At a time of continuing economic uncertainty, military families are proving themselves significantly more conscientious than other Americans in scrutinizing key aspects of their household finances – and in seeking out professional financial assistance.

Military families making at least $50,000 a year are more likely than their general population counterparts to actively monitor their bank statements, pay stubs and investments, according to the latest findings of the First Command Financial Behaviors Index®.

Substantial differences have been found between military and civilian families regarding how often they check:

Perhaps most significantly, military families are more likely than other Americans to ask for help from a financial advisor. Thirty percent of military families say they frequently meet with a financial planner compared to 24 percent of the general population.

“These findings suggest an interesting link between financial engagement and professional assistance,” said Army Gen. (Ret.) Dan K. McNeill of the First Command Military Advisory Board. “Military families are active participants in managing their household finances – significantly more active than other Americans. One reason may be the positive influence provided by the financial advisors they have been seeking out for support during this continuing period of economic turmoil.”

This link between personal responsibility and professional support is also apparent when comparing the financial diligence of non-military families who do and don’t work with a financial planner. Consumers who work with a professional advisor outpace other Americans in keeping tabs on their finances.
“Average Americans are not investing the same level of energy in monitoring their family finances as those people who put their trust in a financial coach,” said Master Chief Petty Officer of the Coast Guard (Ret.) Charles “Skip” W. Bowen III, who serves with McNeill and other retired senior flag officers and NCOs on the Military Advisory Board. “Professional advisors encourage families to spend more time keeping tabs on the important issues that affect their long-term financial plans.”

Military families credit their financial planner with a variety of positive attributes. For instance, 87 percent say their planner gives them a sense of security about their financial future. Military personnel also say their planner is:

• Confident (87 percent).
• Willing to listen (87 percent).
• Knowledgeable (87 percent).
• Understanding (86 percent).
• Honest (85 percent).
• Trustworthy (85 percent).

“These results underscore the depth of the trust-based relationship between financial planners and their clients,” said Air Force Lt. Gen. (Ret.) Glen “Wally” Moorhead III. “Financial professionals are earning the trust of consumers as they coach them through their personal economic challenges and help them develop the financial behaviors they need to pursue their lifetime goals and dreams.”

Almost nine out of 10 military families have confidence in their own financial planner, according to Navy Vice Adm. (Ret.) Barry M. Costello.

“Military families recognize the critical role a trusted financial coach can play in their search for long-term financial security,” Costello said. “And financial planning professionals are uniquely suited to fill that role. They have the knowledge and expertise to deliver the tools and personalized service necessary to help improve the financial readiness of those who serve – this year and in the years to come.”

Serving Those Who Serve: The First Command Military Advisory Board

The First Command Military Advisory Board is a select group of senior leaders from the nation’s military services. Consisting of retired senior flag officers and NCOs, the board is committed to providing independent perspective and advice on important issues affecting the financial readiness of military families.

The current slate of members includes Gen. (Ret.) Dan K. McNeill (USA); Sgt. Maj. of the Army (Ret.) Jack L. Tilley (USA); Lt. Gen. (Ret.) John F. Sattler (USMC); Vice Adm. (Ret.) Barry M. Costello (USN); Master Chief Petty Officer of the Navy (Ret.) Joe R. Campa (USN); Lt. Gen. (Ret.) Glen W. “Wally” Moorhead III (USAF); Chief Master Sgt. (Ret.) Kenneth J. McQuiston (USAF); Vice Adm.(Ret.) Jody A. Breckenridge (USCG); and Master Chief Petty Officer of the Coast Guard (Ret.) Charles “Skip” W. Bowen III (USCG).
For more information, visit http://www.firstcommand.com/military-advisory-board.

First Command Financial Services and its subsidiaries, including First Command Bank and First Command Financial Planning, assist American families in their efforts to build wealth, reduce debt and pursue their lifetime financial goals and dreams—focusing on consumer behavior as the first and most powerful determinant of results. Through knowledgeable advice and coaching of the financial behaviors conducive to success, First Command Financial Advisors have built trustworthy, lasting relationships with hundreds of thousands of client families since 1958. 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 1,000 U.S. consumers aged 25 to 70 with annual household incomes of at least $50,000. Results are reported quarterly. The margin of error is +/- 3.1 percent with a 95 percent level of confidence. www.firstcommand.com/research Sentient Decision Science was commissioned by First Command to compile the Financial Behaviors Index®. SDS is a behavioral science and consumer psychology consulting firm with special vertical expertise within the financial services industry. SDS specializes in advanced research methods and statistical analysis of behavioral and attitudinal data. First Command Financial Services, Inc., is the parent of First Command Financial Planning, Inc. (Member SIPC, FINRA), First Command Insurance Services, Inc. and First Command Bank. Financial planning services and investment products, including securities, are offered by First Command Financial Planning, Inc. Insurance products and services are offered by First Command Insurance Services, Inc. in all states except Montana, where as required by law, insurance products and services are offered by First Command Financial Services, Inc. (a separate Montana domestic corporation).  Banking products and services are offered by First Command Bank. Securities products are not FDIC insured, have no bank guarantee and may lose value. A financial plan, by itself, cannot assure that retirement or other financial goals will be met. In Europe, investment and insurance products and services are offered through First Command Europe Limited. First Command Europe Limited is a wholly owned subsidiary of First Command Financial Services, Inc. and is authorised and regulated by the Financial Services Authority. Certain products and services offered in the United States may not be available through First Command Europe Limited.