2015 Military Financial Study
May 1, 2015 by Mark Dye
Last year, we partnered with the National Foundation for Credit Counseling (NFCC) and Harris Poll to conduct a survey of military personnel on their financial literacy and habits. The results showed that families were worried about military downsizing, weren’t saving or spending, and had more credit cards and associated debt than their civilian counterparts.
Pioneer Services did a follow up sample survey this year to see how things may have changed in the past 12 months. There is a mix of good news – they’ve reduced their credit card debt, on average. But there is more not-so-good news: their savings have decreased, down 49% from last year, and today nearly 50% (1 out of every 2) now consider themselves totally unprepared for a financial emergency, compared to only 10% (1 in 10 service members) last year.
These numbers underscore the distress that military families must be feeling, as well as the importance of policies and financial counseling resources made available to them. That is why Pioneer Services has created a free award-winning financial education program, but more public awareness is needed to address our military’s concerns.
Bottom line: the very people who protect America’s long-term security now have grave concerns about their own.