First Command Reports: Military Families Prep Finances for Summer Moves

FORT WORTH, Texas – Career military families are putting their financial houses in order for a Permanent Change of Station (PCS) this summer, according to the First Command Financial Behaviors Index®.

Results of the seventh annual PCS survey reveal that 90% of middle-class military families (commissioned officers and NCOs in pay grades E-5 and above with household incomes of at least $50,000) who expect to make a PCS this summer report having budgeted for the costs of their relocation. Fifty-three percent of these families expect out-of-pocket costs of less than $500, and 16% expect to spend between $500 and $2,000. The average expected out-of-pocket cost is $1,414.

“A permanent change of station is a regular part of life for our Nation’s military families, and they’ve learned that careful budgeting is critical for managing costs that aren’t covered by government benefits,” said First Command President/CEO Mark Steffe. “Our survey reveals that 87% of relocating families feel extremely or very financially confident about their preparations.”

Optimism is also strong among military spouses who will be looking for work in their new location. Eighty-four percent report feeling extremely or very confident about their employment opportunities.

Service member families are eligible for a number of valuable PCS benefits. First Command coaches service members to take full advantage of these benefits so they can keep out-of-pocket expenses to a minimum.

“Nine out of of our Financial Advisors come from the ranks of veterans and military spouses,” Steffe said. “They know from experience the challenges of budgeting for unexpected costs that are not covered by government benefits. Through their deep experience and understanding of military life, First Command Financial Advisors help coach our clients through PCS moves and other financial challenges.”

The Index reveals that 35% of survey respondents expect to have a PCS move this summer. Peak season for PCS moves runs from May through August.

About First Command

First Command Financial Services and its subsidiaries, including First Command Brokerage Services and First Command Bank, coach our Nation’s military families in their pursuit of financial security. Since 1958, First Command Financial Advisors have been shaping positive financial behaviors through face-to-face coaching with hundreds of thousands of client families.