Survey: Active-duty millennials more financially ready

February 26, 2015

Survey: Active-duty millennials more financially ready

Measuring financial literacy, preparedness and self-confidence in their financial future, active-duty millennials are more financially ready than their non-military counterparts, according to results of a survey by Navy Federal Credit Union.

Navy FCU analyzed survey results from 300 active-duty millennials and their spouses and 1,011 civilians ages 18-34. The survey was conducted from Nov. 24 through Dec. 8 last year. Results were published in USA Today and other news outlets.

The survey found that two-thirds (66 percent) of millennials on active duty or with an active-duty spouse have already started planning for their financial future compared to 49 percent of civilian millennials.

"Understanding how millennials think and feel about money allows us to be even more effective in helping them achieve their financial goals," said Cutler Dawson, CEO of Navy FCU and a member of NAFCU's board. "Our history and research give us the unique ability to offer the kind of products and services that position our members for long-term success."

The survey also found that:

89 percent of military and 78 percent of civilian millennials say they are on track to achieve their five-year financial goals;
85 percent of military and 82 percent of civilian millennials believe they will be satisfied with their financial situation in five years;
84 percent of military and 68 percent of civilian millennials feel they are on the right track to paying off their debt over the next five years; and
77 percent of civilian and 75 percent of military millennials think they will save more in 2015 than in 2014.

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