Highlights From the FINRA Foundation National Financial Capability Study
Financial Capability in the United States
Background & Methodology
In 2009, the FINRA Investor Education Foundation commissioned the first national study of the financial
capability of U.S. adults. The overarching research objectives of the NFCS were to benchmark key indicators of
financial capability and evaluate how these indicators vary with underlying demographic, behavioral, attitudinal,
and financial literacy characteristics.
Since then, the NFCS has been conducted at three-year intervals to continue tracking core measures from
previous waves, while also incorporating new questions to address timely and relevant topics in each wave.
The 2021 NFCS consists of two linked surveys:
State-by-State Survey: A state-by-state online survey of 27,118 U.S. adults (roughly 500 per state, plus
the District of Columbia)5
Investor Survey: An online survey of 2,824 U.S. adults who have investments outside of retirement
accounts
In addition, there are two supplemental datasets for the 2021 State-by-State survey. These data are not
included in the current report but are available upon request:
Asian/Pacific Islander Oversample: An additional sample of 1,001 Asian American and Pacific Islander
respondents nationwide
Puerto Rico Sample: A sample of 1,001 residents of Puerto Rico
The survey instruments were designed by a multi-disciplinary team of researchers, policy makers, and
practitioners in the financial capability field. All surveys were funded by the FINRA Investor Education
Foundation and conducted by FGS Global.
This report outlines the findings of the 2021 State-by-State Survey administered to respondents between June
and October 2021. Percentages were calculated using all respondents, including those who answered "Don't
know" or "Prefer not to say." The data are weighted to be representative of the national population as a whole,
in terms of age, gender, ethnicity, education, and Census Division, based on the Census Bureau's American
Community Survey. However, breakdowns of sub-populations may not necessarily be representative.
More information about the NFCS, including survey instruments, data sets, and detailed methodological
information, can be found at www.FINRA Foundation.org/NFCS.
Measuring Racial and Ethnic Identity
The survey includes a question asking participants "Which of the following best describes your race or
ethnicity? Select all that apply." Respondents were given the following response options: "White or Caucasian,"
"Black or African American," "Hispanic or Latino/a," "Asian," "Native Hawaiian or other Pacific Islander,"
"American Indian or Alaska Native," and "Other." Respondents who chose "Hispanic or Latino/a" alone or in
combination with any other race were coded as Hispanic/Latino; respondents who chose "White or Caucasian"
were coded as white; respondents who chose "Black or African-American" were coded as Black/African
American; respondents who chose "Asian" or "Native Hawaiian or other Pacific Islander" were coded as Asian/
Pacific Islander; respondents who chose "American Indian or Alaska Native," "Other," or two or more ethnicities
were coded as Other. In this report, respondents coded as "Other" are included in all analyses, but the "Other"
category is not displayed in the figures.
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