Exploring financial behaviors of military households

Do financial knowledge and financial education matter?

Authors

  • Melissa J. Wilmarth Department of Consumer Sciences, University of Alabama
  • Kyoung Tae Kim Department of Consumer Sciences, University of Alabama
  • Robin Henager School of Business, Whitworth University

DOI:

https://doi.org/10.61190/fsr.v31i1.3193

Keywords:

National Financial Capability Study, Military households, Financial behaviors, Financial knowledge, Financial education

Abstract

This study explores short-term and long-term financial behaviors of military and civilian house- holds in the United States. We investigate the role of financial knowledge and financial education on financial behaviors. Using the 2018 National Financial Capability Study (NFCS), results indicated military households had higher financial knowledge scores, greater receipt of financial education, and higher financial behaviors. Multivariate analyses show that objective and subjective financial knowledge were associated positively with short-term and long-term financial behaviors of military and civilian households. Experiencing financial education was positively associated with the long- term behaviors of military households. This study provides insights for policymakers and financial practitioners.

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Published

2023-09-02

How to Cite

Wilmarth, M. J., Kim, K. T., & Henager, R. (2023). Exploring financial behaviors of military households: Do financial knowledge and financial education matter?. Financial Services Review: The Journal of Individual Financial Management, 31(1), 35–54. https://doi.org/10.61190/fsr.v31i1.3193

Issue

Vol. 31 No. 1 (2023): Spring 2023

Section

New Original Submission

License

Copyright (c) 2023 Kyoung Tae Kim, Melissa J. Wilmarth, Robin Henager

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