MIDSHIPMAN FINANCIAL LITERACY
Authors
Rosenbaum, Harrison L.
McKnight, Gregory T.
Jaeb, Karah M.
Subjects
financial literacy
midshipmen
midshipmen
Advisors
Powley, Edward H., IV
Sougiannis, Nicholas, United States Naval Academy
Date of Issue
2024-06
Date
Publisher
Monterey, CA; Naval Postgraduate School
Language
Abstract
This study establishes a baseline of knowledge for the Brigade of midshipmen as it relates to financial literacy and subsequently compares that baseline to junior officers and junior enlisted in the United States Navy and Marine Corps using a variety of assessment questions pulled from various financial research entities. In addition to quantifying a base level of knowledge this study also assesses how midshipmen perceive their level of financial knowledge. Results of the survey determine that midshipman level of knowledge is below average across all financial concepts tested. Midshipmen scored highly on questions pertaining to numeracy applied to financial topics (simple interest) but very poorly on topics directly related to finance specific information and topics (insurance deductibles and discretionary income). We recommend a four-step organizational change process to incorporate financial education and regular assessments to monitor improvement throughout the tenure of the midshipmen.
Type
Thesis
Capstone Applied Project Report
Capstone Applied Project Report
Description
Series/Report No
Defense Analysis (DA) Capstone Projects
Department
Department of Defense Management (DDM)
Organization
Identifiers
NPS Report Number
Sponsors
Funder
Format
Citation
Distribution Statement
Distribution Statement A. Approved for public release: Distribution is unlimited.
Rights
This publication is a work of the U.S. Government as defined in Title 17, United States Code, Section 101. Copyright protection is not available for this work in the United States.