First Command Reports: Career Servicemembers Experiencing Finance-Related Health Issues

Business Wire

First Command Financial Behaviors Index® reveals connection between financial worries and physical and mental health issues in middle-class military families

FORT WORTH, Texas--(BUSINESS WIRE)-- Financial stress is taking a toll on the mental and physical health of America’s career military.

The First Command Financial Behaviors Index® reveals that 71 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 during the past year someone in their household has experienced one or more mental or physical health-related issues commonly associated with financial worries. That’s statistically similar to last year, continuing an upward trend from 65 percent in 2013 and 62 percent in 2012.

Mental or physical health problems are particularly prevalent among military families who report high levels of concern over sequestration and the financial impact of anticipated cuts to defense spending. The Index reveals that 87 percent of survey respondents who feel extremely or very anxious about sequestration also report that someone in their family has experienced one or more of these health challenges. That compares to 64 percent of people who say they are either not anxious or only somewhat anxious about sequestration.

Significant differences between the anxious and not-so-anxious groups were identified for several specific health-related concerns, including:

Difficulty falling asleep (43 percent versus 28 percent)
Increased occurrence of headaches and migraines (27 percent versus 13 percent)
Irritability (19 percent versus 8 percent)
Strain in relationships (19 percent versus 8 percent)
Post-traumatic stress disorder (14 percent versus 5 percent)
Lower sexual drive (13 percent versus 5 percent)
Heart attack (8 percent versus 2 percent)

“Sequestration and defense downsizing are intensifying the financial stresses faced by servicemembers and their families,” said Scott Spiker, CEO of First Command Financial Services, Inc. “Seven out of ten career military families say they are feeling anxious about sequestration. We remain committed to helping servicemembers through this uncertain time by coaching them in healthy financial behaviors so they can get all aspects of their lives squared away.”

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. www.firstcommand.com/research

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. First Command Educational Foundation is a 501(c)(3) public charity. It is not affiliated with First Command Financial Services, Inc., or any of its affiliated entities.