Those with advisors more confident for retirement says study
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Military families who work with a financial advisor are more financially confident and feel prepared for retirement.
A study by First Command Financial Services shows that 72% 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) say they are confident in their ability to retire comfortably.
Of those that do not have a financial advisor, just 29% say they are financially confident.
Short-term financial confidence is also boosted by working with an advisor; 71% felt extremely or very confident that their finances would improve in the next year compared to 38% who do not have an advisor.
Our survey findings continue to highlight the positive effect that financial advisors can have on service members and their families,” said Scott Spiker, chairman/CEO of First Command Financial Services, Inc. “By coaching their clients to build strong money behaviors, financial advisors are playing a key role in encouraging the actions that shape confidence in the future.”
The study shows that those with an advisor are also more likely to have a retirement account (56% vs. 48%), contributed more to it ($511 per month vs. $326), more likely to have long-term savings (47% vs. 29%) and to contribute more to those savings ($400 vs. $254).
“Our survey results emphasize the significant contribution a financial professional can make in the lives of service members. Military families with a financial advisor by their side will be in the best position to maintain feelings of confidence today as they continue to pursue financial security for tomorrow,” added Spiker.
A study by First Command Financial Services shows that 72% 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) say they are confident in their ability to retire comfortably.
Of those that do not have a financial advisor, just 29% say they are financially confident.
Short-term financial confidence is also boosted by working with an advisor; 71% felt extremely or very confident that their finances would improve in the next year compared to 38% who do not have an advisor.
Our survey findings continue to highlight the positive effect that financial advisors can have on service members and their families,” said Scott Spiker, chairman/CEO of First Command Financial Services, Inc. “By coaching their clients to build strong money behaviors, financial advisors are playing a key role in encouraging the actions that shape confidence in the future.”
The study shows that those with an advisor are also more likely to have a retirement account (56% vs. 48%), contributed more to it ($511 per month vs. $326), more likely to have long-term savings (47% vs. 29%) and to contribute more to those savings ($400 vs. $254).
“Our survey results emphasize the significant contribution a financial professional can make in the lives of service members. Military families with a financial advisor by their side will be in the best position to maintain feelings of confidence today as they continue to pursue financial security for tomorrow,” added Spiker.
