Newswise — WASHINGTON and PALO ALTO (Feb. 15, 2022) — The urgent drive to build financial resilience and identify practical, accessible solutions to overcome financial illiteracy is taking a giant leap ahead thanks to new, multiyear support through Next Gen Personal Finance (NGPF) for the groundbreaking G53 Financial Literacy and Personal Finance Research Network.
With individuals, families and nations increasingly challenged to meet today’s economic realities, the three-year $300,000 commitment will speed and expand the G53 Network’s capacity to connect top scholars, facilitate the exchange of ideas and promote the evidence-based research that will fast-forward financial literacy across the United States and around the world.
George Washington University’s Global Financial Literacy Excellence Center (GFLEC), home to the G53 Network, will administer the funds to support bringing leading and junior researchers together to generate and exchange ideas, collect new data, and take additional steps to improve financial literacy for everyone. This commitment will also help the Network fast-forward the launching of the first-ever peer-reviewed journal of personal finance and financial literacy research.
“Personal financial know-how can no longer be something that’s accessible to only a privileged subset of students,” Tim Ranzetta, NGPF co-founder, said in announcing the award. “Our nation and indeed people everywhere succeed only when the next generations succeed. And that can only happen when all young people, regardless of economic status, are guaranteed access to the knowledge they will need to manage their lives and their money.
“Supercharging the G53 Network to promote and enhance research on financial education is one of the most effective ways to advance policies and build accessibility, understanding and action,” Ranzetta added.
“Next Gen Personal Finance’s investment in the G53 scholars’ network is a commitment to a smarter, brighter and more accessible financial future for all,” said Annamaria Lusardi, University Professor of Economics and Accountancy at the GW University School of Business, GFLEC founder and academic director, and co-chair of the G53 Network. “With this new backing, the G53 Network is even better positioned to connect researchers, expand impact and enable solutions. We’re grateful to NGPF for this generous support, especially in the pandemic when perhaps more than ever people of all backgrounds need to learn how to manage personal financial resources they may have, earn or aspire to achieve.”
Though the field of financial literacy research has grown exponentially worldwide in the past decade, there’s been no authoritative place for leading academic voices to collect and publish data, findings and policy recommendations.
“We are now filling that gap,” Lusardi added.
As an indication of work to come since the G53 Network launched in December 2021, the group has already posted working papers on its website, including a study that found requiring personal financial coursework in school builds measurable financial strength not just in students but also for their teachers and parents. The Network also started initiatives to train and advance junior scholars in financial literacy and personal finance.
About the G53 Network: The G53 Financial Literacy and Personal Finance Research Network brings together leading academics in personal finance to multiply and expand research impact and build the next generation of researchers. Our members have expertise in economics, finance, business, public policy, accountancy, marketing and law. The Network is powered by GFLEC at the GW School of Business and the Sim Kee Boon Institute for Financial Economics at the Singapore Management University. Follow us on LinkedIn and Twitter.
About Next Gen Personal Finance: NGPF is a “one-stop-shop” for more than 60,000 educators looking for high-quality, engaging personal finance curriculum to equip students with skills they need to thrive in the future. NGPF curriculum has a broad reach, with more than 7 out of 10 U.S. high school students attending schools where a teacher uses the NGPF curriculum. The nonprofit has been recognized by Common Sense Education as a Top Website for Teachers to Find Lesson Plans and Best Business and Finance Games.