FORT WORTH, Texas--(BUSINESS WIRE)--Middle-class military families are outpacing their civilian counterparts in monitoring key aspects of their family finances – with financial advisors playing a big role in helping them make the most of their pay and benefits.
The First Command Financial Behaviors Index® reveals that career military families (commissioned officers and NCOs in pay grades E-5 and above with household incomes of at least $50,000) are significantly more likely than members of the general population to say they are checking a variety of aspects of their household finances extremely or very often. They are more likely than their civilian counterparts to:
- Monitor pay stubs (65 percent versus 53 percent)
- Monitor taxes and tax changes (62 percent versus 26 percent)
- Stay updated on the stock market (62 percent versus 35 percent)
- Monitor personal stock investments (62 percent versus 35 percent)
- Make sure they stick to a defined budget (61 percent versus 41 percent)
- Check credit scores (61 percent versus 34 percent)
- Check interest rates on their deposit accounts (59 percent versus 26 percent)
- Check mutual fund allocations (57 percent versus 30 percent)
- Check rates on existing loans (52 percent versus 25 percent)
Professional financial advice is playing an important role in helping military families monitor their finances. They are significantly more likely than members of the general population to say that they are frequently meeting with a financial advisor (51 percent versus 18 percent).
“This focus on proactive money management is yet another indication of the strong fiscal responsibility we see in career military families,” said Scott Spiker, chairman/CEO of First Command Financial Services, Inc. “Their frequent reliance on financial advisors is particularly noteworthy as it underscores the important role a professional can play in helping military families make the most of their government incomes and benefits in their continuing pursuit of financial security.”
About the First Command Financial Behaviors Index®
Compiled by Sentient Decision Science, Inc., the First Command Financial Behaviors Index® assesses trends among the American public’s financial behaviors, attitudes and intentions through a monthly survey of approximately 530 U.S. consumers aged 25 to 70 with annual household incomes of at least $50,000. Results are reported quarterly. The margin of error is +/- 4.3 percent with a 95 percent level of confidence. http://www.firstcommand.com/fbi/
About Sentient Decision Science, Inc.
Sentient Decision Science was commissioned by First Command to compile the Financial Behaviors Index®. SDS is a behavioral science and consumer psychology consulting firm with special vertical expertise within the financial services industry. SDS specializes in advanced research methods and statistical analysis of behavioral and attitudinal data.
About First Command
First Command Financial Services and its subsidiaries, including First Command Financial Planning and First Command Bank, coach our Nation’s military families in their pursuit of financial security. Since 1958, First Command Financial Advisors have been shaping positive financial behaviors through face-to-face coaching with hundreds of thousands of client families.
First Command Financial Services, Inc., is the parent of First Command Financial Planning, Inc. (Member SIPC, FINRA), First Command Advisory Services, Inc., First Command Insurance Services, Inc. and First Command Bank. Financial planning services and investment products, including securities, are offered by First Command Financial Planning, Inc., a broker-dealer. Financial planning and investment advisory services are offered by First Command Advisory Services, Inc., an investment adviser. Insurance products and services are offered by First Command Insurance Services, Inc., in all states except Montana, where as required by law, insurance products and services are offered by First Command Financial Services, Inc. (a separate Montana domestic corporation). Banking products and services are offered by First Command Bank. In certain states, as required by law, First Command Insurance Services, Inc. does business as a separate domestic corporation. Securities products are not FDIC insured, have no bank guarantee and may lose value. A financial plan, by itself, cannot assure that retirement or other financial goals will be met. First Command Financial Services, Inc. and its related entities are not affiliated with, authorized to sell or represent on behalf of or otherwise endorsed by any federal employee benefits programs referenced, by the U.S. government, or the U.S. armed forces.