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Key Findings Details

Financial Capability in the United States: Consumer Decision-Making and the Role of Social Security
Annamaria Lusardi
WP 2010-226

  • Financial capability is low among the U.S. population.
  • Financial literacy can be linked to retirement planning, making provisions against shocks, high-cost borrowing, and making ends meet.
  • A quarter of the population who acknowledged receiving the Social Security statement has used it to make decisions about when to stop working or when to claim Social Security benefits.
  • Some demographic groups, such as African-Americans, those hit by shocks and older Americans, are more likely to use the Social Security statement.