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Building up financial literacy and financial resilience

Annamaria Lusardi (), Andrea Hasler and Paul J. Yakoboski
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Annamaria Lusardi: The George Washington University
Andrea Hasler: The George Washington University School of Business
Paul J. Yakoboski: TIAA Institute

Mind & Society: Cognitive Studies in Economics and Social Sciences, 2021, vol. 20, issue 2, No 3, 187 pages

Abstract: 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.

Keywords: COVID-19; Financial resilience; Financial education; Personal finance (search for similar items in EconPapers)
Date: 2021
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DOI: 10.1007/s11299-020-00246-0

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