Jueves 14 de Diciembre 2017

First Command Reports: Military Families Committing Tax Refunds to Improve Finances

Guía de Regalos

First Command Financial Behaviors Index® reveals top tax refund
spending plans for 2017

FORT WORTH, Texas–(BUSINESS WIRE)–The majority of America’s career military families with a tax refund in
their future are planning to spend it on shoring up their household
finances.

First Command’s annual survey on tax refunds reveals that the majority
of middle-class military families (commissioned officers and senior NCOs
in pay grades E-5 and above with household incomes of at least $50,000)
who have received or expect to receive a tax refund plan to put it
toward several key strategies, including:

  • Cutting debt (39 percent)
  • Bumping up general savings (29 percent)
  • Paying monthly bills (27 percent)

This frugal focus continues a long-term trend in which the majority of
military families report plans to commit their refunds to fortifying
their finances.

“Career service member families are earmarking tax refund dollars for
strategies aimed at dealing with the continuing fiscal uncertainties of
military life,” said Scott Spiker, chairman/CEO of First Command
Financial Services, Inc. “Seven out of ten military families report
feeling anxiety about cuts to defense spending, and they worry about the
impact on their family finances. Cutting debt and growing savings is a
smart way to feel better about your financial future.”

Notably, this continuing commitment to frugality does not mean that
career military families are necessarily foregoing all consumer
pleasures. The latest survey findings from the First Command Financial
Behaviors Index® reveal that a subset of middle-class military families
will be using their tax refunds to take a vacation (25 percent) and dine
out (23 percent). These are the highest percentages recorded for these
leisure activities in the six-year history of the annual tax refund
survey. In 2012, just 9 percent of respondents said they would spend
their refund on a vacation and 3 percent identified dining out.

“By focusing first on securing their household finances, military
families are giving themselves room to spend some of their discretionary
dollars on R and R,” Spiker said. “A continuing emphasis on careful
money management allows families to feel better about today and get
their financial lives squared away for tomorrow.”

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 Financial Planning 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.

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 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.

Contacts

First Command Financial Services
Mark Leach, 817-569-2419
msleach@firstcommand.com