You will be redirected to the page you want to view in  seconds.

Budget anxiety spurs saving, survey shows

Feb. 28, 2014 - 06:01PM   |  
  • Filed Under

Some career military members are hunkering down and increasing their short-term savings as anxieties swirl around the future of the Defense Department budget, according to a recent survey.

And they’re outpacing their civilian counterparts’ monthly short-term savings by an average of $503 extra each month, according to the most recent First Command Financial Behaviors Index survey of military members and the general population.

The military portion of the survey, covering the fourth quarter of last year, is limited to senior noncommissioned officers and commissioned officers in paygrades E-6 and above with household incomes of at least $50,000.

The survey is also limited in numbers: a random sampling of 530 people, including people up to age 70. Of those, 330 are from the general population and 200 are military.

In December, 41 percent of military families expected to be “extremely” or “very” affected by cuts to DoD spending, according to the survey, conducted by Sentient Decision Science, Inc. for First Command.

To beef up their financial situations, these senior NCOs and officers are using various tactics:

■ Cutting back on everyday spending (49 percent).

■ Increasing the amount they’re saving (36 percent).

■ Decreasing the aggressiveness of their investments (14 percent).

■ Moving investments to cash (11 percent).

Answers by RallyPoint

Join trending discussions in the military's #1 professional community. See what members like yourself have to say from across the DoD.

More In Pay & Benefits

Start your day with a roundup of top defense news.

VA Home Loan

Search By:

Product Options:
Zip Code:

News for your in-box

Sign up now for free Military Times E-Reports. Choose from Money and Education. Subscribers: log in for premium e-newsletters.

This Week's Army Times

This Week's Army Times

CrossFit vs. unit PT
Troops will do the training plans in a $2.5 million study

Subscribe for Print or Digital delivery today!

MilitaryTimes Green Trusted Classifieds Looking to buy, sell and connect on Military Times?
Browse expanded listings across hundreds of military installations.
Faces of valorHonoring those who fought and died in Operations Iraqi Freedom and Enduring Freedom.
hall of valorThe Hall of Valor is a searchable database of valor award citations collected by Doug Sterner, a Vietnam veteran and Military Times contributing editor, and by Military Times staff.

All you need to know about your military benefits.

Benefits handbook

Guard & Reserve All you need to know about the Guard & Reserve.

guard and reserve handbook