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The Knowledge We Gain & Share

The Foundation serves as a repository for data describing the financial capability of American households. It interprets this data and enables research to help decision-makers and practitioners advance financial well-being in communities nationwide. The Foundation also has an active research agenda focusing on financial fraud in America, and it sponsors a variety of studies to help us understand what works when it comes to financial education and protection.

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National Financial Capability Study

Individuals and families must grapple with a bewildering variety of financial decisions. Even basic decisions require financial knowledge and competency, while more complicated decisions can challenge experts. In consultation with federal agencies, the FINRA Foundation sponsors the National Financial Capability Study to benchmark indicators of financial capability and evaluate how these indicators vary with demographic, behavioral, attitudinal and financial literacy characteristics. The study examines:
  • Making ends meet
  • Planning ahead
  • Managing financial products
  • Financial knowledge and decision-making
The study began in 2009 and has been renewed every three years. The fourth and most recent wave of the study was conducted in 2018. All data and reports from the study are freely available. Together they provide one of the most detailed and important portraits available of Americans' financial knowledge, skills, attitudes and behaviors.

Does Overconfidence Increase Financial Risk Taking in Older Age?

Using data from the Rush Memory and Aging Project, this research provides new and updated evidence that overconfidence in financial knowledge may lead to excessive financial risk taking in older age.

Mind the Gap: Women, Men, and Investment Knowledge

This fact sheet explores differences in investment knowledge between male and female investors.

How Are Veterans Faring Financially?

This study examines the financial capability of veterans.

Millennials and Investing

This study separates myth from reality when it comes to millennials and investing.


The FINRA Foundation funds research that advances our understanding of financial capability and well-being.

The Ketchum Prize

This annual $10,000 prize spotlights researchers and educators who have made outstanding advances on behalf of investor protection and financial capability in the U.S. 

Essential Reading


Does Overconfidence Increase Financial Risk Taking in Older Age?


Investors in the United States 2019


Exposed To Scams: What Separates Victims From Non-Victims?


Does State-Mandated Financial Education Affect High-Cost Borrowing?


Gender, Generation and Financial Knowledge: A Six-Year Perspective


Financial Capability of Adults with Disabilities



Fighting Fraud Through Timely Research

The FINRA Foundation and its partners are at the forefront of research to better understand the prevalence and types of fraud crimes committed in the United States, as well as research to reduce such crime and help victims.

Evaluation and Research


Empowering Investors With Social Annotation When Saving For Retirement


Can Online Disclosure Design Affect Investor Understanding And Performance?


Implementation Guide: Employer-Sponsored Small-Dollar Loan