Veterans Day: Defense cuts spur soldiers to boost retirement savings

Corresponding to their higher savings efforts, military families who work with a financial advisor feel more financially secure.

The Index reveals that 51 percent say they feel “very” or “extremely” secure compared to just 45 percent of their do-it-yourself counterparts. Also, those who work with an advisor are more confident in their ability to retire comfortably; 50 percent say they feel “very” or “extremely” confident versus 32 percent.

These and other positive financial attitudes helped ease the quarterly Index score ahead three points to 121. The Index is set to a benchmark of 100, which was assigned when the Index was launched in 2008.

“Although military families continue to encounter financial challenges and uncertainties, they remain proactive in the savings behaviors,” says Scott Spiker, CEO of First Command Financial Services, Inc. “The Index 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.” 

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.