The 2020 TIAA Institute-GFLEC Personal Finance Index: 2017-2020 Changes

Figure 10 shows the percentage point change between 2017 and 2020 in P-Fin Index questions answered correctly across demographic groups. It is important to note that sample sizes decrease as the sample of all adults is divided into subgroups, resulting in increased variance in the estimates. Keeping that in mind, financial literacy levels have increased significantly among men, those age 18-29, and among those employed.17

Figure 10
Source: TIAA Institute-GFLEC Personal Finance Index (2017, 2020).

Figure 11 shows the percentage change between 2017 and 2020 in P-Fin Index questions answered correctly by general education level and receipt of financial education. Both those who have a college degree and those who have received financial education display a significant increase in financial literacy. This bodes well for new initiatives in school and the workplace.

Figure 11
Source: TIAA Institute-GFLEC Personal Finance Index (2017, 2020).

17 Only these changes are statistically significant at the 5% level.

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