Back to top
US military serviceman holding jar full of coins Lane

Research on the Financial Capability of Military Members and Veterans

The FINRA Foundation undertakes periodic research to better understand the financial capability of military service members, military veterans, and their families.

Featured Studies

How Are Veterans Faring Financially?How Are Veterans Faring Financially?
Using data from the 2015 and 2018 waves of the FINRA Foundation's National Financial Capability Study (NFCS), this research provides new and updated evidence on the financial well-being of military veterans. We examine how veterans are faring over time and how they are faring relative to comparable civilians. (2019)

The Financial Welfare of Veteran Households
The Financial Welfare of Veteran HouseholdsUsing data from the NFCS, this analysis finds that after controlling for important demographic variables, veterans are experiencing slightly better financial outcomes than non-veterans, but there are some areas where veterans could improve. Within the veteran population, military retirees fare better than military non-retirees, and veterans who separated from military service longer ago are less satisfied with their financial condition than those who separated more recently. (2017)

Millennials in the Military—An Examination of Financial CapabilityMillennials in the Military—An Examination of Financial Capability
During 2020, the COVID-19 pandemic and associated market and income volatility dramatically altered the financial well-being of many U.S. households. Nevertheless, the same period witnessed a surge in retail investors who entered the markets using taxable, non-retirement investment accounts via online brokers. (2014)


2012 Military Financial Capability Survey

2012 Military Financial Capability SurveyAs part of the 2012 NFCS, the FINRA Foundation collected information on how military families manage their financial resources and make financial decisions. The study portrays a military community that in the aggregate is relatively strong in financial capability, but includes some constituent groups that are struggling. The study’s findings suggest that improving financial capability can have beneficial results for the financial security, well-being and long-term prosperity of individuals and families in both military and civilian settings. (2013)


Resources for Military Financial Educators

The Foundation offers research, tools, and information that can help military financial educators in their work with service members and their families.
Learn more >>

The Knowledge We Gain and Share

The Foundation has an active research agenda on financial capability of American households and financial fraud in America.
Explore more studies >>

Financial Inclusion Research

The Foundation conducts and sponsors research that examines timely personal finance and investing topics through the lens of diversity, inclusion, and equity.
Learn more >>