Military middle-class families are committed to saving, according to the First Command Financial Behaviors Index. First Command released on Thursday the latest results of the survey of senior NCOs and commissioned officers with household income of at least $50,000.
Average short-term savings are up 18% since the end of 2013 to $1,080. Long-term and retirement savings showed a more modest increase, rising 11% to a monthly average of $2,374.
“Although military families continue to encounter financial challenges and uncertainties, they remain proactive in the savings behaviors,” Scott Spiker, CEO of First Command Financial Services, said in a statement.
He stressed that servicemembers who work with advisors are better positioned and more confident than those who try to take on financial planning by themselves.
“Theindex shows that those who work with financial advisors display fewer financial concerns and more feelings of financial security and confidence than those who go it alone,” he said.