Developing a Novel Technique for Identifying Thoughts and Emotions During and After Service of Military Personnel Regarding Financial Literacy

Abstract

Financial literacy is one of the vital factors influencing “financial confidence, financial security, and future wellbeing”; especially among military members and their families, who undergo frequent “transitions, unpredictability, and minimized institutional protection” during discharge. The study analyses financial literacy not only as a technical competence, but as a “human-based and socially emotionally informed competence” that affects financial behavior during service and post-service life.
The objective of the “research design” was developing and using a “human-centered analytical method” to discover the perception, experience, and action regarding “financial literacy among military personnel” and their families. The “research questions” were twofold, the first one was to “determine the significance of financial literacy at various points of military
life” and the second was to study “how non-conscious imagery, emotions and metaphors contribute to financial insight and behavior especially with regard to insurance”. The two research questions were used to address these objectives because they are significant and applicable.
The “literature review” suggests that the “traditional models of financial literacy” are rather cognitive and rational in their nature, providing little-to-no information on the “emotional and symbolic factors”. Other earlier research also points out the “long-standing discrepancies” between theoretical understanding and the behavioral consequences particularly among highrisk
groups.
The “mixed-methods research design” was adopted based on these gaps, where a survey would be analyzed through “SPSS, and the in-depth interviews through Zaltman Metaphor Elicitation Technique (ZMET)” were conducted. This combination of methods created an opportunity to measure and examine in-depth at the same time.
The results suggest that “financial literacy” acts as an emotional stabilizer that is closely related to the “feeling of protection, readiness, and responsibility.” Although the results of surveys proved its perceived relevance, ZMET identified implicit metaphors that “define the resistance, confusion, and poor involvement in insurance.” The discussion emphasizes the role of emotional meaning as a determinant of behavioral adoption.
Finally, the research illustrates the usefulness of “human-focused approaches” to financial literacy research. Recommendations are to reform “financial education based on emotionally supported designs,” especially in a military welfare setting. It is suggested that the study be expanded in future studies in terms of professions, across cultures, and longitudinal
backgrounds.
[Keywords: “The financial literacy; Military personnel; Zaltman Metaphor Elicitation Technique (ZMET); Emotional decision-making; Insurance literacy; Mixed-methods research; Military families”].