By: Juan N. Galán
Live Poster Session: Zoom link
Abstract: In an ongoing push to boost enlistment, retention, and financial well-being during service and after retirement for service members, the United States Military provides multiple financial benefits and advice. The Department of Defense’s (DoD) encourages community interaction among members so that they may take advantage of the established financial institutions, programs and expertise of superiors and peers. Much has been done to educate Military members in financial matters, but it is unknown if the programs have had a positive behavior changing effect on the members. Are Military members willing to reach out within their military or civilian communities; to available experts, colleagues, bosses, and family, for the sake of improving their financial competency? Data from the Financial Well-Being survey was used to access the association between individuals with Military service members, Military spouses and civilians and a willingness to seek out advice within the community as a whole, and from individual community sources. The data shows that, when seeking help from specific communal sources, there are differing preferences among military members, military spouses, and civilians. Moreover, when factoring in Financial Well-being scores significant trends arise. His study highlights a need for further research into how and why individuals seek help within the community and how we can influence more individuals, regardless of financial well-being, to utilize community financial resources.
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