An analysis of personal financial management training within the Department of the Navy

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Authors
Mullen, John
Wilson, Kevin
Burgess, Ian
Subjects
Personal Financial Management
Financially Fit
Financial Fitness
Financial Fitness Index
Financial Health
DON Personal Financial Management Training
Advisors
Rendon, Juanita M.
Landry, Steve P.
Date of Issue
2013-12
Date
Dec-13
Publisher
Monterey, California: Naval Postgraduate School
Language
Abstract
In todays Navy, budget concerns are a part of everyday life. The Department of the Navy (DON), similar to many other government organizations, is more budget-constrained and faces an uncertain future, to some degree, with fiscal issues. With the real threat of government shutdowns, downsizing threats, furloughs, and possible changes in military retirement, DON personnel must utilize sound Personal Financial Management (PFM) to be prepared to face these future challenges. The purpose of this research was to determine the financial characteristics that lead to the financial fitness of DON personnel and to review the DON PFM training programs coverage of those financial fitness characteristics, so that DON leadership can provide the necessary resources to improve the financial fitness of DON personnel. This research project accomplished the following: 1) defined the term financial fitness and the 14 associated characteristics, 2) developed a financial fitness index, 3) analyzed previously collected data from the 2011 Financial Health Quick Poll survey to test the financial fitness characteristics, 4) provided recommendations to improve DON personnels financial fitness, and 5) outlined areas for further research and follow-on PFM studies.
Type
Thesis
Description
Department
Graduate School of Business & Public Policy (GSBPP)
Organization
Identifiers
NPS Report Number
Sponsors
Funder
Format
Citation
Distribution Statement
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.
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