Family Financial Socialization and Financial Capabilities of the U.S. Military Service Members: Do Demographics Matter?

Written By: Catherine Walker O’Neal, Mallory Lucier-Greer, and Rachel Maureen Okamoto

This study focused on U.S. military service members to gain insight into a demographic that tends to reach financial autonomy and independence ahead of similarly aged peers. The authors were interested in understanding how family financial socialization (FFS) processes and its connection to future financial capability may differ by demographics. Findings showed that race, Hispanic ethnicity, and age were associated with differences in service members’ reports of FFS before joining the military. Further, those service members who reported high levels of socialization generally showed positive financial capabilities, such as self-reported knowledge, attitudes, skills, and behaviors.

Study Highlights: 

• Despite differences in opportunities for FFS by race, ethnicity and age of U.S. military service members, the strength of its relationship with financial capabilities did not differ by demographics. This study suggests that the financial socialization received from one’s family of origin is important for financial capabilities in adulthood regardless of demographic factors like race, ethnicity, or sex. 

Important Implications for Practitioners: 

• Given the importance of early financial conversations in building future financial capability, parents and caregivers should include content specific to future career paths, when possible. 
• ‘Pulse checks’ at the beginning of formal financial education efforts will help financial educators and counselors identify any need for foundational financial content. 
• Military service members must manage typical financial needs and stressors in contexts specific to their profession (e.g., deployments) and also when preparing to return to the civilian world. 

Important concepts and definitions: 

• Family financial socialization: Process of learning about money from parents and caregivers.

Highlights of the sample population: 

• 441 U.S. Air Force personnel were sampled, 

• Nearly 75% of the sample were men and almost half (49.4%) were married, 

• The mean age of participants was 28, ranging from 18 to 51. 

Citation Information: 

O’Neal, K. W., Lucier-Greer, M., Okamoto, R. M. (2025). Family Financial Socialization and Financial Capabilities of the U.S. Military Service Members: Do Demographics Matter? Journal of Financial Counseling and Planning, 36(3), 123-137.