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  • Assessing Financial Literacy Among the Young

    • PRESENTATIONS
    March 19, 2025

  • Financial literacy and financial education: An overview

    • WORKING PAPERS
    April 16, 2024

    Abstract: 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 »

  • Evaluating the Effects of a Low-Cost, Online Financial Education Program

    • WORKING PAPERS
    March 12, 2024

    Abstract: This paper provides evidence on how a low-cost, online, and scalable financial education program influences older participants’ financial knowledge. We tested the program using a field experiment that included short stories covering three fundamental financial education topics: compound interest,… Read More »

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

    • REPORTS
    September 01, 2022

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

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

    • REPORTS
    July 01, 2022

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

  • Challenges for Financial Inclusion: The Role for Financial Education and New Directions

    • VIDEO
    May 11, 2021

    Watch the video.

  • Fearless Woman: Financial Literacy and Stock Market Participation

    • WORKING PAPERS
    March 07, 2021

    Abstract: 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 »

  • Evaluating Deliberative Competence: A Simple Method with an Application to Financial Choice

    • WORKING PAPERS
    March 04, 2021

    We 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 »

  • Testing the Use of the Mint App in an Interactive Personal Finance Module (Summary Report)

    • REPORTS
    February 09, 2021

    Summary: If today’s youth are to be full participants in society, they must be financially literate. To advance understanding of effective financial education methods, the Global Financial Literacy Excellence Center (GFLEC) conducted an experiment using Mint, a financial improvement tool… Read More »

  • Testing the Use of the Mint App in an Interactive Personal Finance Module

    • REPORTS
    February 09, 2021

    Summary: If today’s youth are to be full participants in society, they must be financially literate. To advance understanding of effective financial education methods, the Global Financial Literacy Excellence Center (GFLEC) conducted an experiment using Mint, a financial improvement tool… Read More »

  • Stereotypes in Financial Literacy: Evidence from PISA

    • PUBLICATIONS
    December 16, 2020

    Abstract: 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 »

  • The Importance of Financial Literacy: Evidence and Recommendations

    • PRESENTATIONS
    December 01, 2020

    Watch the presentation.

  • Financial Literacy and Wellness Among U.S. Women: Insights on Underrepresented Minority Women

    • REPORTS
    November 17, 2020

    Summary: 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 »

  • The Financial Fragility of European Households During COVID-19 and The Role of Financial Education and Literacy

    • PRESENTATIONS
    November 02, 2020

  • The Stability and Predictive Power of Financial Literacy: Evidence From Longitudinal Data

    • POLICY BRIEFS
    October 29, 2020

    Summary: 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 »

  • Financial Literacy, Wellness and Resilience Among African Americans

    • REPORTS
    October 26, 2020

    Summary: 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 »

  • Assessing the impact of financial education programs: A quantitative model

    • PUBLICATIONS
    October 21, 2020

    Abstract: 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 »

  • How To Solve Income Inequality

    • PODCASTS
    August 19, 2020

    Summary: 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.

  • Financial Capability Assessment for Church Pension Group Members

    • PRESENTATIONS
    May 15, 2020

    Watch the webinar.

  • Financial Education Affects Financial Knowledge and Downstream Behaviors

    • WORKING PAPERS
    April 25, 2020

    Abstract: 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 »

  • The 2020 TIAA Institute-GFLEC Personal Finance Index: Many Do Not Know What They Do and Do Not Know

    • REPORTS
    April 07, 2020

    Summary: 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 »

  • Building Financial Resilience

    • PRESENTATIONS
    March 31, 2020

    Watch the video.

  • Financial Education Works

    • PODCASTS
    February 19, 2020

    Summary: This podcast talks about the state of financial literacy in the United States, income inequality across communities, and the impact of financial education.

  • Methodological Challenges and Advances in Evaluating Financial Literacy Interventions

    • VIDEO
    January 03, 2020

    Watch the video.

  • Financial Well-Being of the Millennial Generation: An In-Depth Analysis of its Drivers and Implications

    • WORKING PAPERS
    December 03, 2019

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

  • The Impact of School-Based Financial Education on High School Students and their Teachers: Experimental Evidence from Peru

    • VIDEO
    October 14, 2019

    Watch the video

  • New Evidence on the Financial Knowledge and Characteristics of Investors

    • REPORTS
    October 09, 2019

    Abstract: Increased individual responsibility for retirement saving and investing, together with the growing complexity of financial products, require that investors have financial knowledge and awareness. This report provides evidence of substantial differences across investor types. Workplace-only investors, whose exposure to… Read More »

  • Income Growth and the Distributional Effects of Urban Spatial Sorting

    • VIDEO
    October 03, 2019

    Watch the video.

  • Pooling (Data) Assets to Learn about Debts and Debt Collection

    • VIDEO
    July 29, 2019

    Watch the video.

  • Complexity, Financial Decision Making, and Consequence Messaging

    • VIDEO
    July 29, 2019

    Watch the video.

  • Defined Contribution Plans and the Challenge of Financial Illiteracy

    • PUBLICATIONS
    June 13, 2019

    Abstract: Retirement investing in the United States has changed dramatically. The classic defined-benefit (DB) plan has largely been replaced by the defined-contribution (DC) plan. With the latter, individual employees’ decisions about how much to save for retirement and how to… Read More »

  • Defined Contribution Plans and the Challenge of Financial Illiteracy

    • WORKING PAPERS
    June 13, 2019

    Abstract: Retirement investing in the United States has changed dramatically. The classic defined-benefit (DB) plan has largely been replaced by the defined-contribution (DC) plan. With the latter, individual employees’ decisions about how much to save for retirement and how to… Read More »

  • Raising Awareness of the Importance of Personal Finance in School: New Insights

    • REPORTS
    May 13, 2019

    We investigate teachers’ awareness of the importance of financial education, along with their motivation and confidence in teaching personal finance. We aim to identify strategies to advance school based financial education and further support educators. We survey a sample of… Read More »

  • Financial Literacy in the United States and Its Link to Financial Wellness: The 2019 TIAA Institute-GFLEC Personal Finance Index

    • REPORTS
    April 02, 2019

    The 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 »

  • Financial Literacy and the Need for Financial Education: Evidence and Implications

    • PUBLICATIONS
    December 19, 2018

    Introduction 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 »

  • Financial Fraud among Older Americans: Evidence and Implications

    • PUBLICATIONS
    December 14, 2018

    Abstract: 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 »

  • Financial Literacy in the U.S.: Students

    • FACT SHEETS
    November 16, 2018

  • Financial Literacy in the U.S.: Students and Parents

    • FACT SHEETS
    November 16, 2018

  • Millennial Financial Literacy and Fin-tech Use

    • PRESENTATIONS
    November 08, 2018

    Watch a video recording of Director Lusardi's keynote address here.

  • Millennial Financial Literacy and Fin-tech Use: Who Knows What in the Digital Era

    • REPORTS
    September 12, 2018

    Summary: Using an oversample of Gen Y in the 2018 wave of the TIAA Institute-GFLEC Personal Finance Index (P-Fin Index), this report examines the financial literacy of millennials and how they engage with fin-tech, i.e., use smartphones for financial purposes.

  • Financial Literacy in Italy: Teacher and School Influence

    • FACT SHEETS
    August 03, 2018

  • Financial Literacy in Italy: Student Characteristics

    • FACT SHEETS
    August 03, 2018

  • Financial Literacy in Italy: Parent Influence

    • FACT SHEETS
    August 03, 2018

  • An Analysis of Financial Literacy Among Italian Students

    • REPORTS
    August 03, 2018

    Summary: 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 »

  • What Do Hand-Washing and Financial Illiteracy Have in Common?

    • PODCASTS
    July 17, 2018

    Summary: This podcast explores the idea that most problems are solved by more education — except when they’re not. Director Lusardi explains that financial education is the path forward to a more financially literate world.

  • Director’s Cut: Making Europe financially literate

    • PODCASTS
    June 19, 2018

    Summary: 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 »

  • Financial Literacy and Financial Fragility among Millennials

    • PRESENTATIONS
    May 14, 2018

  • Financial Fragility in the U.S.: Evidence and Implications

    • WORKING PAPERS
    April 15, 2018

    Abstract: 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 »

  • The 2018 TIAA Institute-GFLEC Personal Finance Index: The State of Financial Literacy Among U.S. Adults

    • REPORTS
    April 04, 2018

    Summary: 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 »

  • Empowering Youth

    • FACT SHEETS
    February 12, 2018

  • 2018 Survey of the States Panel Discussion

    • PRESENTATIONS
    February 08, 2018

  • A New Personal Finance Index: Evidence and Implications

    • PRESENTATIONS
    December 14, 2017

  • Findings in Financial Literacy

    • PRESENTATIONS
    December 07, 2017

    You may watch a video of the presentation here.

  • Financial Education, Financial Competence, and Consumer Welfare

    • REPORTS
    December 05, 2017

    Summary: Employers routinely attempt to address deficiencies in financial decision making among their employees by deploying educational interventions that are brief and laden with motivational rhetoric. The object of the rhetorical elements is to compensate for brevity by making the material… Read More »

  • Financial Literacy and Financial Education Can Change Lives

    • PRESENTATIONS
    November 17, 2017

  • Does Financial Education Impact Financial Literacy and Financial Behavior?

    • PRESENTATIONS
    November 07, 2017

  • Three Central Investment Mistakes (And How to Mitigate their Prevalence)

    • VIDEO
    June 30, 2017

    Watch the video.

  • The Knowledge Gap in Workplace Retirement Investing and the Role of Professional Advisors

    • VIDEO
    June 30, 2017

    Watch the video.

  • Programme for International Student Assessment (PISA) Financial Literacy

    • DATA
    May 31, 2017

    Financial literacy data from the 2022, 2018, 2015 and 2012 Programme for International Student Assessment (PISA) are available for download. The financial literacy assessment administered through the Organisation for Economic Co-operation and Development (OECD) measures 15-year-olds' financial knowledge and experience… Read More »

  • Millennials and Financial Literacy: A Global Perspective

    • REPORTS
    May 11, 2017

    Summary: 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 »

  • Millennials and Financial Literacy: A Global Perspective

    • POLICY BRIEFS
    May 11, 2017

    Summary: 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 »

  • Financial Literacy: A Vision for the Future

    • PRESENTATIONS
    May 08, 2017

  • The TIAA Institute-GFLEC Personal Finance Index: A New Measure of Financial Literacy

    • REPORTS
    March 22, 2017

    Summary: The TIAA Institute-GFLEC Personal Finance Index (P-Fin Index) measures knowledge and understanding which enable sound financial decision-making and effective management of personal finances. It is unique in its capacity to examine financial literacy across eight areas of personal finance in… Read More »

  • Remarks of Annamaria Lusardi to the SEC Investor Advisory Committee

    • POLICY BRIEFS
    March 13, 2017

    Click here to view Director Lusardi's presentation from the SEC IAC meeting. View the agenda of the meeting by clicking here.  Watch the meeting webcast by clicking here (Director Lusardi begins speaking at 48:09).       

  • An Investigation on Health Impact of Self-Employment

    • VIDEO
    January 24, 2017

    Watch the video.

  • Self-Employment Transitions among Older Americans

    • VIDEO
    January 24, 2017

    Watch the video.

  • Self-employment for Underserved Older Adults

    • VIDEO
    January 24, 2017

    Watch the video.

  • Government Supported Entrepreneurship Programs

    • VIDEO
    January 24, 2017

    Watch the video.

  • Americans’ Financial Capability

    • PRESENTATIONS
    December 08, 2016

  • Financial Literacy: Interview with Dr. Annamaria Lusardi

    • PODCASTS
    October 05, 2016

    Summary: David Allen interviews Director Lusardi to discuss why financial literacy is such an important subject.

  • The Effect of Financial Education on the Quality of Decision Making

    • WORKING PAPERS
    August 09, 2016

    Abstract: We introduce a method for measuring the quality of financial decision making built around a notion of financial competence, which gauges the alignment between individuals' choices and those they would make if they properly understood their opportunities. We use it to document the… Read More »

  • The Display of Information and Household Investment Behavior

    • VIDEO
    June 14, 2016

    Watch the Video

  • Anchors, Target Values, and Credit Card Payments

    • VIDEO
    May 27, 2016

    Watch Now

  • Financial Literacy Seminar Series with Abigail Sussman: Anchors, Target Values, and Credit Card Payments

    • VIDEO
    May 27, 2016

    Watch the Video

  • Financial Literacy Seminar with Annamaria Lusardi, Financial Literacy Around the World: Insights from S&P Global FinLit Survey

    • VIDEO
    April 27, 2016

    Watch the video.

  • Household Financial Fragility: Evidence and Implications

    • PRESENTATIONS
    April 22, 2016

    Netherlands - OECD Global Symposium on Financial Resilience throughout Life

  • Financial Literacy, Illuminated

    • VIDEO
    March 18, 2016

    Watch the video.

  • Q&A for Investor Education: Regulators’ Perspectives

    • VIDEO
    January 22, 2016

    Watch the video.

  • Investor Education: Regulators’ Perspectives

    • VIDEO
    January 22, 2016

    Watch the video.

  • Pension Reforms and Financial Literacy

    • VIDEO
    January 22, 2016

    Watch the video.

  • Q&A for Empowering the Youth

    • VIDEO
    January 22, 2016

    Watch the video.

  • Empowering the Youth

    • VIDEO
    January 22, 2016

    Watch the video.

  • Empowering the Youth

    • VIDEO
    January 22, 2016

    Watch the video.

  • Financial Education in Schools: Lessons from Germany

    • VIDEO
    January 22, 2016

    Watch the video.

  • Q&A Billy Hensley on Stepping up the Effort: Educating Teachers

    • VIDEO
    January 22, 2016

    Watch the video.

  • Stepping Up the Effort: Educating Teachers

    • VIDEO
    January 22, 2016

    Watch the video.

  • Financial Education in Schools: Lessons from Australia

    • VIDEO
    January 22, 2016

    Watch the video.

  • Investor Education: Regulators’ Perspectives

    • VIDEO
    January 22, 2016

    Watch the video.

  • Pensions and the Importance of Financial Literacy Education for Women

    • VIDEO
    January 22, 2016

    Watch the video.

  • Using a Life Cycle Model to Evaluate Financial Literacy Program Effectiveness

    • PRESENTATIONS
    January 15, 2016

  • Financial Literacy: A Global Perspective

    • PRESENTATIONS
    December 09, 2015

  • The Importance of Financial Literacy and the Effectiveness of Financial Education

    • PRESENTATIONS
    December 08, 2015

    Financial Education and Investor Behavior Conference

  • Financial Literacy: A Global Perspective

    • PRESENTATIONS
    December 07, 2015

    International Seminar: Financial Education in Brazil and in the World (in Portuguese)

  • Optimal Financial Knowledge and Wealth Inequality

    • PUBLICATIONS
    December 01, 2015

    Abstract: 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 »

  • The Effect of Financial Education on the Quality of Decision Making

    • VIDEO
    November 19, 2015

    Watch the video.

  • A GLOBAL PERSPECTIVE ON FINANCIAL LITERACY

    • PRESENTATIONS
    November 18, 2015

  • FINANCIAL LITERACY AROUND THE WORLD: INSIGHTS FROM THE STANDARD & POOR’S RATINGS SERVICES GLOBAL FINANCIAL LITERACY SURVEY

    • REPORTS
    November 18, 2015

    Summary: Given the many ways financial literacy affects financial behavior (Lusardi and Mitchell, 2014), it is important to understand the extent of people’s understanding of basic financial concepts as well as the degree to which financial skills fall short among groups like women and… Read More »

  • Cognitive Constraints on Valuing Annuities

    • VIDEO
    November 05, 2015

    Watch the video

  • Financial Literacy Skills for the 21st Century: Evidence from PISA

    • PUBLICATIONS
    October 24, 2015

    Foreward: 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 »

  • Visual Tools and Narratives: New Ways to Improve Financial Literacy

    • PUBLICATIONS
    October 19, 2015

    Abstract: 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 »

  • Credit Scores and Committed Relationships

    • VIDEO
    October 15, 2015

    Watch the video.

  • LOOKING FORWARD – RESEARCHER VIEWS

    • PRESENTATIONS
    October 01, 2015

  • INTERNATIONAL DIVERSIFICATION & 296 401(K) PLANS

    • VIDEO
    October 01, 2015

    Watch the video.

  • International Diversification & 296 401(k) Plans

    • VIDEO
    October 01, 2015

    Watch the video.

  • Financial Literacy Skills for the 21st Century: Evidence from PISA

    • WORKING PAPERS
    September 22, 2015

    Foreward: 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 »

  • THE GLOBAL FINDEX DATABASE 2014: MEASURING FINANCIAL INCLUSION AROUND THE WORLD

    • VIDEO
    September 17, 2015

    Watch the video. 

  • The Global Findex Database 2014: Measuring Financial Inclusion Around the World

    • VIDEO
    September 17, 2015

    Watch the video.

  • USING A LIFE CYCLE MODEL TO EVALUATE FINANCIAL LITERACY PROGRAM EFFECTIVENESS

    • WORKING PAPERS
    July 30, 2015

    Abstract: 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 »

  • Interview from 8th ANBIMA Investment Funds Congress

    • VIDEO
    July 24, 2015

    Watch Lusardi's interview

  • Teaching Students Financial Literacy: Why is it Necessary?

    • PRESENTATIONS
    July 14, 2015

  • FINANCIAL LITERACY AND THE COST OF IGNORANCE

    • PRESENTATIONS
    June 18, 2015

    Listen to the podcast of Lusardi's presentation.

  • Financial Literacy and Economic Outcomes: Evidence and Policy Implications

    • PUBLICATIONS
    June 05, 2015

    Abstract: This paper reviews what we have learned over the past decade about financial literacy and its relationship to financial decision-making around the world. Using three questions, we have surveyed people in several countries to determine whether they have the fundamental… Read More »

  • Testimony of Annamaria Lusardi Before the ERISA Advisory Council

    • POLICY BRIEFS
    May 28, 2015

    Summary: The transfer of risk from defined benefit plan sponsors to plan participants when offering lump sum distributions of pensions was the topic of Annamaria Lusardi’s testimony. In her testimony, she discussed the information that participants need to make informed decisions… Read More »

  • High School Students and Financial Literacy: Evidence from PISA

    • PRESENTATIONS
    May 22, 2015

    Click here to read the lecture as published in the Journal of Consumer Affairs.

  • PISA Financial Literacy Assessment

    • VIDEO
    May 18, 2015

    Watch the video.

  • Hispanic Personal Finances: Financial Literacy and Decisionmaking Among College-Educated Hispanics

    • POLICY BRIEFS
    May 18, 2015

    Summary: This report examines the personal finances—assets, liabilities, planning behaviors, financial vulnerability and financial literacy—of college-educated Hispanics, i.e., those with high school degrees who report at least “some college” as their highest level of educational attainment. Many college-educated Hispanics are, in… Read More »

  • Hispanic Personal Finances: Financial Literacy and Decisionmaking Among College-Educated Hispanics

    • REPORTS
    May 18, 2015

    Summary: This report examines the personal finances—assets, liabilities, planning behaviors, financial vulnerability and financial literacy—of college-educated Hispanics, i.e., those with high school degrees who report at least “some college” as their highest level of educational attainment. Many college-educated Hispanics are, in… Read More »

  • The Economic Importance of Financial Literacy

    • PRESENTATIONS
    May 15, 2015

  • Effectiveness of Financial Education in High Schools

    • VIDEO
    May 14, 2015

    Watch the video.

  • Retirement Security

    • PRESENTATIONS
    April 27, 2015

    2015 White House Conference on Aging Watch the video of Lusardi's presentation.

  • FIVE STEPS TO PLANNING SUCCESS: EXPERIMENTAL EVIDENCE FROM U.S. HOUSEHOLDS

    • PUBLICATIONS
    April 27, 2015

    Abstract: 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 »

  • Do NFL Players with Short-Lived Income Spikes Smooth Consumption?

    • PRESENTATIONS
    April 23, 2015

  • The Economic Importance of Financial Literacy

    • PRESENTATIONS
    March 30, 2015

    Watch Prof. Lusardi's presentation

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

    • PRESENTATIONS
    March 30, 2015

  • Financial Literacy and Economic Outcomes: Evidence and Policy Implications

    • PRESENTATIONS
    March 27, 2015

    Watch Prof. Lusardi's presentation European Money Week

  • Financial Literacy and Economic Outcomes: Evidence and Policy Implications

    • WORKING PAPERS
    March 27, 2015

    Abstract: 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 »

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

    • PRESENTATIONS
    January 06, 2015

  • FINANCIAL LITERACY AND HIGH-COST BORROWING IN THE UNITED STATES

    • WORKING PAPERS
    December 31, 2014

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

  • FINANCIAL KNOWLEDGE AND 401(K) INVESTMENT PERFORMANCE

    • WORKING PAPERS
    December 17, 2014

    Abstract: Using a unique new data set linking administrative data on investment performance and financial knowledge, we examine whether investors who are more financially knowledgeable earn more on their retirement plan investments, compared to their less sophisticated counterparts. We find that… Read More »

  • FIVE STEPS TO PLANNING SUCCESS: EXPERIMENTAL EVIDENCE FROM U.S. HOUSEHOLDS

    • WORKING PAPERS
    December 17, 2014

    Abstract: 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 »

  • VISUAL TOOLS AND NARRATIVES: NEW WAYS TO IMPROVE FINANCIAL LITERACY

    • WORKING PAPERS
    December 17, 2014

    Abstract: 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 »

  • OPTIMAL FINANCIAL KNOWLEDGE AND WEALTH INEQUALITY

    • WORKING PAPERS
    December 17, 2014

    Abstract: Using a stochastic life cycle model with endogenous financial knowledge accumulation, we show that financial knowledge is a key determinant of wealth inequality. The mechanism we posit is that financial knowledge enables individuals to better allocate resources over their lifetimes… Read More »

  • FINANCIAL EDUCATION, FINANCIAL COMPETENCE, AND CONSUMER WELFARE

    • WORKING PAPERS
    December 17, 2014

    Abstract: We introduce the concept of financial competence, a measure of the extent to which individuals’ financial choices align with those they would make if they properly understood their opportunity sets. Unlike existing measures of the quality of financial decision making,… Read More »

  • TOWARDS A MORE INCLUSIVE SOCIETY

    • PRESENTATIONS
    November 01, 2014

  • APEC Guidebook on Financial and Economic Literacy in Basic Education

    • REPORTS
    November 01, 2014

    Summary: 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 »

  • FINANCIAL CAPABILITY AMONG YOUNG ADULTS

    • PRESENTATIONS
    October 03, 2014

  • Working Women’s Financial Capability: An Analysis across Family Status and Career Stages

    • REPORTS
    August 01, 2014

    Summary: 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 »

  • HELPING GEN Y ACHIEVE LONG-TERM FINANCIAL SECURITY

    • POLICY BRIEFS
    February 01, 2014

    Summary: They are young, tech savvy, and confident; diverse, connected, and idealistic. And, they face a host of financial challenges. We’re talking, of course, about Gen Y, represented by the 2,124 college-educated respondents age 23 to 35 who took part in… Read More »

  • PROCEEDINGS OF THE OECD/INFE/GFLEC GLOBAL POLICY RESEARCH SYMPOSIUM TO ADVANCE FINANCIAL LITERACY

    • REPORTS
    October 31, 2013

    Summary: This document collects the contributions of the four main speakers of the OECD/INFE/GFLEC Global Policy Research Symposium to Advance Financial Literacy, held in Paris on 31 October 2013. The conference was co-organised with the Global Financial Literacy Excellence Center… Read More »

  • THE FINANCIAL FRAGILITY OF AMERICAN FAMILIES

    • POLICY BRIEFS
    September 01, 2013

    Summary:  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 »

  • How Borrowers Choose and Repay Payday Loans

    • VIDEO
    May 16, 2013

    Watch the video.

  • How Borrowers Choose and Repay Payday Loans

    • VIDEO
    May 16, 2013

    Watch the video.

  • TESTIMONY OF ANNAMARIA LUSARDI BEFORE THE U.S. SENATE

    • POLICY BRIEFS
    April 24, 2013

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

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

    • VIDEO
    April 18, 2013

    Watch the video.

  • Predictable Surprise: The Unraveling of the U.S. Retirement System

    • VIDEO
    April 04, 2013

    Watch the video.

  • FINANCIAL LITERACY AROUND THE WORLD (FLAT WORLD)

    • POLICY BRIEFS
    April 01, 2013

    Summary:  Across the world, people are being asked to assume more responsibility for their financial well-being. Because of changes in the pension landscape, notably a shift from defined benefit to defined contribution type pensions, individuals must determine not only how much… Read More »

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

    • VIDEO
    March 21, 2013

    Watch the video.

  • Retiree Out-of-Pocket Healthcare Spending: A Study of Consumer Expectations and Policy Implications

    • VIDEO
    March 07, 2013

    Watch the video.

  • Financial Education for Adults

    • VIDEO
    December 13, 2012

    Watch the video.

  • Experimental Evidence of the Efficacy of Financial Education for Adults: A Cross Experiment Comparison

    • VIDEO
    December 13, 2012

    Watch the video.

  • Early Withdrawals from Retirement Accounts

    • VIDEO
    November 29, 2012

    Watch the video.

  • Early Withdrawals from Retirement Accounts During the Great Recession

    • VIDEO
    November 29, 2012

    Watch the video.

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

    • VIDEO
    November 15, 2012

    Watch the video.

  • Financial Education and Saving for Retirement

    • VIDEO
    November 14, 2012

    Watch the video.

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

    • VIDEO
    November 14, 2012

    Watch the video. 

  • The Saving Museum

    • VIDEO
    November 14, 2012

    Watch the video.

  • The Role of the Private Sector in Financial Education: A View from the Teller’s Desk

    • VIDEO
    November 14, 2012

    Watch the video.

  • Technology and Entertainment: A New Approach to Financial Education

    • VIDEO
    November 14, 2012

    Watch the video. 

  • Sue Lewis introduces Flore-Anne Messy at the Global Financial Literacy Summit 2012

    • VIDEO
    November 14, 2012

    Watch the video.

  • Sue Lewis introduces Dusan Hradil at the Global Financial Literacy Summit 2012

    • VIDEO
    November 14, 2012

    Watch the video.

  • Relevance of Financial Literacy in the New Financial Landscape

    • VIDEO
    November 14, 2012

    Watch the video.

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

    • VIDEO
    November 14, 2012

    Watch the video.

  • Marco Trombetta introduces Session 5 and its speakers at the Global Financial Literacy Summit 2012

    • VIDEO
    November 14, 2012

    Watch the video.

  • Key Challenges & Opportunities: Regional Reports

    • VIDEO
    November 14, 2012

    Watch the video.

  • Heleen Buijs introduces Keynote Speaker Andrea Beltratti Global Financial Literacy Summit 2012

    • VIDEO
    November 14, 2012

    Watch the video.

  • Financial Education in Action: New Initiatives

    • VIDEO
    November 14, 2012

    Watch the video. 

  • Financial Education and Saving for Retirement

    • VIDEO
    November 14, 2012

    Watch the video.

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

    • VIDEO
    November 01, 2012

    Watch the video.

  • How America Pays for College 2012

    • VIDEO
    November 01, 2012

    Watch the video.

  • How America Pays for College 2012

    • VIDEO
    November 01, 2012

    Watch the video.

  • Annamaria Lusardi on Financial Literacy

    • PODCASTS
    October 21, 2012

    Summary: 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.

  • Financial Literacy Among Investors

    • VIDEO
    October 18, 2012

    Watch the video.

  • Social Security and Retirement Decisions: The Impact of Knowledge and Framing

    • VIDEO
    October 04, 2012

    Watch the video.

  • The Impact of Knowledge and Framing

    • VIDEO
    October 04, 2012

    Watch the video.

  • The Impact of Knowledge and Framing

    • VIDEO
    October 04, 2012

    Watch the video.

  • Beyond Our Means: Why America Spends While the World Saves

    • VIDEO
    September 20, 2012

    Watch the video.

  • Beyond Our Means: Why America Spends While the World Saves

    • VIDEO
    September 20, 2012

    Watch the video.

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

    • POLICY BRIEFS
    September 01, 2012

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

  • Financial Literacy for Vulnerable Groups

    • VIDEO
    June 21, 2012

    Watch the video.

  • Building Financial Literacy: For K-8 Pre-Service Teachers and Adult Learners

    • VIDEO
    June 21, 2012

    Watch the video.

  • Panel Discussion: Directions for Further Research on Financial Literacy

    • VIDEO
    June 21, 2012

    Watch the video.

  • How Financial Advisors Influence Social Security Claiming

    • VIDEO
    June 21, 2012

    Watch the video.

  • What are the Real-World Framing Influences on Retirement Claiming Behavior?

    • VIDEO
    June 21, 2012

    Watch the video.

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

    • VIDEO
    June 20, 2012

    Watch the video.

  • Social Networks and The Decision To Insure

    • VIDEO
    May 02, 2012

    Watch the video.

  • Social Networks and The Decision To Insure

    • VIDEO
    May 02, 2012

    Watch the video.

  • Financially Fragile Households: Evidence and Implications

    • PUBLICATIONS
    April 01, 2011

    Abstract: 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 »


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