First Command Reports: Military Spouses Taking Charge of Family Finances
February 13 2018 - 12:08PM
Business Wire
First Command Financial Behaviors Index®
reveals that roughly nine out of 10 military spouses serve as their
family’s primary manager for household finances
Military spouses are taking the lead role in managing the
household finances of America’s career service member families,
according to the First Command Financial Behaviors Index®.
Eighty-eight percent of spouses in middle-class military
families (commissioned officers and senior NCOs in pay grades E-5
and above with household incomes of at least $50,000) say it
is primarily their role to manage household finances, including
budgeting and savings. And four out of five military spouses (81
percent) say it is primarily their role to manage long-term
investments and retirement savings accounts.
Military spouses express confidence in their family’s level of
financial preparedness. The majority of spouses say their family is
prepared financially for an eventual transition to civilian life
(81 percent) as well as in the event of a combat-related death or
disability (74 percent).
Notably, the majority of military spouses are contributing to
their household’s income. Seventy-three percent report that they
are working full time, and 8 percent are working part time. Five
percent are not employed, but they are seeking work.
The overwhelming majority of spouses (93 percent) agree that
they want to support their families financially, but they are
hampered by the realities of the military lifestyle. Seventy-four
percent say that frequent relocations make it difficult to find and
keep employment.
“Financial readiness is a particularly important issue in the
lives of military spouses,” said Scott Spiker, chairman/CEO of
First Command Financial Services, Inc. “We’ve long understood that
their unique experience is often one of shouldering the primary
responsibility for household budgeting and savings. Our research
now confirms that military spouses are also deeply involved in
preparing for retirement, which has become of growing concern in
light of the military’s new Blended Retirement System. Financial
coaching can play a key role in helping military spouses manage
these critical issues. Our surveys consistently reveal that career
military families who work with a financial advisor are more likely
to save more and feel more confident about their finances than
their colleagues who do not work with an advisor. Working with a
knowledgeable professional is an ideal way for military families –
and the spouses who manage their household finances – to make the
most of their pay 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.
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First Command Financial Services, Inc.Mark Leach,
817-569-2419Media Relationsmsleach@firstcommand.com