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Millennials in the Military—An Examination of Financial Capability

Title:
Millennials in the Military—An Examination of Financial Capability
Summary:

Active duty millennials exhibit higher levels of financial satisfaction, have similar savings behaviors and are equally likely to spend within their means when compared to active duty service members from generation X and the baby boom generation. However, active duty millennials have lower levels of financial literacy and are more likely to engage in high-cost forms of non-bank borrowing relative to their counterparts from the older generations. Among the military millennials, females and minorities display signs of lower financial capability compared to males and whites—but regardless of gender or ethnicity, millennial households with dependent children appear to struggle the most. Millennials in the Guard and Reserve face somewhat different challenges than active duty millennials, but both exhibit similar levels of financial capability on most measures.

Type: PDF
Size: 175.34 KB
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