SDS is a behavioral science and consumer psychology consulting firm with special vertical expertise within the financial services industry. Sentient Decision Science was commissioned by First Command to compile the Financial Behaviors Index ®. For more details on our research, please email. The margin of error is +/- 4.3 percent with a 95 percent level of confidence. consumers aged 25 to 70 with annual household incomes of at least $50,000. The result is they feel more confident in their efforts to pursue long-term financial security.”įirst Command is also committed to supporting financial training and education to the military through charitable gifts and hands-on assistance.Ībout the First Command Financial Behaviors Index®Ĭompiled 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. One-on-one coaching helps families bridge the gap in their own financial knowledge by focusing on positive financial behaviors. This is one of the key reasons we waive financial planning fees for active-duty military families. Our research reveals that families who work with a financial coach feel greater confidence in their financial future. Advisors coach our clients to save more, spend less and reduce consumer debt. “Our Financial Advisors use their deep knowledge of personal finance and military pay and benefits to help families change their financial behaviors. “Education is vitally important, but coaching is where we can bring the greatest value to military families,” Steffe said. That compares to 49 percent in the general population.įirst Command is committed to improving the financial readiness of service members and military spouses through face-to-face coaching. But among military test takers who completed one of these programs, just 17 percent correctly answered at least seven questions in the quiz. Military test takers are significantly more likely than their civilian counterparts to say they’ve completed a financial literacy or education program (73 percent versus 21 percent). Notably, financial training and education alone is not the solution. These results underscore the critical need to expand our efforts to improve the financial readiness of military families.” “Military test takers scored less than the general population in nine of the past 11 years. “Our annual financial readiness test identifies a long-term trend of service member families trailing the general population in basic money knowledge,” said First Command President/CEO Mark Steffe. Perfect scores were earned by less than one percent of military respondents and seven percent of the general population. That compares to 40 percent of civilian respondents. In contrast, general population test takers with similar household incomes earned an average grade of 69, which is also unchanged from 2021.Įighteen percent of military test takers correctly answered at least seven questions in the nine-question quiz, which is designed to measure basic money knowledge associated with financial readiness. That’s unchanged from last year and remains the lowest in the history of the test. Results of the 11th annual financial readiness test and survey commissioned by First Command Financial Services, Inc., reveal that middle-class military families (commissioned officers and senior NCOs in pay grades E-5 and above with household incomes of at least $50,000) earned an average grade of 57. FORT WORTH, Texas – Career military families have fallen behind the rest of the country in basic money knowledge, underscoring the need to enhance financial readiness for service members and their spouses, according to the First Command Financial Behaviors Index®.
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