Financial literacy, wellness and resilience among African Americans: Financial wellness

New insights from the Personal Finance (P-Fin) Index

Financial resilience is one indicator of financial wellness. The 2019 P-Fin Index survey contained several others—questions regarding behaviors that should promote financial wellness or regarding outcomes that demonstrate financial wellness: 

• Saving and planning for retirement. 

• Non-retirement savings. 

• Debt constraint. 

Across these dimensions, African Americans tend to exhibit lower financial well-being than whites. However, there is a strong link between P-Fin Index scores and these indicators of financial wellness among African Americans as well as whites—those with greater financial literacy tend to exhibit greater financial well-being. Furthermore, analogous to financial resilience, greater financial literacy tends to mitigate the financial wellness gap between African Americans and whites in some instances.

See Figures 14-17. 

 
 
 
 
 
 
2019 P-Fin Index Figure 14
Source: TIAA Institute-GFLEC Personal Finance Index (2019).
2019 P-Fin Index Figure 15
Source: TIAA Institute-GFLEC Personal Finance Index (2019).
2019 P-Fin Index Figure 16
Source: TIAA Institute-GFLEC Personal Finance Index (2019).
2019 P-Fin Index Figure #17
Source: TIAA Institute-GFLEC Personal Finance Index (2019).

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