends in Disability Affect Income Inequality and Financial & Retirement Security
January 13, 2017Watch the video.
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Time-Inconsistency and Saving: Experimental Evidence from Low-Income Tax Filers
January 13, 2017Watch the video.
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ENTREPRENEURSHIP AMONG BABY BOOMERS: RECENT EVIDENCE FROM THE HEALTH AND RETIREMENT STUDY
October 03, 2016Abstract: We study entrepreneurship among Baby Boomers using data from the US Health and Retirement Study (HRS). Using two different definitions of entrepreneurship (being self-employed and being a business owner), we compare entrepreneurs to non-entrepreneurs and entrepreneurs who were age… Read More »
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Women and Retirement Security
September 30, 2016Summary: 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 »
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HOUSEHOLD FINANCIAL FRAGILITY: EVIDENCE AND IMPLICATIONS
September 29, 2016Macrofinancial Symposium: Links between Financial Markets and the American Economy
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The Importance of Financial Literacy and the Effectiveness of Financial Education
December 08, 2015Financial Education and Investor Behavior Conference
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Financial Literacy: A Global Perspective
December 07, 2015International Seminar: Financial Education in Brazil and in the World (in Portuguese)