x
Breaking News
More () »

Helping military families navigate pandemic's financial impacts

A study by First Command shows 62 percent of military families are worried they will be financially impacted.

NORFOLK, Va. — Military life is tough enough with all of the deployments, often into harm's way.

Then, if you factor in a global pandemic, there is even more to worry about, namely your health and your financial well-being.

A new survey from First Command shows that 62 percent of career military respondents -- commissioned officers and senior non-commissioned officers in pay grades E-5 and above with household incomes of at least $50,000 -- expect to be "extremely" or "very" financially affected by the impacts of COVID-19, compared to just 33 percent of the general population who feel that way.

"I think it can be pretty well explained when you think of the precarious nature of spouse employment... for one, they may be in a new location with the economy, having a harder time finding a job," said First Command President and CEO Mark Steffe.

Additionally, the survey shows 25 percent of military respondents have sold stocks or otherwise reduced their investment risk because of the crisis, compared to just 5 percent of the general population that has done so.

©2020 First Command Financial Services, Inc. parent of First Command Financial Planning, Inc. (Member SIPC , FINRA ), First Command Advisory Services, Inc., First Command Insurance Services, Inc. and First Command Bank. Securities and brokerage services are offered by First Command Financial Planning, Inc., a broker-dealer.

Steffe says now is not the time to panic. Instead, military families should stay the course and seek the help of a reputable financial planner.

"Stick to your regular investment plan during the market decline, because it allows you to purchase those market shares cheaper than when the market was going up, " he said. "That's just one of the ways we coach our clients to build wealth over the long term."

First Command was established in Fort Worth, Texas in 1958 and the company serves 280,000 military families around the world.

RELATED: More than 88 million stimulus payments have already been distributed, IRS says

RELATED: Social Security and Medicare funds at risk even before virus

Before You Leave, Check This Out