Financial literacy and wellness among U.S. women: Insights on underrepresented minority women
Many Americans are functioning in today’s environment with a poor level of financial literacy. This is more true among women than men, and more true among underrepresented minority women than their white peers. Especially problematic in today’s environment is the finding that financial literacy is particularly low in the area of comprehending and understanding risk and uncertainty. On average, U.S. women correctly answered only one-third of the index questions related to risk and uncertainty. The same holds true among African American and Hispanic women. This means that individuals are ill-positioned to make decisions in a time when uncertainty and volatility dominate economic and financial life.
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This report uses data from the 2020 TIAA Institute-GFLEC Personal Finance Index, an online survey fielded each January with a sample of U.S. adults. The 2020 survey included an oversample of 1,000 women.
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