Top Financial Literacy Researchers Unite to Accelerate Research and Solutions to Household Financial Crises
“The pandemic has brought to light the pain of financial distress and people need to develop antibodies not only against the virus, but also against financial fragility,” said Annamaria Lusardico-founder of the new network and university professor and academic director of the george washington university Global Financial Literacy Center of Excellence (GFLEC)which will house the new G53 network.
The initiative brings together the best researchers in the field of financial literacy and personal finance to facilitate the exchange of ideas, promote evidence-based research and inform policy makers and the private sector.
The group is called the G53 Network in recognition of the academic code – G53 – which represents the field of financial literacy. Fittingly, the network launches with 53 founding members from around the world.
“From demographic shifts to changes in financial markets to the onset of the pandemic, we have seen how critical it is to have basic skills to deal with expected and unforeseen events,” said G53 Network Co-Chair . Panou Kalmiprofessor of economics and vice-dean at the School of Accounting and Finance of Finland University of Vaasa. “While policymakers are increasingly aware of the consequences of financial illiteracy, there are still many questions to be explored to better understand the benefits of personal finance education, especially for historically underserved populations. ”
With women and marginalized communities experiencing disproportionate economic impacts from COVID-19 and other issues of our time, expanding financial literacy is critical not just for individuals, but also for national and global economic recovery.
“The study of financial literacy has grown exponentially and its importance has been increasingly recognized over the past decade,” Lusardi noted. “By enabling the most rigorous research, we seek to address global challenges in financial literacy and personal finance to influence policy change, private sector work, and empower people to achieve better outcomes in the life. In other words, this is research with impact.”
The G53 network is also committed to training the next generation of researchers by mentoring and training young scholars and graduate students.
Members of the global network, and more to come, include research fellows and research associates based at Australia, Austria, Belgium, Canada, Finland, Germany, Italy, the Netherlands, Singapore, South Africa, Spain, Sweden, Switzerlandthe UKand through United States. Members bring expertise in economics, finance, business, public policy, accounting, marketing and law, indicating the broad scope of research on financial literacy and personal finance.
A list of members and network information is available at www.g53network.org and on Twitter and LinkedIn. The G53 network is powered by GFLEC at the GW School of Business and the Sim Kee Boon Institute of Financial Economics at Singapore Management University.
Lisa Fels Davitt
SOURCE The Global Financial Literacy Center of Excellence (GFLEC)