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GFLEC would like to recognize and thank its supporters. They make the work of the Center possible.
The Institute for Consumer Money Management has awarded a $2 million grant to GFLEC and its partners on this project, Dr. Robert Clark of North Carolina State University and Dr. Olivia S. Mitchell of the Wharton School. As part of an effort to create a sustainable financial future for consumers, we are studying the financial health of Low and Moderate Income (LMI) Americans who are near or in retirement. The project will combine the best existing data with new data designed to focus on the LMI population broadly and the African-American segment in particular. The research will probe the effectiveness of financial knowledge in translating savings into retirement well-being.
GFLEC and TIAA Institute have a long-standing collaboration to conduct research and identify solutions that promote financial well-being. Since 2017, we have worked together on the annual TIAA Institute-GFLEC Personal Finance Index (P-Fin Index). TIAA Institute support of GFLEC’s research has also included the following topics – Millennials and money (to be released soon), working women, women and retirement, debt at older ages, causes and consequences of financial mismanagement at older ages, and the development of a method for evaluating the quality of financial decision-making. GFLEC and TIAA Institute also co-hosted a roundtable discussion on workplace financial wellness on November 15, 2019.
PwC US funded our project aimed at ensuring high school students are financially literate. Fast Lane, a free online toolkit, aims to close the financial literacy knowledge gap by helping members of a school community overcome the barriers to adding financial education courses to their school’s curricula. Previously, PwC funded research on Millennials and high school students. They also sponsored the U.S. release of the 2012 PISA financial literacy data that we hosted in collaboration with the Department of the Treasury, Department of Education, and the Consumer Financial Protection Bureau.
Over the last few years, The George Washington University’s Global Financial Literacy Excellence Center has been a critical partner on the FINRA Foundation’s National Financial Capability Study. We frequently turn to Professor Lusardi for her insights on financial literacy and genuinely appreciate the work the Center has done to advance this field.
The work of Annamaria Lusardi and her team at GFLEC brings an important global perspective to vital research and knowledge in financial literacy.
One of the most important developments in financial education over the last several years is a greatly improved research agenda with outstanding academics now working in the field. GFLEC is a real leader in this effort in the U.S. and internationally. Without solid research on what works, we are just wandering around in the dark.