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Building up financial literacy and financial resilience

Authors
  • Lusardi, Annamaria1, 2
  • Hasler, Andrea3
  • Yakoboski, Paul J.4
  • 1 The George Washington University,
  • 2 Global Financial Literacy Excellence Center, Washington, DC USA
  • 3 The George Washington University School of Business,
  • 4 TIAA Institute, Charlotte, NC USA
Type
Published Article
Journal
Mind & Society
Publisher
Springer Berlin Heidelberg
Publication Date
Jul 31, 2020
Pages
1–7
Identifiers
DOI: 10.1007/s11299-020-00246-0
PMCID: PMC7393029
Source
PubMed Central
Keywords
Disciplines
  • Article
License
Unknown

Abstract

This article uses data from the 2020 TIAA Institute-GFLEC Personal Finance (P-Fin) Index to show that many American families were financially fragile well before the COVID-19 pandemic hit the U.S. economy. Financial fragility is particularly severe among specific demographic groups, such as African-Americans and those with low income. The article also shows that financial fragility is strongly linked to financial literacy and that many Americans are ill-equipped to deal with the financial decisions needed to navigate through a financial crisis. Suggestions are provided to deal with personal finance decisions in times of emergency.

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