2025美国金融素养与退休规划能力报告：基于个人金融指数的调查结果

Findings from the2025TIAA Institute-GFLEC PersonalFinance Index Paul J. Yakoboski, TIAA Institute Annamaria Lusardi, Stanford University and Global FinancialLiteracy Excellence Center (GFLEC) Andrea Sticha, Stanford Graduate School of Business andGlobal Financial Literacy Excellence Center (GFLEC) Contents Executive summary. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3Introduction. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4Financial literacy among U.S. adults. . . . . . . . . . . . . . . . . . . . . . . . . . .5Demographic variations in financial literacy. . . . . . . . . . . . . . . . . . . . . .8The link between financial literacy and financial well-being. . . . . . . . . . . 14Retirement fluency. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18Discussion. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23References. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24Appendix. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 Executive summary Many individuals remain disadvantaged by poor financial literacy in the face of an ever-evolving personalfinance landscape. According to the 2025TIAA Institute-GFLEC Personal Finance Index(P-Fin Index),financial literacy in the United States is stagnant at the generally low levels that existed eight years ago. TheP-Fin Indexuses 28 questions covering eight areasin which individuals routinely function to assess financialliteracy. On average, U.S. adults correctly answered only49% of the index questions in 2025, the same as in 2017.In between, this figure never exceeded 52%. In addition,only 48% of adults correctly answered more than half ofthe index questions, which is again the same resultas 2017. Financial literacy matters. Lower financial literacy is generallyassociated with lower financial well-being. Adults with verylow financial literacy are: •Twice as likely to be debt-constrained•Three times more likely to be financially fragile•Five times more likely to not have or be unsure whetherthey have one month of emergency savings•Over two times more likely to spend 10 hours or more perweek on personal finance issues compared with thosewho have very high financial literacy. While low in general among all adults, financial literacylevels tend to be particularly low among certain groups: •Financial literacy among women lags that ofmen. There’s almost a 10-point gender gap in thepercentage of index questions correctly answeredin 2025.•Financial literacy levels among Black and HispanicAmericans are roughly equal, albeit at lower levelscompared to Asian and White Americans.•Gen Z correctly answered only 38% of the indexquestions, on average, in 2025. TheP-Fin Indexalso assesses basic retirementfluency—knowledge that would promote financialwell-being in retirement—with six questions coveringdistinct subjects: Social Security benefits, Medicarecoverage of healthcare expenses, employment-based retirement savings, ensuring lifetime income,likelihood of needing long-term care at older ages andlife expectancy in retirement. Analogous to financialliteracy, U.S. adults tend to have poor retirementfluency. The percentage correctly answering eachquestion ranged from 23% (likelihood of needing long-term care) to 53% (ensuring lifetime income), with anaverage of two correctly answered questions. Comprehending risk is the functional area where adultfinancial literacy continues to be lowest. On average, only36% of these questions were answered correctly in 2025. •Functional knowledge among women tends to lag thatof men in all areas except consuming.•Gen Z functional knowledge is substantially lowerfor each area compared with older generations.Generational variation is smallest in the area ofcomprehending risk—even older adults with morefinancial decision-making experience score low onrisk-related questions. Introduction TheTIAA Institute-GFLEC Personal Finance Index(P-Fin Index) has served as a barometer of financial literacy (i.e., knowledgeand understanding that enable sound financial decision-making and effective management of personal finances) among U.S.adults since 2017.1TheP-Fin Indexis unique in its capacity to provide a robust measure of overall financial literacy using 28questions, also allowing a nuanced analysis of personal finance knowledge across eight areas in which individuals routinelyfunction: earning, consuming, saving, investing, borrowing and managing debt, insuring, comprehending risk, and go-toinformation sources. The sample size is large enough to provide insights into various demographic segments of the population. In addition to the core set of financial literacy questions, theP-Fin Indexsurvey contains questions that are indicators offinancial well-being. This provides critical insights into the relationship between financial literacy