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Financial Literacy in the Understanding America Study
Marco Angrisani1, Arie Kapteyn1
1University of Southern California.
Journal of Financial Literacy and Wellbeing
|March 4, 2026
Summary
The Understanding America Study (UAS) tracks financial literacy over time using surveys and linked data. Higher financial knowledge correlates with better financial outcomes like wealth and retirement preparedness.
Area of Science:
- Social Sciences
- Economics
- Survey Methodology
Background:
- Financial literacy measurement in surveys has evolved.
- The Understanding America Study (UAS) has administered financial literacy questions since 2014.
- The UAS is a longitudinal panel with extensive data on participants.
Purpose of the Study:
- To describe the UAS financial literacy measures.
- To analyze patterns of financial literacy over time and by demographics.
- To examine associations between financial literacy and financial outcomes.
Main Methods:
- Descriptive analyses of financial literacy data from the UAS.
- Linking survey data with administrative records for consenting participants.
- Utilizing the longitudinal nature of the UAS for temporal analysis.
Main Results:
- Descriptive patterns of financial knowledge over time and across individual characteristics are presented.
- Financial literacy scores are associated with financial outcomes such as wealth and retirement preparedness.
- The UAS dataset allows for in-depth analysis of financial literacy and its correlates.
Conclusions:
- The UAS provides a valuable resource for studying financial literacy.
- Financial literacy is linked to important financial behaviors and outcomes.
- Longitudinal data and linked administrative records enhance understanding of financial literacy dynamics.
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