National Financial Capability Study (2009+)

The FINRA Foundation’s National Financial Capability Study (NFCS) provides data on multiple indicators of the financial capability of U.S. adults—including financial behaviors, attitudes, knowledge, and access to financial products and services—to help decision makers at all levels understand the financial circumstances and needs of households in communities around the country.

The State-by-State NFCS, initiated in 2009, was the first national study of the financial capability of adults in the United States. Survey data is collected every three years, and now comprises six waves of data. The study continues to evolve—with each new wave adding new questions (in addition to existing ones), incorporating new samples, and touching on timely topics that deepen  our understanding of an  everchanging financial world. Each wave of the State-by-State NFCS survey has data from more than 25,000 U.S. adults across all 50 states and Washington, D.C. Findings can be reported at both the state and national level. Data are available from 2009, 2012, 2015, 2018, 2021, and 2024, and collectively includes information on over 150,000 respondents. 

The NFCS Investor Survey, initiated in 2015, is a follow-up survey among a subset of NFCS Study respondents who report owning non-retirement investment accounts. The NFCS Investor Survey provides an in-depth exploration of investing-related topics (e.g., investments owned, risk tolerance, investing knowledge) that can be merged with the State-by-State survey data. Data are available from 2015, 2018, and 2021. The 2024 Investor Survey data will be released in late 2025. 

Also includes a Military Survey to measure financial literacy of active duty and reserve components.