By the Numbers: 31 January 2022
40%
The percentage of the total DOD military force that is under 25 years of age, according to a recent report from the Congressional Research Service -- Military Families and Financial Readiness.
The military has a relatively young workforce; approximately 40% of the total DOD military force is 25 years old or younger. There is some evidence that junior enlisted servicemembers with less income and lower financial literacy may struggle with managing their finances or be more susceptible to prohibited consumer lending practices. Given that junior enlisted servicemembers (grades E-1 to E-4) tend to be younger and not college educated, these findings comport with research suggesting lower financial literacy levels among non-college-educated young adults than among other adults. There are also documented incidences of predatory commercial activity targeting servicemembers with high-cost, or high-interest rate plans that contribute to military family indebtedness (see discussion in “Servicemember-specific Consumer Protections”).
40%
The percentage of the total DOD military force that is under 25 years of age, according to a recent report from the Congressional Research Service -- Military Families and Financial Readiness.
The military has a relatively young workforce; approximately 40% of the total DOD military force is 25 years old or younger. There is some evidence that junior enlisted servicemembers with less income and lower financial literacy may struggle with managing their finances or be more susceptible to prohibited consumer lending practices. Given that junior enlisted servicemembers (grades E-1 to E-4) tend to be younger and not college educated, these findings comport with research suggesting lower financial literacy levels among non-college-educated young adults than among other adults. There are also documented incidences of predatory commercial activity targeting servicemembers with high-cost, or high-interest rate plans that contribute to military family indebtedness (see discussion in “Servicemember-specific Consumer Protections”).