America’s military personnel and their families are often on parade, but their unique financial challenges are less visible.
New research for Military Appreciation Month from the National Foundation for Credit Counseling reveals that active duty military personnel and their loved ones are more likely than most Americans to struggle with their finances such as high credit card usage or dipping into their savings for everyday living expenses.
Behavior such as missing credit card payments or switching debt between cards is more prevalent among the military community than civilians and these are indicative of financial stress. They are also more likely to use potentially risky nonbank financial services and investments such as payday loans and cryptocurrencies.
The behavior identified in the research is at odds with the survey respondents’ belief in their financial literacy. Military personnel and veterans are more likely to give their knowledge an A or B rating than the wider population.
However, around four in ten military personnel and their spouses said that they would benefit from professional financial advice to address everyday financial questions.
The research was conducted by Harris Poll and supported by the Wells Fargo Foundation.
“The insights gained from this research underscore the critical need for financial education and personalized support and services that may look different than what may exist the general population," said Bonnie Wallace, head of Financial Health Philanthropy at Wells Fargo. "By fine-tuning our efforts in response to these findings, we're honored to be continuing these efforts to serve those who have served."
A new proposal could end the ban on promoting client reviews in states like California and Connecticut, giving state-registered advisors a level playing field with their SEC-registered peers.
Morningstar research data show improved retirement trajectories for self-directors and allocators placed in managed accounts.
Some in the industry say that more UBS financial advisors this year will be heading for the exits.
The Wall Street giant has blasted data middlemen as digital freeloaders, but tech firms and consumer advocates are pushing back.
Research reveals a 4% year-on-year increase in expenses that one in five Americans, including one-quarter of Gen Xers, say they have not planned for.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.