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  • 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 »

  • 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 The classic defined-benefit (DB) plan has largely been replaced by the defined-contribution (DC) plan.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 »

  • Financial Literacy in the U.S.: Students

    • FACT SHEETS
    November 16, 2018

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

    • POLICY BRIEFS
    April 15, 2018

    Summary: 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 »

  • 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 »

  • Financial Literacy Among U.S. Hispanics: New Insights from the Personal Finance (P-Fin) Index

    • REPORTS
    October 13, 2017

    Summary: 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 »

  • The Evolution of Consumer Debt Following the Great Recession: An analysis of data from the 2015 NFCS

    • FACT SHEETS
    August 11, 2016

    Learn more about the 2015 National Financial Capability Study, a project of the FINRA Investor Education Foundation, by clicking here.

  • Financial Capability in the United States 2016

    • REPORTS
    July 15, 2016

    Summary: 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 »

  • Americans’ Troubling Financial Capabilities: A Profile of Pre-Retirees

    • REPORTS
    July 08, 2016

    Summary: 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 »

  • 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 LITERACY AND QUANTITATIVE REASONING IN THE HIGH SCHOOL AND COLLEGE CLASSROOM

    • PUBLICATIONS
    December 17, 2014

    Abstract:  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 »

  • FINANCIAL SOPHISTICATION IN THE OLDER POPULATION

    • PUBLICATIONS
    October 01, 2014

    Abstract:  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 »

  • FINANCIAL CAPABILITY NEAR RETIREMENT: A PROFILE OF PRE-RETIREES

    • REPORTS
    October 01, 2014

    Summary: 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 »

  • GEN Y PERSONAL FINANCES: A CRISIS OF CONFIDENCE AND CAPABILITY

    • REPORTS
    May 01, 2014

    Summary:  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 »

  • 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 »

  • COLLEGE-EDUCATED MILLENNIALS: AN OVERVIEW OF THEIR PERSONAL FINANCES

    • REPORTS
    February 01, 2014

    Summary:  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 »

  • DEBT AND DEBT MANAGEMENT AMONG OLDER ADULTS

    • WORKING PAPERS
    September 01, 2013

    Abstract:  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 »

  • 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 »

  • 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.

  • Financial Capability Discussion

    • VIDEO
    June 21, 2012

    Watch the video.


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