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Income Growth and the Distributional Effects of Urban Spatial Sorting
October 03, 2019Watch the video.
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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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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 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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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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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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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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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 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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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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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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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.