Photo: The U.S. Army
If the thought of not having an early retirement sends chills down your spine, conjuring visions of soup lines and keeling over in the cold, have no fear: America’s military families are right there with ya.According to First Command’s Financial behaviour’s Index, consumer sentiment is dropping and only 37% of middle class military families feel “extremely or very confident that their financial situation will improve over the next year.”
“Combined with continuing economic uncertainty, the result is a loss of long-term financial confidence among active-duty personnel and their families,” said Scott Spiker, CEO of First Command Financial Services, Inc.
Military families: They’re just like us!
Even though they’ve cut back on spending and are struggling to save, they can barely hold on to what little money they have. To date, military families say they’ve been socking away an average of $2,630 per month. Not too shabby, but still not ideal as it’s $200 less than they were pocketing in the first quarter of the survey.
The First Command Financial behaviours Index surveys around 530 U.S. consumers aged 25 to 70 with annual household incomes of at least $50,000.
Are you in a military family? Tell us how you’re making ends meet in the comments.