Military families who work with a financial advisor save more for retirement than do colleagues who are without one, according to a new survey.
The First Command Financial Behaviors Index reveals that middle-class military families (senior NCOs and commissioned officers in pay grades E-6 and above with household incomes of at least $50,000) who work with a financial advisor are putting almost twice as much money into short-term savings as those who don’t work with an advisor. During the fourth quarter, their average monthly rate totaled $1,228. In contrast, the survey shows, those without an advisor averaged just $683.
The impact of working with a financial advisor is particularly evident when examining long-term savings behaviors. The fourth quarter survey results reveal that military families who work with a financial advisor put an average of $1,133 per month into long-term savings.
That’s about four times the $278 per month saved by those who don’t work with an advisor. And the average monthly retirement savings rate was $1,657 for those with an advisor versus $1,055 for those without.