The initiative brings together top financial literacy and personal finance researchers to facilitate the exchange of ideas, promote evidence-based research, and inform policy makers and the private sector.
The group presents itself as the G53 network in recognition of the academic code – G53 – which represents the field of financial literacy. Fittingly, the network is launched 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 essential it is to have basic skills to navigate both expected and unforeseen events, ”said the co-chair. of the G53 network. Panu kalmi, professor of economics and vice-dean at the School of Accounting and Finance of Finland University of Vaasa. “As 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. ”
As women and marginalized communities suffer the disproportionate economic impacts of COVID-19 and other challenges of our time, expanding financial literacy is essential not only 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, the work of the private sector, and empower people to achieve better results in life. life. In other words, it’s about research with impact. ”
The G53 network is also committed to training the next generation of researchers by mentoring and training young academics and graduate students.
Members of the global network, with more to come, include researchers and research associates based in Australia, Austria, Belgium, Canada, Finland, Germany, Italy, the Netherlands, Singapore, South Africa, Spain, Sweden, Switzerland, the UK, and through United States. Members bring expertise in economics, finance, business, public policy, accounting, marketing, and law, indicating the broad scope of research in financial literacy and personal finance.
A list of members and information about the network are available at www.g53network.org and at Twitter and LinkedIn. The G53 network is powered by GFLEC at the GW School of Business and the Sim Kee Boon Institute for Financial Economics at Singapore University of Management.
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Lisa Fels Davitt
SOURCE The Global Center of Excellence in Financial Literacy (GFLEC)