The Impact of Financial Resources on Soldiers' Well-Being

12 Pages Posted: 17 Jul 2014

See all articles by Mary Bell

Mary Bell

National Association of Counties

Jeffrey Nelson

Broadway Bank

Scott Spann

Kansas State University

Callie Molloy

Sonya Britt

Kansas State University

Briana Goff

Family Studies and Human Services

Date Written: 2014

Abstract

The present study examined the impact of financial resources on soldiers' well-being. Using primary data gathered from a large Army installation in the Midwest, results suggested that soldiers with higher credit card debts and lower perceived net worth had lower levels of subjective well-being. Soldiers with greater perceived financial knowledge and larger emergency savings accounts had higher levels of subjective well-being. Results also indicated that automobile loan debt may play a small role in the subjective well-being of soldiers. Personal financial managers, financial planners, counselors, and other military service providers can use this knowledge to identify those whose subjective well-being might be or might become impaired by personal financial distress.

Keywords: financial planning, financial readiness, military, resiliency, subjective well-being

Suggested Citation

Bell, Mary and Nelson, Jeffrey and Spann, Scott and Molloy, Callie and Britt, Sonya and Goff, Briana, The Impact of Financial Resources on Soldiers' Well-Being (2014). Journal of Financial Counseling and Planning, Vol. 25, 2014. Available at SSRN: https://ssrn.com/abstract=2466556

Mary Bell (Contact Author)

National Association of Counties ( email )

25 Massachusetts Ave
NW, Ste 500
Washington, DC 20001
United States

Jeffrey Nelson

Broadway Bank ( email )

1177 N.E. Loop 410
San Antonio, TX 78209
United States

Scott Spann

Kansas State University ( email )

Manhattan, KS 66506-4001
United States

Sonya Britt

Kansas State University ( email )

Manhattan, KS 66506-4001
United States

Briana Goff

Family Studies and Human Services ( email )

Manhattan, KS 66506-4001
United States

No contact information is available for Callie Molloy

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