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Financial Literacy and Capability Research Resources

Financial Literacy and Capability Research Resources. March 27, 2013. Financial Literacy and Capability Research Resources. Presentation Outline Federal interest in financial literacy Resources for researchers Funding opportunities. Financial Literacy and Capability Research Resources.

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Financial Literacy and Capability Research Resources

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  1. Financial Literacy and Capability Research Resources March 27, 2013

  2. Financial Literacy and Capability Research Resources Presentation Outline Federal interest in financial literacy Resources for researchers Funding opportunities

  3. Financial Literacy and Capability Research Resources Federal interest in financial literacy The federal government has had a long interest in ensuring that the American public is financially literate and capable. The cornerstone of the federal government’s current financial literacy efforts is the Financial Literacy and Education Commission (FLEC). FLEC is chaired by the Secretary of the Treasury and the vice chair is the Director of the Consumer Financial Protection Bureau. The Commission is made up of the heads of 19 additional federal agencies.

  4. Financial Literacy and Capability Research Resources The Financial Literacy and Education Commission • To learn about financial literacy and education topics of interest across the federal government, see FLEC’s 2012 Research Priorities and Research Questions. • As this document notes, “Many of the research questions address traditionally underserved and vulnerable populations that may be financially fragile, and can least afford costly mistakes.” • Leverage FLEC’s work to better understand the state of financial literacy and the types of research still needed.

  5. Financial Literacy and Capability Research Resources Resources for Researchers SSA has provided support to increase the sample size of vulnerable groups (including minorities and the low-income population) in two national surveys: The Health and Retirement Study (HRS) The American Life Panel (ALP) In addition to the direct support for the HRS and the ALP, SSA has also served on the research work group for the National Financial Capability Study (NFCS) that is funded by the FINRA Foundation.

  6. Financial Literacy and Capability Research Resources Resources for Researchers All of these surveys continue to build the data infrastructure to allow researchers to better address retirement security and financial literacy among vulnerable groups. Leverage these resources to make new research feasible and cost-effective. The next section describes these data setsin more depth.

  7. Financial Literacy and Capability Research Resources Health and Retirement Study (HRS) The HRS is a longitudinal study the University of Michigan administers to over 22,000 individuals age 50 and over every two years. Notable features of the HRS The HRS allows you to make household-level estimates. For about ten years the survey instrument has included financial literacy questions, in addition to a variety of questions that can address aging, retirement security, and well-being. SSA support has allowed Michigan to increase the minority sample size which lessens the probability that researchers will have to worry about cell suppression issues because of identification of panel members.

  8. Financial Literacy and Capability Research Resources American Life Panel (ALP) The ALP is an innovative, internet-based survey panel RAND administers that includes nearly 6,000 respondents. Notable features of the ALP Allows researchers to match answers from a panel member in one survey to the answers in any other survey that the panel member has taken. Existing ALP surveys cover a multitude of topics, including financial literacy. Because the ALP is an internet panel, researchers can fund new surveys through the ALP and receive quick results. SSA support has allowed RAND to increase the sample size of minority and low-income groups, making the survey useful for analyses of these populations (see the chart on the next slide).

  9. Financial Literacy and Capability Research Resources Demographics for the ALP as of March 2013

  10. Financial Literacy and Capability Research Resources National Financial Capability Study (NFCS) The NFCS , funded by the FINRA Investor Education Foundation, is a survey that provides a baseline for the financial capability of the American public. Notable features of the NFCS FINRA worked with the FLEC agencies and the President’s Advisory Council for Financial Capability on the survey questionnaire. The NFCS allows for state-level analysis, as it includes both a national survey and a state-by-state survey (28,000 respondents, completed online). The first round of the NFCS was administered in 2009 and the second was administered in 2012 (not longitudinal). FINRA also administered the second survey instrument to 2,000 panel members in the ALP.

  11. Financial Literacy and Capability Research Resources Other Surveys The HRS, ALP, and NFCS are examples of useful data sets. Researchers have also used other sources for their financial literacy and capability research. Additional resources include: Knowledge Networks Panel Current Population Survey Columbia Center for Decision Sciences Panel

  12. Financial Literacy and Capability Research Resources Funding Opportunities Minorities and Retirement Security Program FINRA Foundation Federal Funding Opportunities

  13. Financial Literacy and Capability Research Resources Minorities and Retirement Security Program The Minorities and Retirement Security (MRS) Program will provide grants to support sheltered competitive post-graduate apprentice scholars (fellows) at selected minority serving graduate institutions in the area of retirement security. Priority research areas: Financial literacy Personal savings Labor force planning Financial decisionmaking Personal debt Low- to moderate-income communities

  14. Financial Literacy and Capability Research Resources Minorities and Retirement Security Program • Closed on March 25th. • However, once the grants are awarded to the individual institutions, it would be possible to request that ED use other program grant funds awarded to the grantee to support the programmatic portion of a small intervention, while using the MRS grant money to complete the evaluation. • If you have any questions about the MRS program please refer to the HEP MRS Presentation or go the grant website.

  15. Financial Literacy and Capability Research Resources FINRA Foundation Through the General Grant Program, the FINRA Investor Education Foundation funds research and educational projects that support its mission of providing underserved Americans with the knowledge, skills and tools necessary for financial success throughout life.

  16. Financial Literacy and Capability Research Resources FINRA Foundation In 2013, the FINRA Foundation welcomes applications for projects of approximately $50,000–$100,000 that advance understanding of the relationships among financial literacy, financial capability and financial well-being. Priority will be given to projects that use data from the NFCS and other existing data sets. The Grant Guidelines specify eligibility requirements and other criteria. As always, review the guidelines carefully.

  17. Financial Literacy and Capability Research Resources Federal Funding Opportunities All federal agencies post grant opportunities on grants.gov. You can sign up for alerts that will allow you to be informed when new opportunities are posted. Federal agencies that do not have grant making authority must post their funding opportunities on FedBizOpps.gov. You can sign up for alerts that will allow you to be informed when new opportunities are posted.

  18. Financial Literacy and Capability Research Resources If you have any questions about this presentation feel free to contact me at: David.Rogofsky@ssa.gov 202-358-6209

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