How are veterans faring financially? Updates and new evidence from a national survey

IF 3.3 Q1 BUSINESS, FINANCE

JOURNAL OF ECONOMICS AND BUSINESS Pub Date : 2024-03-01 DOI:10.1016/j.jeconbus.2023.106155

Gary Mottola , William Skimmyhorn , Olivia Valdes

{"title":"How are veterans faring financially? Updates and new evidence from a national survey","authors":"Gary Mottola , William Skimmyhorn , Olivia Valdes","doi":"10.1016/j.jeconbus.2023.106155","DOIUrl":null,"url":null,"abstract":"<div><p>This research provides new and updated evidence on the financial capability of military veterans. We leverage data from two waves of the FINRA Investor Education Foundation’s National Financial Capability Study (NFCS) to examine how veterans are faring over time, relative to comparable civilians. Overall, veterans in 2018 fared better than non-veterans in several areas. They reported higher financial satisfaction, less difficulty covering expenses, and a higher likelihood of having an emergency fund and non-retirement investment account. However, veterans were more likely to report having experienced a large drop in income, problematic credit card behaviors and late mortgage payments. Notably, though several indicators of overall financial well-being and saving behaviors improved from 2015 to 2018 and spending and credit outcomes worsened, these relative changes did not differ between veterans and non-veterans.</p></div>","PeriodicalId":47522,"journal":{"name":"JOURNAL OF ECONOMICS AND BUSINESS","volume":null,"pages":null},"PeriodicalIF":3.3000,"publicationDate":"2024-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0148619523000486/pdfft?md5=d371b77c7dfc9517f3be18ce37473d14&pid=1-s2.0-S0148619523000486-main.pdf","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"JOURNAL OF ECONOMICS AND BUSINESS","FirstCategoryId":"1085","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0148619523000486","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}

引用次数: 0

Abstract

This research provides new and updated evidence on the financial capability of military veterans. We leverage data from two waves of the FINRA Investor Education Foundation’s National Financial Capability Study (NFCS) to examine how veterans are faring over time, relative to comparable civilians. Overall, veterans in 2018 fared better than non-veterans in several areas. They reported higher financial satisfaction, less difficulty covering expenses, and a higher likelihood of having an emergency fund and non-retirement investment account. However, veterans were more likely to report having experienced a large drop in income, problematic credit card behaviors and late mortgage payments. Notably, though several indicators of overall financial well-being and saving behaviors improved from 2015 to 2018 and spending and credit outcomes worsened, these relative changes did not differ between veterans and non-veterans.

查看原文本刊更多论文

退伍军人的经济状况如何？来自全国调查的最新情况和新证据

本研究提供了有关退伍军人财务能力的最新证据。我们利用美国金融业监管局投资者教育基金会（FINRA Investor Education Foundation）的国家财务能力研究（NFCS）的两波数据，考察了退伍军人相对于可比平民的长期表现。总体而言，2018 年退伍军人在多个领域的表现优于非退伍军人。他们报告的财务满意度较高，支付开支的难度较小，拥有应急基金和非退休投资账户的可能性较高。然而，退伍军人更有可能报告曾经历过收入大幅下降、信用卡行为问题和房贷逾期。值得注意的是，虽然从 2015 年到 2018 年，总体财务状况和储蓄行为的若干指标有所改善，而支出和信贷结果有所恶化，但这些相对变化在退伍军人和非退伍军人之间并无差异。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

求助全文

约1分钟内获得全文求助全文

来源期刊

JOURNAL OF ECONOMICS AND BUSINESS BUSINESS, FINANCE-

CiteScore

6.20

自引率

2.60%

发文量

期刊介绍： Journal of Economics and Business: Studies in Corporate and Financial Behavior. The Journal publishes high quality research papers in all fields of finance and in closely related fields of economics. The Journal is interested in both theoretical and applied research with an emphasis on topics in corporate finance, financial markets and institutions, and investments. Research in real estate, insurance, monetary theory and policy, and industrial organization is also welcomed. Papers that deal with the relation between the financial structure of firms and the industrial structure of the product market are especially encouraged.