The National Financial Capability Study

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Presentation transcript:

The National Financial Capability Study Third annual Financial Capability and Asset Convening Event January 10, 2018 Gary R. Mottola

National Financial Capability Study (NFCS) Monitor and better understand financial capability among adult (18+) Americans Four components of financial capability Three waves—2009, 2012, and 2015 (2018 wave in process) National and Investor populations Funded by the FINRA Foundation Resources www.USFinancialCapability.org “Understanding and Using Data from the National Financial Capability Study” Family and Consumer Sciences Research Journal, 46(1), 2017 Mottola and Kieffer

Methodological Info Surveys designed by multidisciplinary teams Surveys approx. 15 minutes in length National sample size > 25,000, approx. 500 per state State, regional, and national weights based on ACS Investor sample size = 2,000 (weight available) Online survey using non-probability panels and quota sampling SPSS and CSV formats (with robust documentation)

Inside Info Survey is “wide and shallow” Two-thirds of questions stable, one-third change wave to wave Selected state oversamples (Municipal analysis is possible) Public and “private” files available for free Pre-packaged tracking data sets NFCS in RAND American Life Panel Coming soon—new education material and awards Capture respondents’ money management cycle (sources of income, methods of receiving funds, participation in banking, methods of spending/bill paying) Revise and update mortgage section Additional debt questions 4

Selected NFCS Research Populations Studied Topics Examined Millennials Renters Community College Students Retirees Investors Low Income households Native Americans Financial Knowledge Student Loan Debt Financial Fragility Financial Advisor Usage Retirement Preparedness Credit Card Behavior AFS Usage Debt Investment Behavior Capture respondents’ money management cycle (sources of income, methods of receiving funds, participation in banking, methods of spending/bill paying) Revise and update mortgage section Additional debt questions 5