Global Financial Literacy Excellence Center (GFLEC)

NEW PUBLICATION! We are pleased to announce the publication of a new paper in the Journal of Economic Behavior and Organization, titled “Evaluating the effects of a low-cost, online financial education program”, co-authored by Robert L. Clark, Chuanhao Lin, Annamaria Lusardi, Olivia S Mitchell, and Andrea Sticha. 💡 What the study examined: This research evaluated whether a simple, scalable, and low-cost financial education intervention—short written stories on fundamental topics such as compound interest, risk diversification, and inflation—can improve financial knowledge and behaviors among adults aged 45 and older. 📊 Key findings: ▶️ All three stories significantly improved financial knowledge in the short term, with the risk diversification story having the strongest and most lasting impact—improving correct responses by 17–18 percentage points, with effects persisting 8 months later. ▶️ Stories on compound interest and inflation also improved knowledge, though the effects diminished over time. ▶️ The inflation story increased participant engagement, as shown by increased time spent on related survey questions. ▶️ While no behavioral changes were detected after 8 months, the study emphasizes the strong link between financial literacy and improved financial outcomes, suggesting a need for longer-term or repeated interventions. Read the full article here: https://lnkd.in/gj8iWcqN We thank the Institute of Consumer Money Management (ICMM) for funding this research, and the Understanding America Study for providing the survey platform and data that made this work possible. #FinancialLiteracy #FinancialEducation #FinLit #JEBO #FinancialWellbeing Stanford Initiative for Financial Decision-Making (IFDM)

A whole week dedicated to developing the next generation of financial decision-making researchers! At the Stanford Initiative for Financial Decision-Making (IFDM), we believe it's important not only to inspire young researchers but also to invest in their development: teaching them core topics, encouraging critical thinking, and guiding them as they explore new research ideas. That's why we organized the Financial Literacy Research Boot Camp at Stanford University, which brought together Ph.D. students, postdocs, early-career researchers, and assistant professors to learn, explore, and connect with peers. Throughout the week, participants engaged with leading experts in financial decision-making, financial literacy, personal finance, and applied econometrics. They also explored innovative approaches to teaching personal finance. It was a week filled with learning, collaboration, and a shared commitment to shaping the future of financial decision-making research. We are proud to collaborate with the G53 Financial Literacy and Personal Finance Research Network and the Joachim Herz Foundation (Joachim Herz Stiftung) to bring this training to life. We thank the faculty who inspired our participants through lectures, panels, and mentoring: • B. Douglas Bernheim, Stanford University • Michael Boskin, Stanford University • Neale Mahoney, Stanford University • Ken Singleton, Stanford University • John Shoven, Stanford University • Rob Alessie, University of Groningen • Tabea Bucher-Koenen, University of Mannheim • Tim Kaiser, RPTU and Stanford University • Alessia Sconti, University of Bergamo and Bocconi University • Carly Urban, Montana State University • And our Faculty Director, Annamaria Lusardi At IFDM, we aim to shape the future of research and teaching in financial decision-making! #personalfinance #financialliteracy #impact Stanford University Graduate School of Business Stanford Institute for Economic Policy Research Global Financial Literacy Excellence Center (GFLEC)

Today, I participated in the Financial Literacy and Education Commission (FLEC) meeting at the U.S. Department of the Treasury, where I chaired a panel on Measuring the Effectiveness of Financial Education and Literacy Programs. In this video, I report some of the highlights of the session. #financialliteracy Hanna Houdali Paul Yakoboski Surya Kolluri TIAA Saira Malik Elizabeth Coogan, AFC Stanford Initiative for Financial Decision-Making (IFDM) Global Financial Literacy Excellence Center (GFLEC) Stanford University Graduate School of Business Stanford Institute for Economic Policy Research

Just released! The 9th annual Personal Finance Index from the TIAA Institute and the Global Financial Literacy Excellence Center (GFLEC). U.S. adults correctly answered only 49% of the questions assessing financial literacy across eight key personal finance areas—the same result as in 2017. Despite growing financial complexity, literacy levels remain low. Our research highlights the important role financial literacy plays in financial well-being as adults with very low financial literacy are twice as likely to be debt-constrained and three times more likely to be financially fragile compared to those with very high financial literacy. The persistent low levels of financial literacy underscore the need for targeted educational initiatives. To promote long-term financial security, it is essential to develop educational programs tailored to the diverse needs of various demographic groups and provide support where possible to help individuals make informed financial decisions. Thanks to TIAA Institute for its partnership! Read the full report and learn more about our #PFinIndex on our website: https://lnkd.in/eqE8daD Stanford Initiative for Financial Decision-Making (IFDM) Annamaria Lusardi Surya Kolluri Paul Yakoboski  Andrea Sticha #FinancialLiteracy #PersonalFinance #TIAA #GFLEC #StanfordIFDM

Congratulations to the Stanford Center on Longevity on the launch of SCL Magazine, a new publication focused on building a world ready for 100-year lives! As lifespans increase, financial literacy becomes a cornerstone of longevity readiness. The ability to make informed money decisions is key to thriving at every stage of life. We’re proud to share that our Big Three, a set of questions used globally to assess financial literacy, are featured in this inaugural edition. Thank you to the Stanford Center on Longevity for highlighting our work. Read the new magazine online and don’t forget to #TakeTheBig3Quiz! https://lnkd.in/gPYasiWn #financialiteracy #personalfinance

NEW REPORT! We have released our latest Personal Finance Index report focused on longevity literacy. This research explores how people develop longevity expectations and make key financial decisions. Using the 2024 TIAA Institute-GFLEC #PFinIndex data, this special edition found that only 32% of adults correctly estimate life expectancy, highlighting the need to help people better understand and plan for their future. The findings in this report underscore a critical issue – many Americans are approaching retirement planning with limited knowledge of how long they are likely to live. By improving individuals’ longevity and financial literacy, we can truly enable and promote financial security and well-being throughout retirement. A good reminder to all of us during this Financial Literacy Month. Learn more about the new release here: https://lnkd.in/eNvh__e5 #PfinIndex #FinancialLiteracy

This Financial Literacy Month #TakeTheBig3Quiz and follow the Stanford Initiative for Financial Decision-Making (IFDM)!

Tune in! Our Academic Director, Professor Annamaria Lusardi, discusses the importance of financial literacy in transforming lives and shaping a better world on the latest episode of the Stanford University Graduate School of Business' If/Then podcast — a must-listen conversation just in time for #FinancialLiteracyMonth! #FLM2025 #FinancialEducation #PersonalFinance

At GFLEC, we celebrate the evolution of our Cherry Blossom Financial Education Institute into the Stanford Financial Education Symposium. Congratulations to our 2025 participants—what a great kickoff!

It’s #FinancialLiteracyMonth in the U.S.! On this first day, we invite you to follow the new Stanford Initiative for Financial Decision-Making (IFDM) LinkedIn page. We are proud to be part of IFDM and are committed to transforming financial education through research, teaching, policy, and strategic partnerships. 👇