Highlights From the FINRA Foundation National Financial Capability Study

Financial Capability in the United States ► The presence of inter vivos wealth transfers may be a sign of financial need. Respondents who reported receiving them were more likely to have experienced an unexpected income drop than those who did not receive such assistance (33 percent vs. 24 percent). Recipients were also more likely to report being financially anxious (61 percent vs. 55 percent). In contrast, expecting an inheritance is negatively correlated with these two measures. By inheritance expectations Unexpected income drop Anxious about personal finances 51% 27% 58% 23% Expect/received inheritance No inheritance Expect/received inheritance No inheritance By inter vivos transfers 33% 24% 61% 55% Received inter vivos transfer No inter vivos transfer Received inter vivos transfer No inter vivos transfer Note that these findings are correlational, not causal. In addition, given that inheritance expectations are more common among older respondents while inter vivos transfers are more prevalent among younger respondents, it is likely that age is also a contributing factor to the findings observed here. <13> Highlights From the FINRA Foundation National Financial Capability Study

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