The TIAA Institute and the Global Financial Literacy Excellence Center (GFLEC) recently conducted a survey called the Personal Finance Index (P-Fin Index), which aims to measure individuals' financial literacy and assess their understanding of personal finance concepts.

The survey was conducted in the United States and included a nationally representative sample of 1,024 adults aged 18 and over. The survey consisted of 28 questions covering eight areas of personal finance, including earning, spending, saving, borrowing, insuring, investing, managing debt, and understanding risk.

The survey found that the overall financial literacy score for Americans was 57%, which is slightly lower than the previous year's score of 58%. However, the score was higher than in previous years, indicating a positive trend in financial literacy among Americans.

The survey also revealed some interesting trends and patterns among different age groups, income levels, and education levels. For example, younger adults (ages 18-34) scored the lowest on the P-Fin Index, with an average score of 47%. On the other hand, older adults (ages 65+) scored the highest, with an average score of 66%. Similarly, individuals with higher levels of education and income tended to have higher scores on the P-Fin Index.

The survey also asked participants about their financial behaviors and attitudes. For example, the survey found that only 52% of participants had a budget, and only 39% of participants reported having an emergency fund. Additionally, only 40% of participants reported feeling confident in their ability to make investment decisions.

The survey's findings highlight the importance of financial literacy education and the need for individuals to improve their understanding of personal finance concepts. It also emphasizes the need for financial institutions, policymakers, and educators to work together to provide individuals with the tools and resources they need to make informed financial decisions.