• Home
  • Publications
  • Publication Search
  • Coming of Age on a Showstring Budget: Financial Capability for Lower-Income Millennials

Coming of Age on a Shoestring Budget: Financial Capability for Lower-Income Millennials

West, Stacia
Friedline, Terri
Financial Inclusion
Publication type: 

This study, generously funded by the FINRA Investor Education Foundation, examined the financial health and capability of lower-income Millennial young adults between the ages of 18 and 34 (annual incomes < $25,000; N = 2,578) from the 2012 National Financial Capability Study (NFCS). In particular, this study explored how varying combinations of financial education and financial inclusion related to Millennials' financial behaviors, like saving for emergencies, using alternative financial service providers, and carrying debt. The 2012 NFCS is one of the few data sets with extensive questions about financial behaviors. The results identifying significant differences in the data were based on multiply imputed and propensity score weighted (average treatment effect for the treated; ATT) regression analyses of young adults in the sample. 

Read the Brief


West, S., & Friedline, T. (2015). Coming of age on a shoestring budget: Financial capability for lower-income Millennials (AEDI Research Brief). Lawrence, KS: University of Kansas, Center for Assets, Education, and Inclusion. 

New Book Released

Today’s student loan system is in place because of a political compromise, and growing discontent with student debt may signal that this arrangement has run its course. While there are resources and organizations in place to help those struggling with debt, the time has come to consider a new direction for financial aid, William Elliott III and Melinda Lewis argue in “Student Debt: A Reference Handbook.”

Why KU
  • One of 34 U.S. public institutions in the prestigious Association of American Universities
  • Nearly $290 million in financial aid annually
  • 44 nationally ranked graduate programs.
    —U.S. News & World Report
  • Top 50 nationwide for size of library collection.
  • 23rd nationwide for service to veterans —"Best for Vets," Military Times