Families in the report with a financial advisor paid on average $1,348 a month for long-term debts, and $544 for short-term debts. Those families without an advisor reported average payments of $1,149 for long-term debt and $466 for short-term debt.
Military families with a financial advisor are optimistic that their financial behaviors to save and pay down debt will improve in the future. About half of those families in the report said they plan on increasing their savings, while only a third of those without an advisor did.
Just about 26 percent of those families without a financial advisor expect to put more money toward their debt, while 40 percent of families with an advisor said they plan on increasing payment amounts to get rid of debt.
The First Command index examines trends among the American public’s financial behaviors in a monthly survey compiled by Sentient Decision Science Inc. Approximately 530 U.S. consumers aged 25 to 70 with annual household incomes of at least $50,000 participated in the survey.
First Command Financial Advisors offers face-to-face coaching with military families through First Command Financial Services and its subsidiaries, including First Command Financial Planning and First Command Bank.