Men and women in uniform are responding to economic uncertainty with new year’s resolutions that focus on frugal living, according to the First Command Financial Behaviors Index.
Nine out of 10 middle-class military families identified one or more financial resolutions for the new year, according to the index. It defines middle class as senior NCOs and commissioned officers in pay grades E-6 and above with household incomes of at least $50,000.
Top resolutions include cutting back on excessive spending, getting out of debt and saving for retirement, according to the index.
The index showed that seven out of 10 survey respondents are worried about government cuts to military retirement benefits and half are worried about the economy.
The First Command Financial Behaviors Index is a monthly survey of about 530 U.S. consumers aged 25 to 70 with annual household incomes of at least $50,000. Results are reported quarterly.