Despite persistent efforts to deal with life's economic challenges, most Ghanaians are financially insecure, making the pursuit of lifelong goals more difficult. Given these realities, financial literacy and consumer financial stability appear viable strategies for promoting economic stability....

Inclusive finance is a core concept of finance that makes various financial products and services accessible and affordable to all individuals and businesses, especially those excluded from the formal financial system. One of the leading forces affecting people's ability to access financial...

We use transaction data from an account aggregation company to study the impact of access to personal financial information from mobile devices on consumer behavior. We study consumers who installed the mobile app after using the app from a PC for several months. We utilize the gradual release...

It is widely understood that scarcity focuses people on “here and now” problems, causing myopic, impulsive decisions. Our work challenges this basic premise and asks whether scarcity can ever lead to increased patience. We suggest that existing work that has inadvertently conflated resource...

Inclusive finance is a core concept of finance that makes various financial products and services accessible and affordable to all individuals and businesses, especially those excluded from the formal financial system. One of the leading forces affecting people's ability to access financial...

Using friendship data from Facebook, we study the effects of three aspects of social capital on household financial behavior. We find that the most important measure of social capital in explaining stock market and saving participation is Economic Connectedness, defined as the fraction of one's...

I survey the advice given by the fifty most popular personal finance books and compare it to the prescriptions of normative academic economic models. Popular advice frequently departs from normative principles derived from economic theory, which should motivate new hypotheses about why...

With five years of the Gen Z cohort now over age 18, the U.S. adult population spans five generations. This report uses data from the 2021 TIAA Institute-GFLEC Personal Finance Index (P-Fin Index) to compare financial literacy across the Silent Generation, the Baby Boom Generation, Gen X, Gen Y...

Six years of data from the TIAA Institute-GFLEC Personal Finance Index (P-Fin Index) clearly demonstrate that U.S. adults with greater financial literacy tend to have better financial well-being. This report shows that retirement readiness, a specific realm of financial well-being, likewise...

We measure the relative need and demand for financial education programs among graduate students at a large university system. We find self-assessed and measured financial literacy is significantly related to interest and demand for financial education. Individuals who self-report a high level...