GFLEC

What GFLEC does

GFLEC (Global Financial Literacy Excellence Center) is a non-profit academic research center founded in September 2011 by Annamaria Lusardi. The organization produces rigorous research, measurement instruments, and policy-oriented outputs on personal financial literacy. It is currently hosted at Stanford Graduate School of Business (since 2023) following its original 2011 launch at George Washington University School of Business. GFLEC's flagship instrument is the TIAA Institute-GFLEC Personal Finance Index (P-Fin Index), an annual survey launched in March 2017 that measures U.S. financial literacy across eight functional areas — earning, consuming, saving, investing, borrowing/managing debt, insuring, comprehending risk, and information sources — via 28 standardized questions. GFLEC also co-develops the National Financial Capability Study with the FINRA Investor Education Foundation and has collaborated on the S&P Global FinLit Survey with the World Bank.

The center's product portfolio extends beyond research indices to educational resources and credentialing. Free offerings include the Fast Lane online toolkit for high school financial education (funded by PwC US, launched March 2019), Personal Finance Course materials for higher education (2016), Financial Literacy Micro-Credentials for secondary school teachers (2016), a Girl Rising K-12 curriculum (August 2017), and the COVID-19 Financial Resilience Hub (March 2020). GFLEC publishes the FINLIT eJOURNAL academic journal and runs the Fed/GFLEC Financial Literacy Seminar Series, the annual Cherry Blossom Financial Education Institute, the OECD/GFLEC Global Policy Research Symposium, and the Stanford Financial Education Symposium.

GFLEC's go-to-market is community-led: research output is disseminated through digital channels, academic publishing, multi-channel content (newsletters segmented by audience, social media, FinLit Talks and "What's the Big Idea in Financial Literacy?" video series), and high-profile events. Revenue is grant-funded rather than transaction-based, with major institutional supporters including TIAA Institute (P-Fin Index since 2017), PwC US, the Institute for Consumer Money Management ($2M grant in 2019), and the FINRA Investor Education Foundation. Target audiences are explicitly segmented across academics/researchers, policymakers, corporations (workplace financial wellness), and non-profits. The organization operates across 18+ countries in North America, Europe, Asia Pacific, and Latin America, anchored by institutional partnerships with the OECD, World Bank, European Investment Bank Institute, Italian Ministry of Economy and Finance, and Brazil's CVM.

Name

GFLEC

Legal name

Global Financial Literacy Excellence Center

Website

https://gflec.org

Company type

Private

Founded year

2011

Operating status

Operating

Headcount range

11–50 employees

Short description

GFLEC is a non-profit academic research center at Stanford GSB that produces financial literacy research, the annual P-Fin Index, and free educational programs for academics, policymakers, corporations, and non-profits.

Ownership category

akta.pro rank

Product category

Financial Education Research

NAICS

Research and Development in the Social Sciences and Humanities (541720), Scientific Research and Development Services (5417), Marketing Research and Public Opinion Polling (541910)

SIC

Investment Advice (6282)

akta.pro primary industry

Financial Education & Coaching (Digital Programs, Tools) (FSAGADAH)

akta.pro secondary industry

Personal Finance & Financial Literacy for Students (EDAMAIAH)

Keywords

• Financial literacy research
• Personal finance assessment
• Financial education programs
• Workplace financial wellness
• Financial capability studies

Headquarters

HQ city

Stanford

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Research Grants and Foundation Support: GFLEC operates as a non-profit research center funded through grants and institutional partnerships. Major supporters include TIAA Institute, PwC US, Institute for Consumer Money Management ($2 million grant), and FINRA Investor Education Foundation.
2. Educational Programs and Resources: Free educational resources including Fast Lane toolkit for high schools, personal finance courses, financial literacy micro-credentials, and COVID-19 Financial Resilience Hub made freely available to the public.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels7 records

Core offering

GFLEC is a non-profit research center that conducts financial literacy research and data analysis, building tools to measure personal finance knowledge such as the annual P-Fin Index. It translates these findings into educational programs (Fast Lane high-school toolkit, financial literacy micro-credentials, personal finance courses) and policy guidelines for governments and corporations worldwide.

Product overview

GFLEC (Global Financial Literacy Excellence Center) is a research and education organization at Stanford Graduate School of Business, not a traditional software product company. The organization offers a portfolio of research indices, educational programs, and knowledge resources. Its flagship initiative is the TIAA Institute-GFLEC Personal Finance Index (P-Fin Index), an annual survey measuring financial literacy across eight functional areas. The educational offerings include Fast Lane (a free online toolkit for high school financial education funded by PwC), Financial Literacy Micro-Credentials for teachers, a Personal Finance Course for higher education, and a Financial Literacy Curriculum developed with Girl Rising for K-12 students. Additionally, GFLEC publishes the FINLIT eJOURNAL academic journal and runs the Fed/GFLEC Financial Literacy Seminar Series, the annual Cherry Blossom Financial Education Institute, and the OECD/GFLEC Global Policy Research Symposium. During the COVID-19 pandemic, GFLEC launched a Financial Resilience Hub. All programs aim to advance research and solutions that open the door to universal financial literacy.

Differentiator

Problem solved

Functional benefit

Products and services

• TIAA Institute-GFLEC Personal Finance Index (P-Fin Index) An annual survey and index that measures financial literacy and understanding across eight functional areas: earning, consuming, saving, investing, borrowing/managing debt, insuring, comprehending risk, and go-to information sources. Since 2017, it has tracked financial literacy trends in America through a 28-question survey, intended for use by academics, policymakers, financial institutions, and the media.
• Fast Lane A free online toolkit designed to help high school students achieve financial literacy by giving educators the resources to overcome barriers to adding financial education courses to school curricula. Funded by PwC US and accessible via fastlane-education.org.
• Financial Literacy Micro-Credentials Free micro-credentials for secondary school teachers designed to enhance financial literacy education in schools, available through gflec.org.
• Personal Finance Course A higher-education course curriculum for teaching personal finance to college students, with materials made publicly available to instructors and students.
• Girl Rising Financial Literacy Curriculum Financial education lesson plans for K-12 students developed in partnership with Girl Rising to teach financial literacy alongside social messaging.
• COVID-19 Financial Resilience Hub An online hub offering resources for personal financial management during the COVID-19 pandemic, made freely available to the public.
• FINLIT eJOURNAL An academic journal focused on financial literacy research, publishing scholarly articles on financial education and literacy.
• Fed/GFLEC Financial Literacy Seminar Series A seminar series focused on financial literacy research and policy discussions, held jointly with the Federal Reserve.
• Cherry Blossom Financial Education Institute (Stanford Financial Education Symposium) An annual conference bringing together scholars and practitioners to discuss financial education research, held annually since 2015.
• OECD/GFLEC Global Policy Research Symposium Annual global symposium, first held in Paris in October 2013, bringing together researchers and policymakers to advance financial literacy policy research.

Quantifiable outcome

• 30-40% of retirement wealth inequality can be accounted for by financial knowledge
• +2 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Nine partnerships are on record, tiered core and strategic.

• TIAA InstitutecoreStrategic or Co-development Partner · 1 January 2017Long-standing collaboration to conduct research and identify solutions that promote financial well-being. Since 2017, worked together on the annual TIAA Institute-GFLEC Personal Finance Index (P-Fin Index). TIAA Institute support has covered topics including Millennials and money, working women, women and retirement, debt at older ages, and development of methods for evaluating quality of financial decision-making.
• PwC UScoreStrategic or Co-development PartnerFunded the Fast Lane project aimed at ensuring high school students are financially literate. Previously funded research on Millennials and high school students. Sponsored the U.S. release of the 2012 PISA financial literacy data.
• FINRA Investor Education FoundationcoreStrategic or Co-development PartnerCritical partner on the FINRA Foundation's National Financial Capability Study. Co-hosted release of National Financial Capability Study data.
• World BankcoreStrategic or Co-development PartnerJoint release of S&P Global Financial Literacy Survey findings with World Bank and S&P Global in 2015.
• OECDcoreStrategic or Co-development PartnerCo-host annual OECD/GFLEC Global Policy Research Symposium to Advance Financial Literacy. First held in Paris, France in October 2013. Collaboration on PISA financial literacy assessment.
• Comissão de Valores Mobiliários (Brazilian Securities and Exchange Commission)strategicStrategic or Co-development PartnerGFLEC and Brazil's CVM partnered in February 2019 to promote evidence-based programs to improve financial literacy in Latin America and the Caribbean.
• AllianzstrategicStrategic or Co-development PartnerGroundbreaking financial literacy survey collaboration with Allianz.
• Italian Ministry of Economy and FinancestrategicStrategic or Co-development PartnerDirector Lusardi appointed Director of Italy's Financial Education Committee by Italy's Minister of Economy and Finance. Minister Pier Carlo Padoan and delegation visited GFLEC.
• The Wharton SchoolcoreStrategic or Co-development PartnerOngoing research collaboration including work with Dr. Olivia S. Mitchell on multiple publications including books on retirement security and financial literacy.

Scale indicators3 records

Recent moves8 records

Expansion highlights5 records

Emerging players

• Stanford Institute for Financial Education (IFDM): Stanford IFDM launched in 2024 at the same Stanford GSB home as GFLEC, also focused on household financial decision-making research — adjacent emerging player within the same institutional ecosystem.
• Khan Academy Personal Finance: Khan Academy offers free, video-based personal finance education at massive scale to students and adults — serving the same end learners as GFLEC's Fast Lane and Personal Finance Course but as a digital-first incumbent in edtech.
• Take Charge America (National Financial Educators Council): NFEC delivers financial education training and certification for educators and corporate audiences — overlapping segment with GFLEC's micro-credentials and workplace wellness offerings but with a more practitioner/commercial delivery model.

Direct peers

• Council for Economic Education (CEE): CEE provides economics and personal finance curriculum, teacher training, and the National Financial Capability initiatives — highly comparable to GFLEC's educator-focused programs and a prior award-granting body to GFLEC's founder.
• Jump$tart Coalition for Personal Financial Literacy: Jump$tart is a non-profit coalition advancing financial literacy in K-12 through research, standards, and advocacy — serving the same academics, policy makers, and educator segments as GFLEC's Fast Lane and micro-credentials work.
• National Endowment for Financial Education (NEFE): NEFE is a U.S.-based non-profit focused exclusively on financial literacy research, education, and policy advocacy — directly comparable to GFLEC's research-and-education model, with overlapping funder base (TIAA, FINRA) and similar audiences.
• FINRA Investor Education Foundation: FINRA Foundation funds and publishes the National Financial Capability Study — a direct research counterpart and co-publisher with GFLEC, sharing the same academic and policy audiences.
• OECD International Network on Financial Education (INFE): OECD/INFE is the leading international body on financial literacy research and policy guidance, partnered with GFLEC on the annual Global Policy Research Symposium and PISA financial literacy — essentially a joint venture partner rather than competitor.

Broad incumbents

• Federal Reserve Financial Literacy Resources: The Fed co-hosts the GFLEC Financial Literacy Seminar Series and produces Money Smart curricula — a broader institutional incumbent in financial education research and public-facing programs serving overlapping audiences.
• S&P Global Financial Literacy Research (S&P FinLit Survey): S&P Global co-released the S&P Global FinLit Survey with GFLEC and World Bank; a broader commercial research incumbent operating in the same global financial literacy measurement space.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xtwitter.com/Dr_AnnaLusardi
• YouTubeyoutube.com/@GFLEC
• Facebookfacebook.com/gflec
• LinkedInlinkedin.com/company/global-financial-literacy-excellence-center-gflec-
• Instagraminstagram.com/gflec_finlit

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

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M&A

Investments

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Frequently asked questions about GFLEC