Military Families Feel More Confident and Save More with Professional Financial Advice

Military families who work with financial advisers are twice as confident as those who don’t that their financial lives will improve over the next year, according to a survey by First Command Financial Services Inc., a financial network for military families.

Sixty-three percent of the 530 plus surveyed work with advisers. Fifty-nine percent of those are confident in their ability to retire comfortably, while only 25% of those without professional advisory feel confident.

“Career military families who work with a financial adviser are out-saving their do-it-yourself counterparts, reinforcing the value of working with a professional,” says Scott Spiker, CEO of First Command Financial Services.

Seventy-three percent of military families who work with an adviser contributed to savings and retirement accounts during the period the survey covered. Only 48% without advisers were contributing.

Additionally, those with a financial adviser report $22,000 more in accumulated savings and retirement funds than those without an adviser. And those with an adviser carry nearly $58,000 less in debt on average.

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