ICFE eNEWS #10-34 - October 20th 2010
The FINRA Investor Education Foundation released a new survey that, for the first time, measures the overall financial capabilities of U.S. military personnel.
The Military Financial Capability Survey - one of three linked surveys that make up the National Financial Capability Study - reveals that military families are heavily in debt to credit card issuers, with more than one in four respondents (27 percent) reporting more than $10,000 in credit card debt.
However, the survey also found that military families are outpacing their civilian counterparts when it comes to keeping up with monthly expenses; calculating retirement savings needs; shopping around to compare financial products; checking their credit score and credit report; and demonstrating higher levels of financial literacy.
President - Executive Director
Institute of Consumer Financial Education (ICFE)
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