Financial literacy and well-being in a five generation America: The 2021 TIAA Institute-GFLEC Personal Finance Index

26 Pages Posted: 25 Oct 2022 Last revised: 2 Nov 2022

See all articles by Paul Yakoboski

Paul Yakoboski

TIAA Institute

Annamaria Lusardi

Stanford University - Stanford Institute for Economic Policy Research

Andrea Hasler

George Washington University - School of Business

Date Written: October 24, 2022

Abstract

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 (millennials) and Gen Z at this point in time. How well individuals navigate financial decisions throughout their lifetime depends, at least in part, on their financial literacy.

The P-Fin Index is a long-term project that annually assesses financial literacy among American adults. Gen Z was quota-sampled when fielding the 2021 P-Fin Index survey which enables comparisons with the other generations, as well as a closer examination within the Gen Z adult population. The P-Fin Index survey also includes indicators of financial wellness along several dimensions and those too are examined across generations and within Gen Z

Keywords: TIAA, P-Fin, personal finance, Gen Z, financial literacy, wellness

JEL Classification: G53, G5, D14

Suggested Citation

Yakoboski, Paul J. and Lusardi, Annamaria and Hasler, Andrea, Financial literacy and well-being in a five generation America: The 2021 TIAA Institute-GFLEC Personal Finance Index (October 24, 2022). TIAA Institute Research Paper Series No. 2022-01, Available at SSRN: https://ssrn.com/abstract=4256797 or http://dx.doi.org/10.2139/ssrn.4256797

Paul J. Yakoboski (Contact Author)

TIAA Institute ( email )

8500 Andrew Carnegie Blvd.
3rd Floor
Charlotte, NC 28262
United States
704-988-4681 (Phone)

HOME PAGE: http://https://www.tiaainstitute.org/

Annamaria Lusardi

Stanford University - Stanford Institute for Economic Policy Research ( email )

366 Galvez Street
John A. and Cynthia Fry Gunn Building
Stanford, CA CA 94305
United States

HOME PAGE: http://siepr.stanford.edu/people/annamaria-lusardi

Andrea Hasler

George Washington University - School of Business ( email )

Washington, DC 20052
United States

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