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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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Financial Literacy Among Graduate Students: A Case Study from the Indiana University System
April 24, 2014Watch the video.
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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 »
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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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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 »