Varying Levels of Financial Knowledge Among Americans May Deepen Inequality
WASHINGTON – Financial literacy is a strong indicator of positive financial outcomes for the future, but differing levels of financial literacy among Americans may contribute to widening inequality among different segments of the population, according to a new study by the FINRA Investor Education Foundation (FINRA Foundation), the University of Southern California's Center for Economic and Social Research (CESR) and The George Washington University's Global Financial Literacy Excellence Center (GFLEC).
News Releases & Statements
African American and Hispanic Investors Showed Greatest Increase in Interest in Investing
WASHINGTON, D.C.—Despite dramatic market volatility related to the COVID-19 pandemic during early 2020, investor optimism about the stock market remained high, and one in five Americans indicated an increased interest in investing, according to a new research study by the FINRA Foundation and NORC at the University of Chicago.
WASHINGTON—FINRA today announced the opening of registration for the 2020 FINRA Artificial Intelligence (AI) Virtual Conference and FinTech Office Hours Nov. 9-10.
FINRA and the FINRA Investor Education Foundation (FINRA Foundation) join securities regulators and investor advocates around the globe to raise awareness about the importance of investor education and protection in recognition of World Investor Week 2020, a global weeklong campaign held Oct. 5-11, which will be celebrated throughout the entire month of October due to the ongoing pandemic.
A Key Architect of the ABLE Act Recognized for Efforts to Advance Financial Capability for People with Disabilities
WASHINGTON – The FINRA Investor Education Foundation (FINRA Foundation) today awarded Michael Morris the 2020 Ketchum Prize—its highest honor—for his extraordinary leadership in creating a better economic future for people with disabilities through advocacy, research and educat
WASHINGTON – FINRA announced today that Michael Rufino will leave the organization at the end of this year after more than 32 years of dedicated service protecting investors and ensuring market integrity. Rufino most recently served as Head of Member Regulation (Sales Practice), where he guided and oversaw FINRA’s Sales Practice Examination, Risk Monitoring and Membership Application Programs in 14 District offices.
The FINRA Investor Education Foundation, in collaboration with researchers from Rush University Medical Center, released two studies today examining links among financial and health knowledge, cognitive health and financial and health decision making among older persons.
Board Approves Two Rulemaking Items, Meets With External Stakeholders
WASHINGTON – FINRA’s Board of Governors met virtually on September 9 and 10. During the meeting, the Board approved two rulemaking items, and received updates on FINRA’s operations, including the Examination and Risk Monitoring Program Transformation and the Market Regulation Enforcement program.
Study Suggests Overconfidence in Financial Knowledge May Lead to Excessive Financial Risk Taking Among Older Investors
WASHINGTON, D.C. – America’s older investors, many facing diminished financial knowledge and overconfidence in their ability to make sound investment decisions, may engage in more risky financial behaviors as they continue to age, according to new research from the FINRA Investor Education Foundation (FINRA Foundation), in collaboration with researchers from Duke University and Rush University Medical Center.
Firms to Pay $1.4 Million in Restitution to Approximately 100 Affected Customers
WASHINGTON—FINRA announced today that Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC (Wells Fargo) have agreed to pay more than $1.4 million in restitution, plus interest, to approximately 100 customers and fines totaling $675,000 for failing to supervise recommendations that customers switch from variable annuities to investment company products.