“The P-Fin Index Report on Longevity Literacy: New Insights to Improve Retirement Readiness” | January 17, 2023
Longevity literacy is critical when planning for the future. A new Personal Finance (P-Fin) Index report released by the TIAA Institute and the Global Financial Literacy Excellence Center (GFLEC) shows that one-half of American adults lack a basic understanding of how long people tend to live in retirement, a knowledge gap that can keep them from saving enough money that can last as long as they live.
This finding on low rates of “longevity literacy” comes from the P-Fin Index, an annual survey of more than 3,500 people nationwide that serves as a barometer of financial awareness. One of the most striking findings is that 43% of the women polled demonstrated strong longevity literacy, compared to only 32% of men. That’s a sharp contrast to financial literacy levels, where men consistently rank higher. These are critical findings that deserve our attention for putting people on a path to retirement security.
Sharon Epperson, CNBC Senior Personal Finance Correspondent, moderated this discussion with Surya Kolluri, Head of the TIAA Institute, and Annamaria Lusardi, GFLEC’s Founder and Academic Director and University Professor at the George Washington University on the insights from the P-Fin Index and the relevance of longevity literacy.
You can download the report here.
“Connecting to Reimagine: Live from Singapore” | November 15, 2022
In this Connecting to Reimagine Webinar Series, we discussed the upcoming Asia Pacific Financial Education Institute (APFEI), learned about new research, and explored financial education programs in the Asia Pacific region. Dame Diana Crossan, Former Retirement Commissioner of New Zealand and Chair of the GFLEC Advisory Council, moderated a conversation between Dave Fernandez, Professor of Finance and Director of the Sim Kee Boon Institute for Financial Economics at the Singapore Management University, and Annamaria Lusardi, Founder and Academic Director of GFLEC and University Professor at The George Washington University.
“Bringing Financial Education to the Global Stage” | October 11, 2022
In this Connecting to Reimagine Webinar Series, we discuss the learnings from advocacy efforts and research as well as what’s next to make financial education a top priority internationally. Annamaria Lusardi, Founder and Academic Director of the Global Financial Literacy Excellence Center (GFLEC), talks with Roeland Monasch, CEO of Aflatoun International, one of the voices behind the UN Transforming Education Summit’s panel Financial Literacy: A Universal 21st Century Skill.
Financial education and financial literacy were on the agenda at the recent United Nations Transforming Education Summit in New York. The UN Secretary-General issued a Vision Statement that included financial skills among the set of skills that young people all over the world need to overcome today's challenges and to make better decisions for their future.
But is it enough? Considering the impact that financial education has on the future of children and youth, education must be one of the top priorities of the global political agenda. Many organizations worldwide are mobilizing to share experiences of successful programs, and researchers are providing the latest evidence about the effectiveness of financial education. More policymakers are hearing the message, but this is just the starting point.
“The Personal Finance Index 2022: What the New Data Reveal” | May 11, 2022
In this Connecting to Reimagine: Money & COVID-19 webinar, we discuss insights from the 2022 P-Fin Index report as well as the relevance of the findings for the financial industry and policy makers.
“Reimagining the Well-being of Women” | March 8, 2022
In our first Connecting to Reimagine: Money & COVID-19 webinar in 2022, we celebrate International Women’s Day with a special discussion on women and well-being. The pandemic highlighted the need to step up discussion—and action—focused on the health and well-being of people around the world. Financial well-being is an essential component of that conversation. Money-related anxiety and stress have huge repercussions on our lives. This is especially true with women, one of the most financially anxious groups, according to our research.
Financial education can build knowledge and assertiveness among women and girls. It can increase women’s confidence, help address the growing gender wealth gap, and improve financial prosperity. But what are the best approaches to this learning?
GFLEC Founder and Academic Director Annamaria Lusardi and Barnard College President Sian Leah Beilock, at Columbia University, examines how a 360-degree perspective—bringing together physical, mental, and financial well-being—creates safe and empowering environments for women.
“The Next Level of Financial Literacy and Personal Finance Research” | November 30, 2021
In this special edition Connecting to Reimagine: Money & COVID-19 webinar, we discuss how research is the first step for creating effective solutions. Insights from leaders in the private and public sectors share how financial literacy and personal finance research have shaped decision-making. Our participants also unveiled the next bold move in the field: the launch of a new Financial Literacy and Personal Finance Research Network.
As part of our decennial celebration, our signature webinar also served as a sneak peek of the new Financial Literacy and Personal Finance Research Network (aka the G53 Network). The G53 Network is a new initiative dedicated to connecting researchers globally and promoting rigorous research around financial literacy and personal finance. We describe this project and its ambitious agenda.
“Financial Literacy: Shaping the Future of the Field” | October 20, 2021
This special edition Connecting to Reimagine: Money & COVID-19 webinar looks at opportunities and challenges the financial literacy field will face in the years to come.
In “Financial Literacy: Shaping the Future of the Field,” our Founder and Academic Director Annamaria Lusardi moderates a discussion with Leora Klapper, Lead Economist, Development Economics, at the World Bank and co-author of “Financial literacy and financial resilience: evidence from around the world”; Lukas Menkhoff, Head of Department, International Economics Department, at DIW Berlin and co-author of “Financial education affects financial knowledge and downstream behaviors”; and Pierre-Carl Michaud, Professor and Director of the Retirement and Savings Institute, at HEC Montréal, and co-author of “Optimal financial knowledge and wealth inequality.”
“Boosting Financial Wellness: The Role of Small and Medium-Sized Employers” | September 22, 2021
This Connecting to Reimagine: Money & COVID-19 webinar, jointly sponsored by the FINRA Investor Education Foundation and GFLEC, looks at recent research findings that highlight financial insecurity among working-age adults and challenges policy makers and small and medium-sized employers to think in new ways about financial wellness benefits.
Chris Bumcrot, managing director at Sard Verbinnen, moderates the discussion with FINRA Investor Education Foundation President Gerri Walsh, Rhino Foods President Ted Castle, GFLEC Deputy Academic Director Andrea Hasler, and United Way Worldwide Senior Director of Economic Mobility and Corporate Solutions Laura Scherler.
“Financial Education in School: Lessons from Portugal” | May 12, 2021
The global pandemic has underscored financial literacy’s role as a life skill. Yet evidence from the Programme for International Student Assessment (PISA), a large-scale study of 15-year-olds around the world, finds that many young people do not have the knowledge they need to successfully manage financial responsibilities. This GFLEC’s Connecting to Reimagine: Money & COVID-19 webinar series examines how Portugal is using mandatory financial education to prepare young people to make smart money decisions now and in the future.
Portugal is a leader in mandating financial education in schools. GFLEC Director Annamaria Lusardi joins the Portuguese Minister of Education Dr. Tiago Brandão Rodrigues and Maria Lúcia Leitão, Head of the Coordination Committee of the Portuguese National Plan for Financial Education, for a high-profile discussion focused on Portugal’s experience and the important lessons it offers the education community, policy makers, and private-sector decision makers in other countries.
“Forging Fearlessness: Turning Women Into Investors” Webinar, April 21, 2021
This Connecting to Reimagine: Money & COVID-19 webinar includes a discussion about the connection between women’s financial literacy and their fear of investing as well as the possible actions that can be taken by the private and public sectors to reverse this phenomenon. Women’s lack of participation in the stock market is troubling, as it means they miss a critical opportunity to grow their wealth. Preparing girls and turning women into well-informed, confident investors can help address the growing wealth gap and improve financial well-being.
Annamaria Lusardi, Founder & Academic Director of GFLEC and University Professor at GW, joins the panel discussion alongside Nan J. Morrison, CEO & President of the Council for Economic Education, and Amanda Pullinger, CEO of 100 Women in Finance. The moderator is Karen Vahouny, a member of our Advisory Council and Adjunct Professor at the George Washington University and American University.
“Rethinking the Role of Investor Protection & Education” Webinar, March 30, 2021
Around the world, financial market regulators have been watching the ways the COVID-19 outbreak is changing the investment landscape, especially at a time of increased market volatility. Lockdown and pandemic protocols have elevated the double-edged sword of technology, which enabled investment to continue virtually but has also given rise to new fraud schemes. How are regulators handling these new challenges? Just as financial markets were forced to quickly adjust amid the pandemic, the type of investor protection and investor education which is needed has also changed. The Connecting to Reimagine: Money & COVID-19 series by the Global Financial Literacy Excellence Center (GFLEC) examines regulatory changes currently underway and what’s ahead for investor protection and investor education as the world moves beyond the pandemic.
In this webinar, Annamaria Lusardi, Founder and Academic Director of GFLEC, and University Professor at The George Washington University (USA), moderates the discussion between Lyndwill Clarke, Head of Consumer Education at Financial Sector Conduct Authority (South Africa), Marcel Haag, Director for Horizontal Policies at the Directorate-General for Financial Stability, Financial Services and Capital Markets Union (Europe), Nadia Linciano, Head of Economic Studies Unit at CONSOB (Italy), José Alexandre Vasco, Director of the Office of Investor Protection and Assistance, Securities and Exchange Commission (Brazil), and Gerri Walsh, President of FINRA Investor Education Foundation, and Senior Vice President, Investor Education, FINRA (USA).
“Using Financial Education to Fight Racial Inequality” Webinar, February 24, 2021
Discrimination against Black Americans has deep and unsettlingly strong roots in the United States. Historical racism contributes to current racial inequalities and continues to foster ongoing systematic biases. COVID-19 and the ensuing economic crisis have disproportionately affected the Black population. Our research indicates that even before the current crisis, the financial well-being of Black Americans was comparatively low. Innovative solutions, whether they be policies or programs, must be research-based, extensive, tailored to the diverse needs and circumstances of the Black population, and evaluated for effectiveness.
In the “Using Financial Education to Fight Racial Inequality” webinar, Ted Beck, a member of GFLEC’s Advisory Council, moderates the discussion between Professor Annamaria Lusardi, who speaks about GFLEC’s recent research on Black Americans, and Jason Young, an entrepreneur who speaks about his financial education initiatives, including e-games and programs to improve the financial literacy of Black male youth.
“Debt Management and Financial Security” Webinar, January 26, 2021
Debt has emerged as a persistent—and growing—problem for individuals and families around the world, including debt carried into retirement. For many, the economic setbacks of the COVID-19 pandemic have heightened already-troubling debt exposure. The fourth webinar in the Connecting to Reimagine: Money & COVID-19 series by the Global Financial Literacy Excellence Center (GFLEC) examines new research focused on late-in-life debt, how this trend is remaking retirement, and the role policy makers and private sector leaders can play in addressing this problem.
In the “Debt Management and Financial Security” webinar, Professor Annamaria Lusardi, Founder and Academic Director of GFLEC and University Professor at the George Washington University, led a discussion addressing how persistent debt is remaking the retirement landscape. Joining the discussion are Wim Mijs, Chief Executive Officer of the European Banking Federation, and Professor Olivia S. Mitchell, Executive Director of the Pension Research Council and Professor at the Wharton School of the University of Pennsylvania.
“Financial Fragility During the Pandemic: The Path Forward” Webinar, December 16, 2020
Financial fragility remains a chronic problem for individuals and families around the world, and its economic ramifications have been dramatically exposed by the pandemic. The Connecting to Reimagine: Money & COVID-19 webinar series examined financial fragility and what policy makers and private sector leaders can do to build financial resilience.
In “Financial Fragility During the Pandemic: The Path Forward,” Professor Annamaria Lusardi, Founder and Academic Director of GFLEC and University Professor at the George Washington University, led a webinar discussion focused on financial fragility, including new research findings and strategies for mitigating it. Joining the discussion are Dr. Maria Demertzis, Deputy Director of the economic policy think tank Bruegel; Dr. Billy Hensley, President and Chief Executive Officer at the National Endowment for Financial Education; and Professor Peter Tufano, Peter Moores Dean at Saïd Business School, University of Oxford.
“Financial Literacy and Wellness Among Women” Webinar, November 17, 2020
The Connecting to Reimagine: Money & COVID-19 webinar series continued with a discussion of women’s financial literacy and personal finances and the policies and solutions needed to empower women as economies around the world rebuild from the current crisis. The pandemic and economic crises have widened existing inequalities, as women disproportionately suffer from financial fragility and other negative impacts of this crisis. Women face a variety of unique financial challenges, including lower lifetime income, longer life spans, and career interruptions due to child rearing and caregiving.
In “Financial Literacy and Wellness Among Women,” Nicoletta Zappatini, Managing Director of StormHarbour Securities and a Member of the GFLEC Advisory Council, led a discussion with Annamaria Lusardi, Founder and Academic Director of GFLEC and University Professor at the George Washington University; Flore-Anne Messy, Head of the Financial Affairs Division at the Organisation for Economic Co-operation and Development (OECD) and Executive Secretary of the International Network on Financial Education (INFE); and Marty Willis, Senior Executive Vice President and Chief Marketing Officer at TIAA. They discussed strategies to empower women as we navigate through and ultimately recover from this crisis.
“Navigating Retirement Security Through a Pandemic” Webinar, October 27, 2020
The Connecting to Reimagine: Money & COVID-19 webinar series was launched with an in-depth look at the current pension crisis. In response to the economic crisis sparked by COVID-19, many policy makers around the world are allowing workers to withdraw from their retirement accounts. This policy may solve a short-term problem, but at the expense of retirement security in the long-term.
In "Navigating Retirement Security Through a Pandemic," you will hear about the experiences and insights of Chris J. Battaglia, Vice President and Publisher at Pensions & Investments and the CEO of the World Pension Summit; Dame Diana Crossan, the Former Retirement Commissioner of New Zealand and Chair of the GFLEC Advisory Council; and Professor Elsa Fornero, Former Italian Minister of Labour, Social Policies and Equal Opportunities and a Member of the GFLEC Advisory Council.
As the CEO of the World Pension Summit, Battaglia provided the industry perspective about changes in pensions around the world. As Retirement Commissioner, Crossan was instrumental in setting up KiwiSaver, a voluntary retirement savings program in New Zealand. As Minister of Labour, Fornero implemented a major pension reform in Italy and continues to contribute to the ongoing debate in Italy about the pension system.
The first webinar was moderated by Professor Annamaria Lusardi, Founder and Academic Director of GFLEC.
Check for upcoming webinars, and register for them, here.