ere’s another reason to embrace frugal living – it makes you feel healthier.
The majority of middle-class Americans say they are healthier today thanks to the frugal behaviors they’ve been pursuing during the recent economic turmoil, according to the First Command Financial Behaviors Index®. Their efforts to spend less and save more are prompting them to eat better, exercise more and spend less on junk food and alcohol.
“These survey results reveal an important connection between personal finance and health,” said Scott Spiker, CEO of First Command Financial Services, Inc. “Middle-class consumers who embrace responsible financial behaviors are also making the types of spending decisions associated with healthy living. Frugal living and feeling healthy go hand in hand.”
The belief that frugal living makes you healthier is widespread. Forty-nine percent of respondents believe that their frugal behaviors are making them healthier. Another 45 percent acknowledged that at least a portion of their frugal behaviors are making them healthier. Just 6 percent of people say frugal living is making them less healthy. (You can read more about the survey results in a recent story by The New York Times.
Middle-class families are changing their spending habits in a variety of ways that can save money and deliver significant health benefits. Here are the top five ideas shared by respondents in the April survey of the First Command Financial Behaviors Index®.
- Cook at home more often
- Spend less on junk food
- Reduce driving costs by riding a bicycle or walking to work
- Reduce alcohol purchases
- Grow your own food
Source: First Command Financial Behaviors Index®
“These findings come at a time when middle-class Americans are feeling more optimistic about the economy,” Spiker said. “Our research and experience continues to show that disciplined financial behaviors provide an emotional and rational buffer during times of economic turmoil. Middle-class families who commit to frugal living feel more optimistic about their financial futures and report greater fiscal and physical health.”
About the First Command Financial Behaviors Index®
Compiled by Sentient Decision Science, LLC, 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
About Sentient Decision Science, LLC
Sentient Decision Science was commissioned by First Command to compile the Financial Behaviors Index®. Sentient is a full-service market research firm with special vertical expertise within the financial services industry. Sentient specializes in advanced research design and statistical analysis of behavioral and attitudinal data.
About First Command
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 personalized financial plans that emphasize accumulating wealth while reducing risk, First Command Financial Advisors have established lasting relationships with hundreds of thousands of client families since 1958.
First Command Financial Services, Inc. is the parent company of First Command Financial Planning, Inc. (Member SIPC, FINRA) and First Command Bank (Member FDIC). Financial planning services and investment products, including securities products are offered by First Command Financial Planning, Inc. Insurance products and services are offered by First Command Financial Services, Inc. Banking products and services are offered by First Command Bank. Securities products are not FDIC insured, have no bank guarantee and may lose value. In certain states, First Command Financial Services, Inc. is a separately registered domestic corporation and does business in California as “First Command Insurance Services.” A financial plan, by itself, cannot assure that retirement or other financial goals will be met.