The majority of America’s career military families feel their financial situation will pick up in 2016 – and they plan to help it along through a set of money-themed New Year’s resolutions.

The First Command Financial Behaviors Index® reveals that 84 percent of middle-class military families (commissioned officers and senior NCOs in pay grades E-6 and above with household incomes of at least $50,000) are confident that their household finances will improve in the new year. That confidence aligns with a variety of positive financial aspirations, with most survey respondents identifying at least one positive strategy or frugal activity they will pursue in 2016.

The top New Year’s resolutions from military families for 2016 are:

• Get out of debt

        32 percent

• Improve credit score

31 percent

• Be financially independent

28 percent

• Use cash or debit more often instead of credit cards

28 percent

• Learn to budget responsibly

28 percent

• Cut back on excessive spending

28 percent

• Learn not to live beyond your means

25 percent

• Start saving money for retirement or put more money into retirement savings

24 percent

• Make sound investments in the stock market

19 percent

• Keep track of financial activities

19 percent
 

These New Year’s resolutions come at a time of continuing financial uncertainty related to sequestration and defense downsizing. The November survey reveals that 75 percent of military families are anxious about cuts to defense spending, reflecting a long-term trend.

Financial planners are helping many families counteract feelings of uncertainty about the future. The Index reveals that 59 percent of active-duty families who have a financial planner feel confident their financial situation will improve in the next year. That compares to just 33 percent who do not have a financial planner.

“As we look back on another year of uncertainty over defense downsizing and cuts to military compensation, our men and women in uniform are responding through a variety of frugal spending strategies,” said Scott Spiker, CEO of First Command Financial Services, Inc. “Families who work with a financial coach are more likely to enact many of these strategies in their pursuit of financial security. We look for a growing number of military families to put their trust in knowledgeable financial professionals as they look for new ways to grow their household finances in 2016.”

About the First Command Financial Behaviors Index®

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 530 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 +/- 4.3 percent with a 95 percent level of confidence. http://www.firstcommand.com/fbi/

About Sentient Decision Science, Inc.

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.

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 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.

First Command Financial Services, Inc., is the parent of First Command Financial Planning, Inc. (Member SIPC, FINRA), First Command Advisory Services, Inc., 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. , a broker-dealer. Financial planning and investment advisory services are offered by First Command Advisory Services, Inc., an investment adviser. 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. In certain states, as required by law, First Command Insurance Services, Inc. does business as a separate domestic corporation. 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. First Command Educational Foundation is a 501(c)(3) public charity. It is not affiliated with First Command Financial Services, Inc., or any of its affiliated entities. First Command Financial Services, Inc. and its related entities are not affiliated with, authorized to sell or represent on behalf of or otherwise endorsed by any federal employee benefits programs referenced, by the U.S. government, or the U.S. armed forces.