Center on Assets, Education, and Inclusion

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.