Introduction: In a recent study by the Stanford Center on Longevity and the Global Financial Literacy Excellence Center (GFLEC) at the George Washington University, researchers showed that financial wellbeing could be assessed by three categories of questions: (1) how people manage debt and cash flow, (2) how they build wealth, and (3) their understanding of financial risks.
Financial Education at School and at Work: Policy with a Big Payoff
Introduction: Financial resilience has many definitions. More than anything, it is the ability to manage unexpected life events that threaten personal finances. Across the United States, the COVID-19 pandemic is testing the financial resilience of households. It has dramatically revealed the fragile construct upon which a large share of the population has built its financial future. Too many people lacked emergency funds even before the pandemic started. They struggled with excessive debt and lived paycheck to paycheck. Their financial vulnerability became obvious when business shutdowns or sickness cut off those income streams.