Financial Education is Not Enough: Millennials May Need Financial Capability

Friedline, Terri
West, Stacia
Financial Inclusion
Publication type: 

This study, generously funded by the FINRA Investor Education Foundation, examined the financial health and capability of Millennial young adults between the ages of 18 and 34 (N = 6,865) 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 alter-native 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 

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Friedline, T., & West, S. (2015). Financial education is not enough (AEDI Research Brief). Lawrence, KS: University of Kansas, Center for Assets, Education, and Inclusion. 

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