This study, generously funded by the FINRA Investor Education Foundation, leveraged the 2012 National Financial Capability Study (NFCS) to investigate the state of Millennials' financial health and to provide a preliminary test of the effectiveness of financial capability—an intervention that has the potential to improve financial health by combining financial education and financial inclusion. In particular, this study asked whether being financially capable was associated with metrics of Millennials' financial health such as locating $2,000 for an unexpected expense, saving for emergencies, using alternative financial services, carrying too much debt, and being satisfied with their financial condition. In addition to joining the national dialogue regarding the state of Millennials’ financial health within the current macroeconomic context, this study offers financial capability as a potential solution.