Benefits

Military Families Resolve to Save More in 2014

January 8, 2014 (PLANSPONSOR.com) – A new survey finds that more than one-third (36%) of military families plan to start saving more money for retirement during 2014.

By Kevin McGuinness editors@plansponsor.com | January 08, 2014
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The First Command Financial Behaviors Index survey suggests military families finished 2013 with a determined focus on adopting positive financial behaviors. 

“Families have been spending less and cutting debt, freeing up new dollars to help push their monthly savings rates to record highs,” says Scott Spiker, CEO of First Command in Fort Worth, Texas. “These meaningful results are helping military families feel better about their finances, and they appear to be inspiring them to recommit to frugal living for the new year."

A strong majority (85%) of military families are confident that their financial situation will improve in the new year. Many respondents (81%) also indicate that they feel confident in their ability to retire comfortably.

Financial planners were found to have a positive impact on military families, according to the results of the survey. Fifty-one percent of those with a financial planner say they feel extremely or very confident in their ability to retire comfortably, compared with only 30% who do not have a financial planner.

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