First Command News & Events
FOR IMMEDIATE RELEASE - June 20, 2013
Financial Planners Inoculate Military Families Against Anxiety And Stress, First Command Reports
FORT WORTH, Texas — Military families who work with a financial planner are less likely than their do-it-yourself peers to suffer from health-related issues commonly associated with financial worries, according to a recent survey of military professionals and their families.
The First Command Financial Behaviors Index® reveals that 65 percent of middle-class military families (senior NCOs and commissioned officers in pay grades E-6 and above with household incomes of at least $50,000) say that someone in their household has experienced a mental or physical health problem during the past year. But those who work with a financial planner are less likely to report experiencing many of these physical and psychological challenges. Significant differences between those with and without a planner are found for such health-related issues as:
- Muscle tension (16 percent with a planner versus 29 percent without)
- General increase in stress (15 percent versus 33 percent)
- Increased feeling of anxiety (13 percent versus 35 percent)
- Unhealthy diet (9 percent versus 21 percent)
- Increased arguments in relationships (7 percent versus 17 percent)
Notably, middle-class families in the general population are experiencing a drop in these health issues. The Index reveals that 58 percent say that someone in their household has experienced a mental or physical health problem during the past year, down from 70 percent a year ago. During the same period military families have continued to experience these challenges at roughly the same rate.
“While a steadily improving economy is easing financial stress in the general population, the military budget cuts associated with sequestration are creating new worries for servicemembers and their families,” said Scott Spiker, CEO of First Command Financial Services, Inc. “Six out of ten career military families say they are feeling anxious about sequestration. Working with a financial planner can help to lessen the anxiety and stress often associated with financial fears and concerns.”
About 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. Financial Behaviors Index
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 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. 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.