Military Family Advisory Network 2017 Survey Results Released
By Madalyn Pemberton, America Saves Communications Associate
The Military Family Advisory Network (MFAN) recently released the findings of its second Military Family Support Programming Survey.
The research revealed telling information about what’s working and what’s not working for military families. Of particular note is how military families feel about their financial security. A couple of highlights from the Executive Summary of the 2017 findings include:
- Military life creates financial stress, and this stress has widespread implications. 60 percent of respondents don’t have enough in their savings to cover three months of living expenses, and 15 percent of respondents have faced food insecurity.
- Frequent required moves cause a great deal of financial stress. More than half of respondents have moved due to military orders in the past two years. Roughly a third of respondents have moved five or more times due to military orders. It comes as no surprise that 80 percent of respondents reported that military moves or PCSing causes great financial stress, as each move means resetting the whole household in response to new circumstances.
Based on the findings, MFAN recommends providing financial education throughout a service member’s career, “attached to the experiences that cause financial strain,” rather than only at the beginning of his or her career. To access the full report and corresponding infographic for additional insights, visit the survey release page.
Adequate savings continues to be a serious challenge for military families as noted in the MFAN Family Support Programming Survey. Take the Military Saves Pledge to set your goal to save towards needs, such as an emergency fund to help cover unexpected expenses and reduce the financial stress often associated with military life.
@Mil_FANet's 2017 Military Family Support Programming Survey results provide telling information about what’s working and what’s not working for military families. Check out a few highlights here >> http://bit.ly/2GaZRnX @MilitarySaves
- Written by Madalyn Pemberton
- Category: Blog
- Published: 09 March 2018