Annamaria Lusardi

Annamaria Lusardi

Annamaria Lusardi

University Professor of Economics & Accountancy; Academic Director, Global Financial Literacy Excellence Center (GFLEC)


Office Phone: (202) 994-8410
2201 G Street NW, Suite 450 Washington, DC 20052

Annamaria Lusardi is the University Professor of Economics and Accountancy at the George Washington University School of Business (GWSB). Moreover, she is the founder and academic director of GWSB’s Global Financial Literacy Excellence Center. Previously, she was the Joel Z. and Susan Hyatt Professor of Economics at Dartmouth College, where she taught for twenty years. She has also taught at Princeton University, the University of Chicago Harris School of Public Policy, the University of Chicago Booth School of Business, and Columbia Business School. From January to June 2008, she was a visiting scholar at Harvard Business School. She holds a Ph.D. in Economics from Princeton University.

Prof. Lusardi has also won numerous research and other awards. The more recent ones include the Kahneman Lecture at the 2019 annual meeting of economic psychology and behavioral economics (IAREP/SABE), the 2018 Ketchum Prize from FINRA Investor Education Foundation, the 2018 Oscar and Shoshana Trachtenberg Prize for Faculty Scholarship, the 2017 Skandia Research Award on Long-Term Savings (awarded in Sweden), the 2015 Financial Literacy Award from the International Federation of Finance Museums (awarded in China), the 2014 William A. Forbes Public Awareness Award from the Council for Economic Education, the 2013 William E. Odom Visionary Leadership Award from the Jump$tart Coalition for Personal Financial Literacy, and the National Numeracy Network’s inaugural 2012 Steen Award. In 2018, she received an honorary degree of Doctor of Science (Economics and Business Administration) from the University of Vaasa in Finland. In 2019, she was included in the Forbes list of the 100 successful women in Italy.

  • William E. Odom Visionary Leadership Award from the Jump$tart Coalition, 2013
  • National Numeracy Network’s inaugural 2012 Steen Award
  • Winner of the $50,000 Fidelity Pyramid Prize for authors of published applied research that best helps address the goal of improving lifelong financial well-being for Americans, November 2007 (jointly with Olivia S. Mitchell)
  • University of Chicago Public Policy School award for Best Teacher (Macroeconomics), 1999-2000
  • Princeton University First Prize for Excellence in Teaching, 1989-90 (Shared)
  • Economics
  • Financial Literacy

Ph.D., Princeton University, 1992
B.A., Bocconi University, 1986

Financial Literacy. Implications for Retirement Security and the Financial Marketplace. Jointly with Olivia Mitchell, Oxford University Press, 2011.

Overcoming the Saving Slump: How to Increase the Effectiveness of Financial Education and Saving Programs. University of Chicago Press, 2008.

Book Chapters, Refereed
“The Outlook for Financial Literacy,” jointly with Olivia Mitchell, in A. Lusardi and O Mitchell (eds), Financial Literacy. Implications for Retirement Security and the Financial Marketplace, Oxford University Press, 2011, pp. 1-13.

“Financial Literacy and Planning: Implications for Retirement Well-being,” jointly with Olivia Mitchell, in A. Lusardi and O Mitchell (eds), Financial Literacy. Implications for Retirement Security and the Financial Marketplace, Oxford University Press, 2011, pp. 17-39.

“Employee Retirement Savings: What We Know and What We are Discovering for Helping People to Prepare for Life After Work,” with Punam Keller, in David Mick, Simone Pettigrew, Connie Pechmann, and Julie Ozanne (eds.), Transformative Consumer Research for Personal and Collective Well Being: Reviews and Frontiers, Taylor and Francis Group, pp. 439-458, 2010.

“Adequacy of Saving for Old Age in Europe,” jointly with Elsa Fornero and Chiara Monticone, in L. Bovemberg, A. van Soest, and A Zaidi (eds.), Aging, Health and Pensions in Europe. An Economic and Social Policy Perspective, Palgrave Macmillan, pp. 13-37, 2010.

“Explaining International Differences in Entrepreneurship: The Role of Individual Characteristics and Regulatory Constraints,” jointly with Silvia Ardagna, in International Differences in Entrepreneurship, edited by Joshua Lerner and Antoinette Schoar, 2009.

“U.S. Household Savings Behavior: The Role of Financial Literacy, Information and Financial Education Programs,” in C. Foote, L Goette, and S. Meier (eds),  Policymaking Insights from Behavioral Economics, Federal Reserve Bank of Boston, 2009, pp. 109-149.

“New Ways to Make People Save: A Social Marketing Approach,” jointly with Punam Keller and Adam M Keller, in A. Lusardi (ed.), Overcoming the Saving Slump: How to Increase the Effectiveness of Financial Education and Saving Programs, University of Chicago Press, Chicago, IL, 2008, pp. 209-236.

“Liquidity Constraints and Entrepreneurship. Household Wealth, Parental Wealth, and the Transition In and Out of Entrepreneurship” jointly with Erik Hurst, in Overcoming Barriers to Entrepreneurship, Lexington Books, Lanham MD, 2008, pp. 47-68.

“Saving Between Cohorts: The Role of Planning,” jointly with Jason Beeler, in B. Madrian, O. Mitchell, and B. Soldo (eds.), Redefining Retirement: How Will Boomers Fare? Oxford University Press, Oxford, 2007, pp. 271-295.

“Saving and the Effectiveness of Financial Education,” in O. Mitchell and S. Utkus (eds.),  Pension Design and Structure: New Lessons from Behavioral Finance, Oxford University Press, 2004, pp. 157-184. Reprinted in the Journal of Financial Transformation, issue on Wealth, vol. 15, December 2005.

“Saving: A Cross-National Perspective,” jointly with Axel Börsch-Supan in A. Börsch-Supan (ed.),  Life-Cycle Savings and Public Policy: A Cross-National Study in Six Countries, Academic Press, 2003, pp. 1-31.

“Information, Expectations, and Savings for Retirement,” in Henry Aaron (ed.), Behavioral Dimensions of Retirement Economics, Washington, D.C.: Brookings Institution Press and Russell Sage Foundation, 1999, pp. 81-115.


“Generations Are Similar” jointly with Arie Kapteyn and Rob Alessie, in P. Ester, J. Geurts, and M. Vermeulen (eds.), The Makers of the Future, Tilburg: Tilburg University Press, 1997, pp. 141-152 (in Dutch).

“Mortgage Commitments and Labor Market Participation: An Empirical Analysis for Italy,” jointly with Daniela Del Boca, in Quantitative Research for Economic Policy, Bank of Italy, 1999, pp. 477-490 (in Italian).

Peer-Reviewed Journal Articles

“Financial Literacy and Quantitative Reasoning in the High School and College Classroom,” jointly with Dorothy Wallace,  Numeracy, Vol 2, July 2013.

The Geography of Financial Literacy,” jointly with Christopher Bumcrot and Judy Lin,  Numeracy, Vol 2, July 2013.

“Financial Literacy, Retirement Planning and Household Wealth,” jointly with Rob Alessie and Maarten van Rooij, Economic Journal, May 2012, vol. 122(560), pp. 449-478.

“Numeracy, Financial Literacy, and Financial Decision-Making,”  Numeracy, 5(1), Article 2, January 2012. [won Steen award]

“Financial Literacy Around the World,” jointly with Olivia Mitchell. Journal of Pension Economics and Finance,October 2011, vol. 10(4), pp. 497-508

“Financial Literacy and Retirement Planning in the United States,” jointly with Olivia Mitchell, Journal of Pension Economics and Finance, October 2011, vol. 10(4), pp. 509-525.

“Financial Literay, Retirement Preparation and Pension Expectations in the Netherlands,” jointly with Rob Alessie and Maarten van Rooij, Journal of Pension Economics and Finance,  October 2011, vol. 10(4), pp. 527-545.

“Financial Literacy and Retirement Planning in Germany,” jointly with Tabea Bucher-Koenen, Journal of Pension Economics and Finance, October 2011, vol. 10(4), pp. 565-584.

“Financially Fragile Households: Evidence and Implications” jointly with Daniel Schneider, and Peter Tufano, Brookings Papers on Economic Activity, Spring 2011, pp. 83-134.

“Financial Literacy and Retirement Planning in the Netherlands,” jointly with Maarten van Rooij and Rob Alessie, Journal of Economic Psychology, 32, 2011, pp. 593-608.

“Financial Literacy and Stock Market Participation,” jointly with Maarten van Rooij and Rob Alessie, Journal of Financial Economics, 2011,  vol 102 (2), pp. 449-472

“The Importance of Business Owners in Assessing the Size of Precautionary Savings,” jointly with Erik Hurst, Arthur Kennickell, and Francisco Torralba, Review of Economics and Statistics, February 2011, vol. 92, pp. 61-69.

“Financial Literacy among the Young,” jointly with Olivia Mitchell and Vilsa Curto, in a special issue on financial literacy, Journal of Consumer Affairs, vol. 44(2), pp. 358-380, 2010.

“Heterogeneity in the Effect of Regulation on Entrepreneurship and Entry Size,” with Silvia Ardagna, Journal of the European Economic Association, 2010.

“Teach Workers about the Perils of Debt,” jointly with Peter Tufano, Harvard Business Review, November 2009, pp. 22-24.

“Planning and Financial Literacy: How Do Women Fare?,” jointly with Olivia Mitchell, American Economic Review,  May 2008,  98(2), pp. 413-417.

“Baby Boomer Retirement Security: The Role of Planning, Financial Literacy, and Housing Wealth,” jointly with Olivia Mitchell, Journal of Monetary Economics, January 2007, 54, pp. 205-224. [Awarded the Fidelity Pyramid Prize.]

“Financial Literacy and Retirement Preparedness. Evidence and Implications for Financial Education,” jointly with Olivia Mitchell, Business Economics, January 2007, pp. 35-44.

“Explaining the Wealth Holdings of Different Cohorts: Productivity Growth and Social Security,” jointly with Rob Alessie and Arie Kapteyn, European Economic Review, 2005, 49(5), pp. 1361-1391

“Liquidity Constraints, Household Wealth, and Entrepreneurship,” jointly with Erik Hurst, Journal ofPolitical Economy, April 2004, 112 (2), pp. 319-347.

“Credit Market Constraints and Labor Market Decisions,” jointly with Daniela Del Boca, Labour Economics, December 2003, 10, pp. 681-703.

“Saving, Public Policy and Late-Life Inequality,” jointly with Jonathan Skinner and Steven Venti, in S. Crystal and D. Shea (eds.), Annual Review of Gerontology and Geriatrics, 2002, pp. 207-238.

“Savings of Young Parents (2001),” jointly with Ricardo Cossa and E. Krupka, Journal of Human Resources, Fall 2001, 36(4), pp. 762-794.

“Saving Puzzles and Saving Policies in the United States” jointly with Jonathan Skinner and Steven Venti, Oxford Review of Economic Policy, Spring 2001, 17(1), 95-115.

“Saving after Retirement: Evidence from Three Different Surveys,” jointly with Rob Alessie and Arie Kapteyn, Labour Economics, June 1999, vol. 6(2), pp. 277-310.

“On the Importance of the Precautionary Saving Motive,” American Economic Review, May 1998, vol. 88(2), pp. 449-453.

“Precautionary Saving and Subjective Earnings Variance,” Economics Letters, December 1997, vol. 57(3), pp. 319-326.

“Consumption, Saving and Habit Formation,” jointly with Rob Alessie, Economics Letters, August 1997, vol. 55(1), pp. 103-108.

“Saving and Income Smoothing: Evidence from Panel Data,” jointly with Rob Alessie, European Economic Review, July 1997, vol. 41, pp. 1251-1279.

“Excess Sensitivity and Asymmetries in Consumption: An Empirical Investigation,” jointly with René Garcia and Serena Ng, Journal of Money, Credit and Banking, May 1997, vol. 29(2), pp. 154-176.

“Income and Wealth over the Life Cycle: Evidence from Panel Data,” jointly with Rob Alessie and Trea Aldershof, Review of Income and Wealth, March 1997, vol. 43(1), pp. 1-32.

“Household Savings: Micro Theories and Micro Facts,” jointly with Martin Browning, Journal of Economic Literature, December 1996, vol. 34, pp. 1797-1855.

“Permanent Income, Current Income and Consumption: Evidence from Two Panel Data Sets,” Journal of Business and Economic Statistics, January 1996, vol. 14(1), pp. 81-90.

“Saving and Wealth Holdings of the Elderly,” jointly with Rob Alessie and Arie Kapteyn, Research in Economics, September 1995, vol. 49, pp. 293-315.

Peer-Reviewed Proceedings

“Increasing the Effectiveness of Financial Education in the Work-Place,” in Taking Financial Literacy to the Next Level: Important Challenges and Promising Solutions, Volume I, OECD, 2009, pp. 41-48.

“Preparing for Retirement: The Importance of Planning Costs,” National Tax Association Proceedings, 2002, pp. 148-154.


Annamaria Lusardi’s research focuses on financial literacy and financial education, a field where she has done pioneering work. She designed measurement of financial literacy which has been used in national surveys around the world and both her theoretical and empirical work has demonstrated the cost and consequences of financial illiteracy. She has published many papers and two books on the topic of financial literacy and also edited special issues on financial literacy for the Journal of Pension Economics and Finance and Numeracy. She is also an expert on saving and pension and published many papers on retirement planning, retirement savings, and debt and debt management among older households. Her other fields of interest are macroeconomics and entrepreneurship and she has done work on household consumption and assessed the importance of liquidity constraints for entrepreneurs.

  • Financial Decision Making- Implications for the Consumer and the Professional
  • Macroeconomics for the Global Economy
  • Personal Financial Management

Academic Positions
Visiting Scholar, Columbia Business School, May-June 2010

Academic advisor, U.S. Treasury, Office of Financial Education, Sept.- Dec. 2009

Joel Z. and Susan Hyatt Professor of Economics, Dartmouth College, 2009-10

Visiting Professor, National Bureau of Economic Research, Cambridge, Mass., July 2008-March 2009

Visiting Scholar, Harvard Business School, January-June 2008

Professor of Economics, Dartmouth, 2006-09

Member of the Academic Advisory Board of the Center for Private Equity and Entrepreneurship, Tuck School of Business, Dartmouth, 2005-2010

Associate Professor of Economics, Dartmouth, 1998-2006

Visiting Associate Professor, Graduate School of Business, University of Chicago, 2004

Visiting Associate Professor, Graduate School of Business, University of Chicago, Spring 2002

Visiting Research Associate, Harris School of Public Policy Studies, University of Chicago, 1999-2000

Visiting Scholar, Northwestern/University of Chicago Joint Center for Poverty Research, 1998-1999

Assistant Professor of Economics, Dartmouth, 1992-98

Visiting Scholar, International Center for Economic Research (ICER) Turin, Italy, Feb-May 1996

Visiting Scholar, Innocenzo Gasparini Institute for Economic Research, Bocconi University, Milan, Italy, Fall 1995

Visiting Scholar, Center, Tilburg University, the Netherlands, Fall 1992

Lecturer, Princeton University, 1991-92

Teaching Assistant, Department of Economics and Graduate Business School, Bocconi University, Milan, 1986-87

Research Fellow, Baffi Centre for Monetary and Financial Economics, Bocconi University, Milan, 1986-87

Professional Experience
Academic Director, Global Center for Financial Literacy, GWSB, coordinates research projects on financial literacy in the US and abroad, 2012-present

Director, Financial Literacy Center (FLC), Dartmouth, coordinated a team of researchers working on financial literacy and financial education programs with the support of SSA

Board of Directors, Council for Economic Education, advisor on financial education in high school

Member, Scientific Monitoring Board, Survey of Health, Aging and Retirement in Europe (SHARE), advisor on survey design

Fellow, Filene Research Institute, provided advice on financial education programs

Chair, Financial Literacy Experts PISA Committee, OECD, designed a financial literacy test

Member, Advisory Board of the Pension Research Council, Wharton School, University of Pennsylvania, provided advice on activities of the Council

Research Fellow, Netspar, Network for Studies on Pensions, Aging and Retirement, Tilburg University, the Netherlands, contributed to research activities

Member, Scientific Committee of the Center for Research on Pensions and Welfare Policies (CeRP), Turin, Italy, provided advice on the center’s activities

Member of the Panel of Judges for the Samuelson Award, TIAA-CREF Institute, selected award winners, 2006, 2013

Fellow, TIAA-CREF Institute, contributed to research activities

Researcher, Associate National Bureau of Economic Research, Cambridge, Mass.

Member, Technical Review Committee of the Bureau of Labor Statistics’ National Longitudinal Surveys Program, provided advice on survey topics, 2003-11

Resident scholar, Board of Governors of the Federal Reserve System, contributed research paper, Dec. 1999

Consulting Experience
Academic advisor, Museum of Saving, Turin, Italy, supervised and proposed work on financial literacy on display at the museum

Consultant to the OECD, Subgroup on the Evaluation of Financial Education Programs, International Network on Financial Education, designed a financial literacy module

Consultant, World Bank, wrote reports on financial literacy programs

Consultant, AARP, gave presentations on financial education programs for the elderly

Consultant, PBS, Retirement Series on Nightly Business Report.

Consultant, FINRA Investor Education Foundation, supervised and proposed topics for retirement series.

Consultant, Bank of Italy, Committee for the Mortara Fellowships, collaborated in the design of a survey to measure financial capability.

Consultant, U.S. Treasury Department, reviewed PhD dissertations to award fellowship, designed a financial literacy test

Consultant, Dartmouth Hitchcock Medical Center

Consultant, Dutch Central Bank, designed financial literacy surveys

Consultant, Board of Governors of the Federal Reserve, designed financial literacy module to add to survey

Consultant, U.S. Social Security Administration, provided comments and recommendations for the Survey of Consumer Finances, and for new programs on financial education.