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Retired for how long? Worker expectations for how long they’ll live in retirement
April 29, 2025How 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 »
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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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Financial literacy and financial education: An overview
April 16, 2024Abstract: This article provides a concise narrative overview of the rapidly growing empirical literature on financial literacy and financial education. We first discuss stylized facts on the demographic correlates of financial literacy. We next cover the evidence on the effects… 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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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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ESG Knowledge and Interest: A study among Householders in 8 countries
July 31, 2023Abstract: In this study, we surveyed over 16,000 respondents in eight countries to collect information on individuals’ preferences for sustainable investing, ownership of ESG investment products, as well as their level of financial literacy, investing sophistication and understanding of topics… Read More »
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Financial wellness programs in the workplace: Evidence from a Fortune 25 company
September 01, 2022Abstract: 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 »
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Are your employees in good financial shape? Evidence from a Fortune 25 company
July 01, 2022Abstract: 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 »
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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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Financial literacy and well-being in a five generation America: The 2021 TIAA Insitute-GFLEC Personal Finance Index
October 19, 2021Summary: With five years of the Gen Z cohort now over age 18, the U.S. adult population spans five generations. This report uses data from the 2021 TIAA Institute-GFLEC Personal Finance Index (P-Fin Index) to compare financial literacy across the… Read More »
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Examining the Barriers to Annuity Ownership for Older Americans
October 05, 2021Abstract: The annuity take-up rate is lower than economic theory predicts.1 Using data from the 2018 National Financial Capability Study, we conduct an empirical analysis of individuals in the retirement-planning phase of the life cycle (ages 40–61) and individuals of… 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 Anxiety and Stress Among U.S. Adults: New Evidence From a National Survey and Focus Groups
September 14, 2021Summary: The economic impact of the COVID-19 pandemic has shed light on the deeply rooted financial insecurity that many Americans face. Our research shows that even before the pandemic hit, and at a time of economic expansion, a large share… 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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Factors Contributing to Financial Well-Being among Black and Hispanic Women
August 06, 2021Abstract: This article provides an in-depth examination of the financial well-being of Black and Hispanic women and the factors contributing to that well-being, using the 2018 survey wave of the National Financial Capability Study. The article documents meaningful differences between… 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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Financial Anxiety and Stress among U.S. Households: New Evidence from the National Financial Capability Study and Focus Groups
April 27, 2021Summary: The economic impact of the COVID-19 crisis has brought to light the deeply rooted financial struggles that many Americans face. This paper shows that even before the pandemic, a substantial share of households was already anxious and stressed about… Read More »
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Financial Well-Being and Literacy in the Midst of a Pandemic: The 2021 TIAA Insitute-GFLEC Personal Finance Index
April 04, 2021Summary: 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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Fearless Woman: Financial Literacy and Stock Market Participation
March 07, 2021Abstract: Women are less financially literate than men. It is unclear whether this gap reflects a lack of knowledge or, rather, a lack of confidence. Our survey experiment shows that women tend to disproportionately respond “do not know” to questions… 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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Black and Hispanic Women’s Financial Well-Being
February 22, 2021Summary: We provide an in-depth examination of the financial well-being of Black and Hispanic women and the factors contributing to it, using the 2018 wave of the National Financial Capability Study. We document meaningful differences between Black and Hispanic women… Read More »
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Debt Close to Retirement and its Implications for Retirement Well-Being
January 06, 2021Abstract: 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 »
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Understanding Debt in the Older Population
December 22, 2020Abstract: Poor financial capability can erode well-being in later life. To explore debt and debt management among older Americans, age 51-61, we designed and analyzed a new module in the 2018 Health and Retirement Study along with information from the… 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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Building Up Financial Literacy and Financial Resilience
December 14, 2020Abstract: This article uses data from the 2020 TIAA Institute-GFLEC Personal Finance (P-Fin) Index to show that many American families were financially fragile well before the COVID-19 pandemic hit the U.S. economy. Financial fragility is particularly severe among specific demographic groups,… Read More »
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The Importance of Financial Literacy: Evidence and Recommendations
December 01, 2020Watch the presentation.
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The Stability and Predictive Power of Financial Literacy: Evidence from Longitudinal Data
November 18, 2020Abstract: We administered the FINRA Foundation’s National Financial Capability Study questionnaire to members of the RAND American Life Panel (ALP) in 2012 and 2018. Using this unique, longitudinal data set, we investigate the evolution of financial literacy over time and… Read More »
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Remaking Retirement: Debt in an Aging Economy
November 18, 2020Summary: 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 »
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Financial Literacy and Wellness Among U.S. Women: Insights on Underrepresented Minority Women
November 17, 2020Summary: The TIAA Institute-GFLEC Personal Finance Index (P-Fin Index) provides an annual measure of overall financial literacy among the U.S. adult population, plus a nuanced analysis of personal finance knowledge across eight functional areas. The 2020 P-Fin Index survey was… 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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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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Are Americans financially resilient to weather COVID-19?
October 26, 2020Introduction: Financial wellness depends, at least in part, on such knowledge, as demonstrated by four years of findings from the TIAA Institute/GFLEC Personal Finance Index (P-Fin Index). In times that are anything but normal—times like today with the COVID-19 pandemic… Read More »
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Financial Literacy, Wellness and Resilience Among African Americans
October 26, 2020Summary: The financial situation of African Americans lags that of the U.S. population as a whole, and of whites in particular. Simple economic indicators illustrate the gap. While 66% of African Americans report that they are doing at least OK… Read More »
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Assessing the impact of financial education programs: A quantitative model
October 21, 2020Abstract: Prior studies disagree regarding the effectiveness of financial education programs, especially those offered in the workplace. To explain such measurement differences in evaluation and outcomes, we employ a stochastic life cycle model with endogenous financial knowledge accumulation and investigate… Read More »
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The financial fragility of European households in the time of COVID-19
October 05, 2020Introduction: One of the first consequences of COVID-19 lock downs has been an immediate fall in household incomes. In a March 2020 survey for the G7 countries, 31 percent of households reported that the coronavirus had already impacted their incomes.… 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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The P-Fin Index: Four Years of Data to Understand Personal Finance in America
August 26, 2020Watch the video.
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How To Solve Income Inequality
August 19, 2020Summary: The podcast talks about why income and wealth inequality is growing and why it’s a problem for the poor, middle class and wealthy, including offering solutions to address the issue.
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How Ordinary Consumers Make Complex Economic Decisions: Financial Literacy and Retirement Readiness
July 13, 2020This 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 »
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Financial Literacy and Wellness among African-Americans: New Insights from the Personal Finance (P-Fin) Index
June 17, 2020The nation’s 44 million African-Americans account for 13% of the U.S. population and have a significant impact on the economy, with $1.2 trillion in purchases annually. Yet the financial well-being of African-Americans lags that of the U.S. population as a… Read More »
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Attitudes Toward Debt and Debt Behavior
May 01, 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 well… 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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Millennials and money: The state of their financial management and how workplaces can help them
February 25, 2020Summary: Millennials (individuals age 18–37 in 2018) are the largest, most highly educated, and most diverse generation in U.S. history. Millennials are making financial decisions that will likely shape the future of the U.S. economy for the next 30 years,… Read More »
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Millennial mobile payment Users: A look into their personal finances and financial behavior
February 17, 2020Abstract The financial technology (fintech) sector is revolutionizing traditional financial practices, yet little information exists on the users of these services. In this study, we examine untapped information from the 2015 National Financial Capability Study and the 2016 GFLEC Mobile… Read More »
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Financial literacy and financial resilience: Evidence from around the world
December 11, 2019Abstract: We measure financial literacy using questions assessing basic knowledge of four fundamental concepts in financial decision making: knowledge of interest rates, interest compounding, inflation, and risk diversification. Worldwide, just one in three adults are financially literate—that is, they know… Read More »
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Financial Well-Being of the Millennial Generation: An In-Depth Analysis of Its Drivers and Implications
December 04, 2019Click here to see the working paper.
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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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Financial Literacy and Wellness among African-Americans: New Insights from the Personal Finance (P-Fin) Index
November 20, 2019Forthcoming in the Journal of Retirement The nation’s 44 million African-Americans account for 13% of the U.S. population and have a significant impact on the economy, with $1.2 trillion in purchases annually. Yet the financial well-being of African-Americans lags that… 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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Income Growth and the Distributional Effects of Urban Spatial Sorting
October 03, 2019Watch the video.
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Attitudes Toward Debt and Debt Behavior
July 09, 2019Abstract: 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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Debt Close to Retirement and Its Implications for Retirement Well-being
June 19, 2019We 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 »
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Debt Close to Retirement and Its Implications for Retirement Well-being
June 19, 2019Abstract: 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 »
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Defined Contribution Plans and the Challenge of Financial Illiteracy
June 13, 2019Abstract: 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 »
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Defined Contribution Plans and the Challenge of Financial Illiteracy
June 13, 2019Abstract: 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 »
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Millennials’ Engagement with Online Financial Education Resources and Tools: New Survey Insights and Recommendations
May 01, 2019In today’s economy, individuals—sometimes at an early age—are required to make important and complex financial decisions, many of them with long-lasting consequences. In executing these decisions, people may tap into many resources, including ones online. For those aiming to expand… Read More »
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Debt and Financial Vulnerability on the Verge of Retirement
April 27, 2019Abstract : We analyze older individuals’ debt and financial vulnerability using data from the Health and Retirement Study (HRS) and the National Financial Capability Study (NFCS). In the HRS, we compare three groups of people age 56-61 in 1992, 2004,… Read More »
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Financial Fragility Among Middle-Income Households: Evidence Beyond Asset Building
April 08, 2019Abstract: Several years after the financial crisis, financial fragility is not only pervasive in the U.S economy but also prevalent among middle-income households. This highlights the need to consider more than asset levels in order to understand household financial resilience. In… Read More »
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Financial Literacy in the United States and Its Link to Financial Wellness: The 2019 TIAA Institute-GFLEC Personal Finance Index
April 02, 2019The 2019 TIAA Institute-GFLEC Personal Finance Index (P-Fin Index) represents the third wave of a long-term project to annually assess financial literacy among the U.S. adult population. The P-Fin Index is unique in its capacity to produce a robust measure… Read More »
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Making the World a Better Place: Innovations in Financial Inclusion, Literacy, and Development
February 12, 2019Watch the video.
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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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Financial Fraud among Older Americans: Evidence and Implications
December 14, 2018Abstract: Objectives: The consequences of poor financial capability at older ages are serious and include making mistakes with credit, spending retirement assets too quickly, and being defrauded by financial predators. Because older persons are at or past the peak 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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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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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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Financial Fraud among Older Americans: Evidence and Implications
July 12, 2018Abstract: The consequences of poor financial capability at older ages are serious and include making mistakes with credit, spending retirement assets too quickly, and being defrauded by financial predators. Because older persons are at or past the peak of their… Read More »
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Director’s Cut: Making Europe financially literate
June 19, 2018Summary: Bruegel, the think tank, asks Director Lusardi about the state of financial literacy in Europe and its consequences. Annamaria Lusardi previously made a presentation at the Bruegel event, ‘The Importance of Being Financially Literate,’ on May 15, 2018. Click… Read More »
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The Changing Face of Debt and Financial Fragility at Older Ages
June 12, 2018Abstract: U.S. consumer credit and mortgage borrowing expanded rapidly prior to the 2008-9 financial crisis, allowing relatively unsophisticated consumers to decide how much they could afford to borrow. As a consequence, Americans today are more likely to enter retirement in debt… Read More »
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Should Kids Pay Back Their Parents for Raising Them?
June 12, 2018Summary: When one athlete turned pro, his mom asked him for $1 million. Our modern sensibilities tell us she doesn’t have a case. But should she?
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Everything You Always Wanted to Know About Money (But Were Afraid to Ask)
June 12, 2018Summary: The bad news: roughly 70 percent of Americans are financially illiterate. The good news: all the important stuff can fit on one index card. Here’s how to become your own financial superhero.
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Should Americans Really Be Worried About Retirement?
June 12, 2018Summary: Many Americans don't think about retirement until it looms in their immediate future. So how confident are Americans that they will have enough money when they retire? And how much are they relying on Social Security and 401(k)s? When is… Read More »
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Private Paternalism, the Commitment Puzzle, and Model-Free Equilibrium
June 07, 2018Watch the video.
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Knowledge, Fear and Beliefs: Household Demand for Socially Responsible Investments
May 31, 2018Watch the video.
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Exploring the Prevalence, Risk Factors, and Financial Consequences of Fraud: Evidence from the Health and Retirement Study
April 26, 2018Summary: The consequences of poor financial capability at older ages are serious and include making mistakes with credit, drawing down retirement assets too quickly, and being defrauded by financial predators. Because older persons are close to or past the peak of… Read More »
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Causes and Consequences of Financial Mismanagement at Older Ages
April 26, 2018Summary: The consequences of poor financial capability at older ages are potentially serious, particularly when people make mistakes with credit, draw down retirement assets too quickly, or are defrauded by financial predators. Because older persons are close to or past the… Read More »
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Financial Fragility: Evidence and Implications
April 15, 2018To read the National Endowment for Financial Education's Summer 2018 Digest, which features GFLEC's research on financial fragility as its covers story, click here. This research was supported by NEFE.
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Financial Fragility in the U.S.: Evidence and Implications
April 15, 2018Summary: The capacity to cope with unexpected expenses is a crucial component of financial wellbeing. The lack of such preparedness is like balancing on a beam—a shock or unexpected financial adversity can immediately shake one off and it is hard to… Read More »
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Financial Fragility in the U.S.: Evidence and Implications
April 15, 2018Abstract: This project examines financial fragility in the United States, which is measured as individuals’ ability to cope with unexpected expenses. Using data from the 2015 National Financial Capability Study and the 2015 Survey of Household Economics and Decisionmaking, we… Read More »
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The 2018 TIAA Institute-GFLEC Personal Finance Index: The State of Financial Literacy Among U.S. Adults
April 04, 2018Summary: 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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Financial Education, Financial Competence, and Consumer Welfare
December 05, 2017Summary: 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 »
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A Method for Evaluating the Quality of Financial Decision Making, with an Application to Financial Education
December 05, 2017Abstract: 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 »
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Financial Literacy Among U.S. Hispanics: New Insights from the Personal Finance (P-Fin) Index
October 13, 2017Summary: This report uses the inaugural wave of the TIAA Institute-GFLEC Personal Finance Index (P-Fin Index) to examine financial literacy among Hispanics. A more refined understanding of Hispanic financial literacy could accelerate initiatives to improve their financial well-being.Personal finance knowledge… Read More »
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The Gender Gap in Financial Literacy: A Global Perspective
July 11, 2017Summary: Financial literacy is a skill that is essential if one is to participate in today’s economy. Wide-ranging developments in the financial marketplace have contributed to growing concerns about the level of financial literacy of citizens of many countries. Through… 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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Debt and Financial Vulnerability on the Verge of Retirement
June 30, 2017Abstract: 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 »
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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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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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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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Financial Capability and Financial Literacy among Working Women: New Insights
March 09, 2017Summary: 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 »
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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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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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Financial Literacy – How It Affects Us All
December 21, 2016Summary: Manisha Thakor talks with Director Lusardi about financially fragile groups and how low financial literacy affects the economy.
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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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Entrepreneurship among Baby Boomers: Recent evidence from the Health and Retirement Study
November 18, 2016Summary: The evolution of entrepreneurship among Baby Boomers (i.e., those born between 1946 and 1964) is an important topic in economic research and public policy, as Boomers have proven to be prolific entrepreneurs. More generally, self-employment among older individuals is… 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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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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Older Women’s Labor Market Attachment, Retirement Planning, and Household Debt
August 31, 2016Abstract: The goal of this paper is to ascertain whether older women’s current and anticipated future labor force patterns have changed over time, and if so, to evaluate the factors associated with longer work lives and plans to continue work at… Read More »
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The Effect of Financial Education on the Quality of Decision Making
August 09, 2016Abstract: 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 »
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Financial Capability in the United States 2016
July 15, 2016Summary: Financial capability is a multi-dimensional concept that encompasses a combination of knowledge, resources, access, and habits. The NFCS is designed to understand and measure a rich, connected set of perceptions, attitudes, experiences, and behaviors across a large, diverse sample in… Read More »
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Americans’ Troubling Financial Capabilities: A Profile of Pre-Retirees
July 08, 2016Summary: 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 »
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Employee Financial Literacy and Retirement Plan Behavior: A Case Study
June 16, 2016Abstract: 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 »
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How financially literate are women? An overview and new insights
June 16, 2016Abstract: We document strikingly similar gender differences in financial literacy across countries. When asked to answer questions that measure knowledge of basic financial concepts, women are less likely than men to answer correctly and more likely to indicate that they do… Read More »
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Financial Literacy Seminar Series with Abigail Sussman: Anchors, Target Values, and Credit Card Payments
May 27, 2016Watch the Video
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Financial Literacy Seminar with Annamaria Lusardi, Financial Literacy Around the World: Insights from S&P Global FinLit Survey
April 27, 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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HOW FINANCIALLY LITERATE ARE WOMEN? AN OVERVIEW AND NEW INSIGHTS
February 19, 2016Abstract: We document strikingly similar gender differences in financial literacy across countries. When asked to answer questions that measure knowledge of basic financial concepts, women are less likely than men to answer correctly and more likely to indicate that they… Read More »
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PISA’s Key Findings with Carrie Schwab-Pomerantz, Introduction by Annamaria Lusardi
January 26, 2016Watch the video.
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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)
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FINANCIAL KNOWLEDGE AND 401(K) INVESTMENT PERFORMANCE: A CASE STUDY
December 01, 2015Abstract: 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 »
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Optimal Financial Knowledge and Wealth Inequality
December 01, 2015Abstract: We show that financial knowledge is a key determinant of wealth inequality in a stochastic lifecycle model with endogenous financial knowledge accumulation, where financial knowledge enables individuals to better allocate lifetime resources in a world of uncertainty and imperfect… Read More »
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The Effect of Financial Education on the Quality of Decision Making
November 19, 2015Watch the video.
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Financial Literacy Around the World: Insights from the Standard & Poor’s Ratings Services Global Financial Literacy Survey
November 18, 2015Watch the video.
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FINANCIAL LITERACY AROUND THE WORLD: INSIGHTS FROM THE STANDARD & POOR’S RATINGS SERVICES GLOBAL FINANCIAL LITERACY SURVEY
November 18, 2015Summary: 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 »
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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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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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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 GLOBAL FINDEX DATABASE 2014: MEASURING FINANCIAL INCLUSION AROUND THE WORLD
September 17, 2015Watch the video.
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The Global Findex Database 2014: Measuring Financial Inclusion Around the World
September 17, 2015Watch the video.
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Financial Literacy and Retirement Planning in Canada
September 09, 2015Abstract: In this paper, we draw on internationally comparable survey evidence on financial literacy and retirement planning in Canada to investigate how financially literate Canadians are and how financial literacy is linked to retirement planning. We find that 42 percent of… Read More »
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EMPLOYEE FINANCIAL LITERACY AND RETIREMENT BEHAVIOR: A CASE STUDY
August 06, 2015Abstract: 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 »
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USING A LIFE CYCLE MODEL TO EVALUATE FINANCIAL LITERACY PROGRAM EFFECTIVENESS
July 30, 2015Abstract: Prior studies disagree regarding the effectiveness of financial literacy programs, especially those offered in the workplace. To explain such measurement differences in evaluation and outcomes, we employ a stochastic life cycle model with endogenous financial knowledge accumulation to investigate how financial education programs… 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 Knowledge and 401(k) Investment Performance: A Case Study
June 22, 2015Abstract: 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 »
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FINANCIAL LITERACY AND THE COST OF IGNORANCE
June 18, 2015Listen to the podcast of Lusardi's presentation.
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Debt Literacy, Financial Experiences, and Overindebtedness
June 05, 2015Abstract: We analyze a national sample of Americans with respect to their debt literacy, financial experiences, and their judgments about the extent of their indebtedness. Debt literacy is a component of broader financial understanding that measures knowledge about debt 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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BANKRUPTCY RATES AMONG NFL PLAYERS WITH SHORT-LIVED INCOME SPIKES
May 01, 2015Abstract: 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 »
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Retirement Security
April 27, 20152015 White House Conference on Aging Watch the video of Lusardi's presentation.
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FIVE STEPS TO PLANNING SUCCESS: EXPERIMENTAL EVIDENCE FROM U.S. HOUSEHOLDS
April 27, 2015Abstract: While financial knowledge has been linked to improved financial behaviour, there is little consensus on the value of financial education, in part because rigorous evaluation of various programmes has yielded mixed results. However, given the heterogeneity of financial education programmes… Read More »
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BANKRUPTCY RATES AMONG NFL PLAYERS WITH SHORT-LIVED INCOME SPIKES
April 15, 2015Abstract: 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 »
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The Economic Crisis and Medical Care Use: Comparative Evidence from Five High-Income Countries
March 30, 2015Abstract: Objective. We examine how the economic crisis has affected individuals’ use of routine medical care and assess the extent to which the impact varies depending on national context. Methods. Data from a new cross-national survey fielded in the United States,… Read More »
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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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Financial Literacy and Economic Outcomes: Evidence and Policy Implications
March 27, 2015Abstract: This paper reviews what we have learned about financial literacy and its relationship to financial decision-making around the world. Using three simple questions, we have surveyed people in many countries to determine whether they have the fundamental knowledge of… Read More »
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HOW FINANCIALLY LITERATE ARE WOMEN? AN OVERVIEW AND NEW INSIGHTS
March 27, 2015Abstract: We document strikingly similar gender differences in financial literacy across countries. When asked to answer questions that measure knowledge of basic financial concepts, women are less likely than men to answer correctly and more likely to indicate that they do… Read More »
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RISK LITERACY
March 27, 2015Abstract: I examine financial literacy—specifically knowledge of risk—using data from surveys in the United States and other countries. I show that risk literacy is very low; the majority of individuals lack knowledge of concepts such as risk diversification and do… Read More »
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WORKING WOMEN’S FINANCIAL CAPABILITY
January 06, 2015Summary: Women today make up 47% of the workforce and contribute more to the U.S. economy than ever before. Yet compared to men, women still face steep financial challenges. Analysis by the TIAA-CREF Institute describes working women’s financial needs and capabilities… Read More »
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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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FINANCIAL KNOWLEDGE AND 401(K) INVESTMENT PERFORMANCE
December 17, 2014Abstract: 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 »
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FIVE STEPS TO PLANNING SUCCESS: EXPERIMENTAL EVIDENCE FROM U.S. HOUSEHOLDS
December 17, 2014Abstract: In this paper, we design and field a low-cost, easily-replicable financial education program called “Five Steps,” covering five basic financial planning concepts that relate to retirement. We conduct a field experiment to evaluate the overall impact of “Five Steps” on a… 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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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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Inflation Expectations and Behavior: Do Survey Respondents Act on Their Belief?
October 16, 2014Watch the video.
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Inflation Expectations and Behavior: Do Survey Respondents Act on Their Belief?
October 16, 2014Watch the video.
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FINANCIAL SOPHISTICATION IN THE OLDER POPULATION
October 01, 2014Abstract: 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 »
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FINANCIAL CAPABILITY NEAR RETIREMENT: A PROFILE OF PRE-RETIREES
October 01, 2014Summary: 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 »
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The Effectiveness of Financial Literacy Programs
September 30, 2014Proceedings of the Future of Financial Wellness Conference.
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Working Women’s Financial Capability: An Analysis across Family Status and Career Stages
August 01, 2014Summary: This study increases our understanding of the unique financial needs of working women by examining key factors associated with their personal finances and identifying issues that are critical to their financial future. The study provides an overview of working women’s… Read More »
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GEN Y PERSONAL FINANCES: A CRISIS OF CONFIDENCE AND CAPABILITY
May 01, 2014Summary: 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 »
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FINANCIAL LITERACY: DO PEOPLE KNOW THE ABCs OF FINANCE?
February 01, 2014Abstract: Increasingly, individuals are in charge of their own financial security and are confronted with ever more complex financial instruments. However, there is evidence that many individuals are not well-equipped to make sound saving decisions. This paper looks at financial literacy,… Read More »
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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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DEBT AND DEBT MANAGEMENT AMONG OLDER ADULTS
September 01, 2013Abstract: 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 »
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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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Active vs Passive Decisions and Crowd-Out in Retirement Savings Accounts
April 18, 2013Watch the video.
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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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Do Consumers Know How to Value Annuities? Complexity as a Barrier to Annuitization
March 21, 2013Watch the video.
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Retiree Out-of-Pocket Healthcare Spending: A Study of Consumer Expectations and Policy Implications
March 07, 2013Watch the video.
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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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Early Withdrawals from Retirement Accounts During the Great Recession
November 29, 2012Watch the video.
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A Complex Portrait: An Examination of Small-Dollar Credit Consumers
November 15, 2012Watch the video.
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Harry Smorenberg introduces Annamaria Lusardi at the Global Financial Literacy Summit
November 14, 2012Watch the video.
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A Complex Portrait: An Examination of Small-Dollar Credit Consumers
November 01, 2012Watch the video.
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Annamaria Lusardi on Financial Literacy
October 21, 2012Summary: Dr. Annamaria Lusardi is all about encouraging young and not so young people to become financially literate and take the hope out of retirement planning and turn it into that certainty you deserve.
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Social Security and Retirement Decisions: The Impact of Knowledge and Framing
October 04, 2012Watch the video.
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HOW EMPLOYERS CAN HELP NEW HIRES SAVE FOR RETIREMENT: BEST PRACTICES THAT BUILD LONG-TERM FINANCIAL SECURITY
September 01, 2012Summary: 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 »
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Evaluating Workforce Financial Education and Encouraging New Hires to Save for Retirement
June 21, 2012Watch the video.
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Internet Panel Survey Data on Financial Capability and Behavior: RAND American Life Panel
June 20, 2012Watch the video.
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Financial Literacy and Retirement Planning in the United States
October 11, 2011Abstract: 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 »
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Financial literacy and retirement planning in the United States
October 11, 2011Abstract: 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 »
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Financial literacy and stock market participation
August 01, 2011Abstract: We have devised two special modules for De Nederlandsche Bank (DNB) Household Survey to measure financial literacy and study its relationship to stock market participation. We find that the majority of respondents display basic financial knowledge and have some… Read More »
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Financially Fragile Households: Evidence and Implications
April 01, 2011Abstract: We examine households’ financial fragility by looking at their capacity to come up with $2,000 in 30 days. Using data from the 2009 TNS Global Economic Crisis Study, we document that approximately one-quarter of U.S. respondents are certain they… Read More »