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Building a Financially Capable America Through Education and Research

The People We Help

The FINRA Foundation helps Americans build financial stability, invest for life goals and guard against fraud.

The Knowledge We Gain & Share

Research allows us to understand and improve money decisions. The FINRA Foundation connects those who create new knowledge with those who use it.

The Networks We Strengthen

Where do we turn before making important money decisions? The FINRA Foundation empowers its partners to reach people where they live, work and learn.


Six Things to Know About ESG and Retail Investors

Little research is publicly available about retail investors’ understanding and approach to ESG investing, which incorporates environmental, social and governance considerations into investment decision-making. This study by the FINRA Foundation and NORC at the University of Chicago examines retail investors’ knowledge, attitudes and behaviors related ESG investing.

Six Things to Know About ESG and Retail Investors


Testing the Effectiveness of Financial Education Across 76 Randomized Experiments

This study examines the effectiveness of financial education using data from 76 randomized experiments across 33 different countries covering over 160,000 people. The analysis suggests that financial education is cost-effective and improves both financial knowledge and financial behaviors.


Misjudging Memory Skills Can Adversely Impact Financial Decision Making in Old Age

This study found that older adults who misperceive their memory skills exhibit poorer financial decision making.


Race and Scam Susceptibility: Key Risk Factors for Older African Americans

This study examined the major factors tied to scam susceptibility among African American older adults. Our findings suggest that key risk factors relate to deficits in semantic memory (that is, conceptual knowledge), financial and health literacy, and psychological wellbeing—all of which are also tied to scam susceptibility among white older adults.

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Measuring Investing Knowledge

When testing investing knowledge, language matters. This study from the FINRA Foundation and NORC at the University of Chicago suggests that investing jargon commonly used in assessments can hide what female, African American, and Hispanic/Latino consumers really know about investing.

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Understanding the Financial Capability of Americans

This research, Bridging the Divide: A Closer Look at Changes in the Racial and Ethnic Composition of Investor Households, explores the racial and ethnic composition of investors over a six-year period. The findings suggest that while African American and Hispanic/Latino adults continue to be under-represented in the investor ranks, once sociodemographic variables are controlled for, the gap in the likelihood of owning a taxable investment account between white and African American and Hispanic/Latino adults closes substantially.

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FINRA Foundation Dissertation Completion Fellowship Program

In order to expand the pipeline of researchers from racial and ethnic backgrounds, the FINRA Foundation offers fellowships to advanced doctoral candidates pursuing dissertation research centrally concerning financial services and capital markets

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