Newswise – WASHINGTON and PALO ALTO (February 15, 2022) — The urgent drive to build financial resilience and identify practical and accessible solutions to overcome financial illiteracy takes a giant leap forward with new multi-year support through Next Generation Personal Finance (NGPF) for the inauguration G53 Financial Literacy and Personal Finance Research Network.
As individuals, families and nations are increasingly challenged to respond to today’s economic realities, the commitment of $300,000 over three years will accelerate and expand the G53 Network’s ability to connect top scholars, facilitate the exchange of ideas, and promote evidence-based research that will accelerate financial literacy in the United States and around the world.
george washington university Global Center of Excellence in Financial Literacy (GFLEC), home to the G53 Network, will administer the funds to support bringing together leading and junior researchers to generate and exchange ideas, collect new data and take additional action to improve financial literacy of all. This commitment will also help the Network accelerate the launch of the first-ever peer-reviewed journal of personal finance and financial literacy research.
“Personal financial know-how may no longer be accessible to a privileged subset of students,” Tim Ranzetta, co-founder of NGPF, said when announcing the award. “Our nation and indeed people everywhere only succeed 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.
“Energizing the G53 network to promote and improve financial education research is one of the most effective ways to advance policy 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 Accounting at GW University School of Business, Founder and Academic Director of GFLEC, and Co-Chair of the G53 Network. “With this new support, the G53 network is even better placed to connect researchers, expand impact and enable solutions. We are grateful to the NGPF for this generous support, especially in the pandemic where perhaps more than ever people from all walks of life need to learn how to manage the personal financial resources they may have, earn or aspire to achieve. .
Although the field of financial literacy research has grown exponentially around the world over the past decade, there has been no authoritative place for leading academic voices to collect and publish data, conclusions and policy recommendations.
“We are now closing this gap,” added Lusardi.
As an indication of the work to come since the launch of the G53 network in December 2021, the group has already uploaded working documents on its websiteincluding a study that revealed the need for personal finance courses at school builds measurable financial strength not only of students but also of their teachers and the parents. The Network has also launched initiatives to train and advance young researchers in financial literacy and personal finance.
About the G53 Network: the G53 Financial Literacy and Personal Finance Research Network brings together leading academics in the field of personal finance to multiply and expand research impact and train the next generation of researchers. Our members have expertise in economics, finance, business, public policy, accounting, marketing and law. The network is powered by GFLEC at GW School of Business and Sim Kee Boon Institute for Financial Economics at Singapore Management University. follow us on LinkedIn and Twitter.
About Next Generation Personal Finance: NGPF is a “one-stop-shop” for over 60,000 educators looking for an engaging, high-quality personal finance program to equip students with the skills they need to thrive in the future. The NGPF program has a broad reach, with more than 7 in 10 American high school students attending schools where a teacher uses the NGPF program. The nonprofit has been recognized by Common Sense Education as Best Website for Teachers to Find Lesson Plans and Best business and finance games.