2021 TIAA Institute-GFLEC Personal Finance Index

2021 TIAA Institute-GFLEC Personal Finance Index

Abstract

The Annual P-Fin Index survey underscores financial hardships brought by COVID-19 pandemic, especially among minorities who have been disproportionately impacted. Results from the P-Fin Index indicate that a significant portion of American adults still struggle with financial literacy.

After four years of incremental growth in financial literacy, the percentage of P Fin Index questions respondents answered correctly decreased by 2 percentage points in 2021, with respondents correctly answering only 50 percent of the questions. Comprehending risk continues to be the area in which financial literacy is lowest, with U.S. adults on average correctly answering only 37 percent of questions on this topic

Full content of the publication

Tags

COVID-19 Financial literacy Personal Finance

Authors

Annamaria Lusardi

Academic Director, Global Financial Literacy Excellence Center (GFLEC)

Andrea Hasler

Paul J. Yakoboski

Senior Economist at TIAA

Web

Additional Information

Date published

01/03/2021

Document Type

Research

Geographies

United States

Target

General

Pages

37

Source

GFLEC

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