The State of Financial Literacy Among U.S. Adults

The State of Financial Literacy Among U.S. Adults

Abstract

The 2018 TIAA Institute-GFLEC Personal Finance Index

This report on the second wave of the TIAA Institute-GFLEC Personal Finance Index (P-Fin Index) provides a comprehensive barometer of U.S. adults’ readiness to make sound financial decisions. The P-Fin Index is unique in its capacity to examine financial literacy across eight common financial activities: earning, consuming, saving, investing, borrowing, insuring, understanding risk and gathering information. The results of the first wave were reported in 2017.

Key aspects

Most Americans lack the knowledge necessary to make routine financial decisions.

Financial literacy tends to be lowest in the area of comprehending risk and highest concerning debt and debt management.

Individuals with greater financial knowledge are more likely to experience positive financial outcomes.

Full content of the publication

Tags

Financial knowledge Financial literacy

Authors

Paul Yakoboski

Annamaria Lusardi

Academic Director, Global Financial Literacy Excellence Center (GFLEC)

Andrea Hasler

Additional Information

Date published

01/04/2018

Document Type

Survey

Geographies

Estados Unidos

Target

General

Pages

25

Related publications

10 December 2018

The use of behavioral sciences to increase savings for retirement in Mexico

The decision-making process around retirement may seem simple.

10 December 2018

VI Survey of the BBVA Pensions Institute

Longevity Survey 2018

10 December 2018

Understanding Family Financial Capability: A Financial Education Survey of Parents and Kids

The majority of parents with kids at home discuss money and personal finance with their children at least once a month, ...