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Financial literacy, longevity, and retirement readiness
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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 tends to be better among those with greater financial literacy. In addition, it shows that retirement readiness is also related to longevity literacy. While typically an overlooked factor, the importance of longevity literacy is not surprising since retirement income security inherently involves planning for the time that will be spent in retirement, which is uncertain.

Author: Andrea Hasler, Annamaria Lusardi, Paul J. Yakoboski
Topic: Financial well-being
Publisher: GFLEC - Global Financial Literacy Excellence Center
Location: United States
Format: Report, Reports/Articles
Content Type: Research
Publication Date: January 16, 2023