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Millennials’ and Gen Z’s Money Management During COVID-19: Challenges and Opportunities
November 01, 2021Abstract: The economic consequences of the COVID-19 pandemic have not been felt equally among individuals, with millennials and Gen Z among those hit hardest. We examine responses to a novel survey conducted in May 2021 to understand how the pandemic… Read More »
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Millennials and money: Financial preparedness and money management practices before COVID-19
August 11, 2020Abstract: Millennials (individuals age 18–37 in 2018) are the largest, most highly educated, and most diverse generation in U.S. history, and they are already playing a pivotal role in society by making up the largest share of the work force. Consequently,… 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 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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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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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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How Mobile Payments Drain Our Financial Literacy
June 12, 2018Summary: Does the convenience of mobile payments diminish consumers' financial literacy? George Washington University School of Business's Annamaria Lusardi discusses how a significant level of financial awareness is removed when making payments via devices.
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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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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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HELPING GEN Y ACHIEVE LONG-TERM FINANCIAL SECURITY
February 01, 2014Summary: 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 »
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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 »