Results of the Index’s semi-annual federal employee survey indicate that the average monthly amount federal employees put into their retirement accounts during the first quarter totaled $1,221, about 40% more than the rank and file of average Americans. The average long-term debt payments by federal employees totaled $1,217, 14% more than the general population.
According to a press release, the dollars allocated to long-term debt in the first quarter also helped federal employees outpace the general population in overall debt payments ($2,132 versus $2,033). However, federal employees trailed average Americans in overall savings activity. Average monthly payments for short-term and long-term savings and retirement accounts totaled $2,006 for federal employees compared to $2,292 for the general population.
The survey found that federal employees with a financial plan put a higher amount, on average, into savings and investment accounts than those without a plan. During the first quarter, overall savings for those with a financial plan totaled $2,542 compared to $1,781 for those without.
In addition, federal employees with a financial plan have greater feelings of comfort with savings than those without a plan. In the first quarter, 20% of federal employees with a financial plan felt extremely or very comfortable with their current savings, compared to only 11% of federal employees without a plan.
A similar disparity exists with respect to comfort with current debt levels – 37% versus 26%, the press release said.
The First Command Financial Behaviors Index assesses trends among the American public’s financial behaviors, attitudes, and intentions through a monthly survey of approximately 1,000 U.S. consumers ages 25 to 70 with annual household incomes of at least $50,000.
More information is at http://www.firstcommand.com/research/.