Working with a financial advisor has given career-military families a boost financially, according to a new report. Families who work with a financial advisor enjoyed more than double the amount of savings and retirement assets than their counterparts who did not seek financial advice.

The results for the 2018 First Command Financial Behaviors Index showed that middle-class military families with incomes of at least $50,000 per year reported an average of $241,730 in savings if they worked with a financial advisor. That compares with $102,396 in savings for those families who did not work with one.

Scott Spiker, the chairman and CEO of First Command Financial Services Inc., said in a statement, “Financial readiness levels in career military families are strongest among those who work with a financial coach. Those who work with an advisor are outperforming their do-it-yourself counterparts. They are putting away more dollars and amassing more financial assets.

“Service members with a trusted advisor by their side are well positioned to feel confident today as they work towards financial security for tomorrow,” he added.

Sixty-seven percent of military families with a financial advisor are likely to have a retirement savings account, the report found, compared with 48 percent of families that did not consult a financial advisor.

The first-quarter results looked at commissioned officers and non-commissioned officers in pay grade E-5.

Working with a financial advisor also aligns with greater retirement confidence. Seventy percent of those with a financial coach are extremely or very confident in their ability to retire comfortably, compared with just 29 percent of military families without an advisor. Furthermore, those who have advisors reported putting an average monthly investment of $880 into their retirement savings, while it was only $482 per month for those without an advisor.

“Financial coaches are making a significant contribution to the lives of career military families,” Spiker said. “By coaching their clients to build strong money behaviors, financial advisors will help families continue to confidently pursue their retirement goals.”

Sixty-percent of those surveyed had a long-term savings account. About a third of families without an advisor said they had a long-term savings account. On average, those with a financial advisor put $563 monthly into savings, while the report indicated that those who did not have a financial advisor contributed $349 per month.

Of those families who did not consult a financial advisor, 63 percent tended to have a short-term savings account, but reported saving only $362 a month. Fifty-two percent of those families with a financial advisor contributed to a short-term account and put in $596 a month.

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