MADISON, Wis. (12/18/13)--Filene Research Institute and George Washington University's Global Financial Literacy Excellency Center (GFLEC) have partnered to explore Americans' financial capability.
The basis for the initiative, which will be guided by Filene research fellow and GFLEC Academic Director Annamaria Lusardi, will be the 2012 National Financial Capability Study.
Commissioned by the Financial Investor Education Investor Foundation, the study benchmarks key indicators of financial capability and evaluates how these indicators vary by demographics, behavior, attitude and financial literacy. The state-by-state results break down financial decisions and literacy by gender, age bracket and region, and highlight how a lack of financial capability has disadvantaged many Americans.
The Filene-GFLEC project will result in four reports that provide detailed data and insights on the financial needs of pre-retirees (ages 51-60), women, young adults and Latinos/Hispanics.
"Each of these groups represents an important constituency for credit unions," said George Hofheimer, chief innovation and research officer at Filene. "The young adult and pre-retiree groups face inflection points in which they need to make important financial decisions. Latinos represent almost 20% of the U.S. population and almost all of the U.S.'s net population growth. And women are key household decision makers whose priorities, and preferences need to be better understood."
The research project is expected to continue over an 11-month period. The first report will be released in early 2014.