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Does Financial Education Affect Soldiers’ Financial Behavior?

Author

Listed:
  • Catherine Bell
  • Daniel Gorin
  • Jeanne M. Hogarth

Abstract

Financial education does seem to have an effect on specific financial management behaviors. Simple bivariate analyses revealed several behavior impacts. With more robust mulitvariate analysis, soldiers taking the financial education program were more likely than the comparison group to report using informal spending plans and less likely to report using formal spending plans. We also found that high school financial education programs made a difference in selected behaviors: those who had a high school financial education course were more likely to have a savings account for short-term savings goals and to save regularly. Having taken a high school course was also associated with having paid an overdraft fee in the past six months. Early financial management experience also seems to matter: soldiers who had a high school savings account were more likely to have an emergency fund, more likely to read money management articles, and less likely to 'never' pay off their credit card balances. Limitations of this study are noted at the end of this report.

Suggested Citation

  • Catherine Bell & Daniel Gorin & Jeanne M. Hogarth, 2009. "Does Financial Education Affect Soldiers’ Financial Behavior?," NFI Working Papers 2009-WP-08, Indiana State University, Scott College of Business, Networks Financial Institute.
  • Handle: RePEc:nfi:nfiwps:2009-wp-08
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    File URL: http://www.indstate.edu/business/sites/business.indstate.edu/files/Docs/2009-WP-08_Bell_Gorin_Hogarth.pdf
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    References listed on IDEAS

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    1. Bernheim, B. Douglas & Garrett, Daniel M. & Maki, Dean M., 2001. "Education and saving:: The long-term effects of high school financial curriculum mandates," Journal of Public Economics, Elsevier, vol. 80(3), pages 435-465, June.
    2. Lusardi, Annamaria & Mitchell, Olivia S., 2007. "Baby Boomer retirement security: The roles of planning, financial literacy, and housing wealth," Journal of Monetary Economics, Elsevier, vol. 54(1), pages 205-224, January.
    3. Shlomo Benartzi & Richard Thaler, 2004. "Save more tomorrow: Using behavioral economics to increase employee saving," Natural Field Experiments 00337, The Field Experiments Website.
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    Cited by:

    1. Margaret Miller & Julia Reichelstein & Christian Salas & Bilal Zia, 2015. "Can You Help Someone Become Financially Capable? A Meta-Analysis of the Literature," World Bank Research Observer, World Bank Group, vol. 30(2), pages 220-246.

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