Building up financial literacy and financial resilience
Annamaria Lusardi (),
Andrea Hasler and
Paul J. Yakoboski
Additional contact information
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 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)
References: Add references at CitEc
Citations: Track citations by RSS feed
Downloads: (external link)
http://link.springer.com/10.1007/s11299-020-00246-0 Abstract (text/html)
Access to the full text of the articles in this series is restricted.
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:spr:minsoc:v:20:y:2021:i:2:d:10.1007_s11299-020-00246-0
Ordering information: This journal article can be ordered from
Access Statistics for this article
Mind & Society: Cognitive Studies in Economics and Social Sciences is currently edited by Riccardo Viale
More articles in Mind & Society: Cognitive Studies in Economics and Social Sciences from Springer, Fondazione Rosselli Contact information at EDIRC.
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().