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B1b Financial Capability and Emergency Saving among Millennials
Key Words
Emergency savings, millennials, financial capability, gender differences,
Short Description
Using data from the 2015 National Financial Capability Study (NFCS), the purpose of the study was to examine the association between financial capability and having emergency savings among millennials age 18-34 and how the association differs between men and women. Two important questions are: 1) Are female millennials more or less likely to have emergency savings than male millennials? 2) How do the effects of financial capability on having emergency savings differ between male and female millennials? This study further investigated socioeconomic factors influencing having emergency savings across gender. There was no significant effect of gender on having emergency funds among millennials. However, the role of financial capability variables (perceived financial capability, perceived financial knowledge, financial quiz score, and financial education participation) played a significant role in having an emergency savings that cover three months expenses in an emergency situation. The millennial generation is so diverse; if higher financial knowledge significantly increased the likelihood of having emergency funds, financial education targeted toward diverse groups among millennials could be crucial.
First & Corresponding Author
Yoon Lee, Utah State University
Authors in the order to be printed
Yoon Lee, Emily Smith, Jae Min Lee