Annamaria Lusardi

Professor (by courtesy), Finance

Annamaria Lusardi

Professor of Finance (by courtesy)

Senior Fellow at the Stanford Institute for Economic Policy Research
Academic Area:

Research Statement

Annamaria’s Lusardi research is in the areas of financial literacy and personal finance. She has designed measurements of financial literacy, which have been used around the world. She has also worked on a variety of applications, from savings and wealth management to pensions. She has also studied the effectiveness of financial education programs on individuals’ financial decisions.

Research Interests

  • Financial Literacy
  • Personal Finance
  • Wealth Management
  • Applied Economics

Teaching Statement

Lusardi teaches classes on personal finance, wealth management, and applied economics


Annamaria Lusardi is the Director of the Initiative for Financial Decision-Making, a collaboration between the Graduate School of Business (GSB), the Stanford Institute for Economic Policy Research (SIEPR), and the Economics Department. She is also Professor of Finance (by courtesy) at the GSB and a Senior Fellow at SIEPR. Previously, she was University Professor at The George Washington University and, before that, she was the Joel Z. and Susan Hyatt Professor of Economics at Dartmouth College. She has also taught at Princeton University, the University of Chicago’s Harris School of Public Policy and Booth School of Business, Columbia Business School, and was a visiting scholar at Harvard Business School. She holds a Ph.D. in Economics from Princeton University and an honorary doctorate from the University of Vaasa in Finland.

One of the most cited authors in financial literacy, Lusardi is the founder and Academic Director of the Global Financial Literacy Excellence Center (GFLEC), which has done pioneering work on personal finance education. She has published close to 100 articles and books, including publications in the American Economic Review and the Journal of Political Economy. She is the founder and inaugural editor of the Journal of Financial Literacy and Wellbeing, published by Cambridge University Press. She has received numerous research and policy awards around the world, including grants from the National Science Foundation, the National Institutes of Health, and the Social Security Administration. She also won teaching awards at both Princeton and the University of Chicago.

Lusardi served as a faculty advisor for the Office of Financial Education at the U.S. Treasury. From 2017 to 2023, she was the Director of the Italian Financial Education Committee in charge of designing and implementing a national strategy for financial literacy in Italy. Her research is featured regularly in media outlets such as The Wall Street Journal, Financial Times, Forbes, and CNBC.

Academic Degrees

  • PhD in Economics, Princeton University, 1992
  • BA in Economics; Bocconi University, Milan, Italy; 1986

Academic Appointments

  • Denit Trust Chair of Economics and Accountancy, The George Washington University School of Business, 2014–24
  • University Professor of Economics and Accountancy, The George Washington University, 2020–2023
  • Denit Trust Distinguished Scholar and Professor of Economics and Accountancy, The George Washington University School of Business, 2012–14
  • Denit Trust Professor of Economics and Accountancy, The George Washington University School of Business, 2010–12
  • Joel Z. and Susan Hyatt Professor of Economics, Dartmouth College, 2009–10
  • Professor of Economics, Dartmouth College, 2006–09
  • Associate Professor of Economics, Dartmouth College, 1998–2006
  • Assistant Professor of Economics, Dartmouth College, 1992–98

Professional Experience

  • Director, Italian Financial Education Committee, 2017–23
  • Chair, OECD-International Network on Financial Education, 2014–present
  • Chair, Financial Literacy Expert Group, Programme for International Student Assessment (PISA), OECD, 2009–15
  • Academic Advisor; U.S. Treasury, Office of Financial Education; 2009

Awards and Honors

  • Financial Education Impact Award, NEFE Inaugural 30th Anniversary, 2022
  • Pearson Award, Financial Management, 2022
  • Best Academic Paper, The Money Awareness and Inclusion Awards (MAIA), 2022
  • Kulp-Wright Book Award, American Risk and Insurance Association, 2022
  • Honorary Degree of Doctor of Science (Economics and Business Administration); University of Vaasa, Finland; 2018
  • Ketchum Prize, FINRA Investor Education Foundation, 2018
  • Oscar and Shoshana Trachtenberg Prize for Scholarship, The George Washington University, 2018
  • Skandia Research Award on Long-Term Savings; Stockholm, Sweden; 2017
  • Financial Literacy Award, International Federation of Finance Museums, 2015
  • William A. Forbes Public Awareness Award, Council for Economic Education, 2014
  • William E. Odom Visionary Leadership Award, Jump$tart Coalition for Personal Financial Literacy, 2013
  • National Numeracy Network’s inaugural 2012 Steen Award, Numeracy, 2013
  • Winner of the Fidelity Pyramid Prize, 2007
  • Award for Best Teacher, University of Chicago Harris School of Public Policy, 1999–2000
  • First Prize for Excellence in Teaching, Princeton University, 1989


Journal Articles

Annamaria Lusardi, Jialu L. Streeter
Journal of Financial Literacy and Wellbeing
October 2023 Pages 1–30
Annamaria Lusardi, Olivia S. Mitchell
September 2023 Vol. 37 Issue 4 Pages 137–154
Annamaria Lusardi, Flore-Anne Messy
Journal of Financial Literacy and Wellbeing
June 2023 Vol. 1 Issue 1 Pages 1–11
Sandro Ambuehl, B. Douglas Bernheim, Annamaria Lusardi
American Economic Review
November 2022 Vol. 112 Issue 11 Pages 3584–3626
Tim Kaiser, Annamaria Lusardi, Lukas Menkhoff, Carly Urban
Journal of Financial Economics
August 2022 Vol. 145 Issue 2 Pages 255–272
Robert L. Clark, Annamaria Lusardi, Olivia S. Mitchell
AEA Papers and Proceedings
May 2021 Vol. 111 Pages 292–296
Leora Klapper, Annamaria Lusardi
Financial Management
September 2020 Vol. 49 Issue 3 Pages 589–614
Annamaria Lusardi
Swiss Journal of Economics and Statistics
2019 Vol. 155 Issue 1
Annamaria Lusardi, Olivia S. Mitchell, Noemi Oggero
AEA Papers and Proceedings
May 2018 Vol. 108 Pages 407–411
Annamaria Lusardi, Pierre-Carl Michaud, Olivia S. Mitchell
Journal of Political Economy
April 2017 Vol. 125 Issue 2
Annamaria Lusardi
The Journal of Consumer Affairs
September 2015 Vol. 49 Issue 3 Pages 639–659
Kyle Carlson, Joshua Kim, Annamaria Lusardi, Colin F. Camerer
American Economic Review
May 2015 Vol. 105 Issue 5 Pages 381–384
Annamaria Lusardi
Public Understanding of Science
2015 Vol. 24 Issue 3 Pages 260–271
Annamaria Lusardi, Olivia S. Mitchell
Journal of Economic Literature
March 2014 Vol. 52 Issue 1 Pages 5–44
Maarten C.J. van Rooij, Annamaria Lusardi, Rob J.M. Alessie
The Economic Journal
May 2012 Vol. 122 Issue 560 Pages 449–478
Maarten van Rooij, Annamaria Lusardi, Rob Alessie
Journal of Financial Economics
August 2011 Vol. 101 Issue 2 Pages 449–472
Annamaria Lusardi, Olivia S. Mitchell
Journal of Pension Economics & Finance
2011 Vol. 10 Issue 4 Pages 497–508
Annamaria Lusardi, Peter Tufano, Daniel Schneider, Adair Morse, Karen M. Pence
Brookings Papers on Economic Activity
2011 Pages 83–134
Annamaria Lusardi, Peter Tufano
Journal of Pension Economics and Finance
2009 Vol. 14 Pages 332–368
Annamaria Lusardi, Olivia S. Mitchell
American Economic Review
May 2008 Vol. 98 Issue 2 Pages 413–417
Annamaria Lusardi, Olivia S. Mitchell
Journal of Monetary Economics
January 2007 Vol. 54 Issue 1 Pages 205–224
Erik Hurst, Annamaria Lusardi
Journal of Political Economy
April 2004 Vol. 112 Issue 2 Pages 319–347
Annamaria Lusardi
American Economic Review
1998 Vol. 88 Issue 2 Pages 449–453
Martin Browning, Annamaria Lusardi
Journal of Economic Literature
December 1996 Vol. 34 Issue 4 Pages 1797–1855
Annamaria Lusardi
Journal of Business & Economic Statistics
January 1996 Vol. 14 Issue 1 Pages 81–90

Working Papers

Tabea Bucher-Koenen, Rob J. Alessie, Annamaria Lusardi, Maarten van Rooij April 2021

Academic Publications

Jill E. Fisch, Annamaria Lusardi, Andrea Hasler
Cornell Law Review
2020 Vol. 105 Issue 3
Carly Urban, Annamaria Lusardi, Lukas Menkhoff Menkhoff, Tim Kaiser
February 2017

Conferences, Talks & Speaking Engagements

Financial Literacy Gaps and Inflation: Lessons from Seven Years of P-Fin Index Data

Keynote speaker, Bank of Finland Financial Literacy Conference, Helsinki, June 12, 2023

Financial Literacy and Personal Finance. An Overview

State of the Art Lecture, Canadian Economics Association Annual Meeting, Winnipeg, Manitoba, Canada, May 30, 2023

The Power of Financial Literacy: Global Evidence

Keynote speaker, Conference on Financial Literacy and Education in Cyprus: Challenges, Lessons from Other Countries and the Way Forward, Central Bank of Cyprus (online), March 10, 2023

Workplace Financial Education. Lesson from Ten Years of Experience

Keynote speaker, OECD-INFE launch of the Policy Handbook on Financial Education in the Workplace, June 15, 2022

Insights on Financial Literacy and Financial Fragility

Keynote speaker, Joint European Supervisory Authorities High-level Conference on Financial Education and Literacy, February 2, 2022 (online)

Coping with New (and Old) Vulnerabilities in the Post-Pandemic World

Special address, G20 Global Partnership for Financial Inclusion High-Level Symposium, Rome, Italy, October 5, 2021

Why Women Need To Be Fearless

Keynote speaker, Financial Resilience and Financial Literacy Opportunities for the Economic Empowerment of Women, OECD, March 31, 2021 (online)

CEOs roundtable with Al Gore

Panel, March 19, 2021 (online)

Financial fragility and resilience in Europe and the US amid COVID-19

Keynote speaker, 10th Annual SKBI Conference on COVID-19, Financial Fragility and Resilience, Sim Kee Boon Institute for Financial Economics, Singapore Management University, December 2, 2020

Financial Training

Invited Panel, International conference: The milestones of the Integral Ecology for a Human Economy, Fondazione Centesimus Annus Pro Pontifice, Vatican City, Rome, October 30, 2020

Singapore Fintech Festival

Speaker, Singapore, November 13, 2018

Stanford University Affiliations

  • Director Financial Freedom Initiative
  • Senior Fellow Stanford Institute for Economic Policy Research

Service to the Profession

  • Inaugural editor, Journal of Financial Literacy and Wellbeing, 2023–present
  • Editorial Board, Journal of Accounting and Public Policy, 2019–present
  • Editor, Financial Literacy eJournal, 2014–present
  • Advisory Board, Journal of Retirement, 2013–present
  • Editorial Board, Journal of Economic Education, 2010–present
  • Editorial Board, Journal of Pension Economics and Finance, 2009–present
  • Member, Advisory Board, Pension Research Council, Wharton School, University of Pennsylvania, 2008–present
  • Member Scientific Monitoring Board, Survey of Health, Ageing and Retirement in Europe (SHARE), 2011–20
  • Policy Editor; Financial Decision Making, Behavioral Science and Policy; 2013–19
  • Member, Expert Committee, World Economic Forum, Retirement Investment Systems Reform Project, 2016–18
  • Member Panel of Judges for the Samuelson Award, TIAA-CREF Institute, 2006, 2013
  • Editorial Board, Journal of Economic Literature, 2009–12
  • Member Technical Review Committee, U.S. Bureau of Labor Statistics’ National Longitudinal Surveys Program, 2003–11
  • Member Academic Advisory Board; Center for Private Equity and Entrepreneurship, Tuck School of Business; 2005–10

Insights by Stanford Business

May 29, 2024
If we want to make more empowered decisions, then we need to care about accounting.
December 13, 2023
Keep your brain warm with these book suggestions.
December 12, 2023
Annamaria Lusardi has found high rates of financial illiteracy in the U.S. and around the globe. She’s determined to turn them around.