Military members and civilians are growing more confident about the economy, according to a survey by First Command Financial Services released Friday.
The percentage of people saying the economy is a concern has declined since the beginning of the year, says the First Command Behaviors Index, which surveyed 530 military members and civilians with household incomes of $50,000 or more,
The survey shows 49 percent of middle-class military families and 48 percent of general population families list the state of the economy as one of the financial issues concerning them the most. The percentages represent an 11 percent decrease for service members and a 13 percent decrease among the general population since the beginning of the year. It is the lowest level since the survey was launched in 2008.
“While these results do indicate that concerns continue for roughly half of consumers, the downward trend line is a promising development that reveals an improving economic outlook in the American middle class,” says Scott Spiker, CEO of First Command Financial Services Inc.
At the same time, the real estate market is of concern to 30 percent for military families and 25 percent for general population families; the stock market concerns 24 percent for military and 23 percent for general population, and unemployment concerns 20 percent for military and 24 percent for general population.
Corresponding to diminishing concerns about the state of the economy, both military and general population households are expressing increased confidence in their financial futures, says First Command.
The Index shows that 46 percent of military families and 34 percent of general population families say they are extremely or very confident that their financial situation will improve in the next year. Forty percent of military families and 34 percent of general population families say they are extremely or very confident in their ability to retire comfortably.