First Command Reports: Elder Care Challenging Family Finances of Career Military

20 Ene 2016, 00:00 AM EST

First Command Financial Behaviors Index® reveals that two out of five
middle-class servicemembers are providing care to an elderly family
member

FORT WORTH, Texas–(BUSINESS WIRE)–The share of America’s career military families currently providing
elder care is on the rise, creating unexpected monetary stresses and
fueling demand for professional financial advice.

The First Command Financial Behaviors Index® reveals that 42 percent of
middle-class military families (commissioned officers and senior NCOs in
pay grades E-6 and above with household incomes of at least $50,000) are
currently providing care for an elderly parent or other family member.
That’s up significantly from 13 percent in 2012. In contrast, just 12
percent of general population families are currently providing elderly
care, statistically unchanged from 2012.

Military families are currently or anticipate providing care in a
variety of settings, most commonly in the home (54 percent in their own
home and 46 percent in the elderly person’s home). Many respondents
expect to provide care by paying for:

* home care services (28 percent)

* health care services (10 percent)

* nursing home care (9 percent)

The cost of providing this care is proving to be sizable for many
military families. More than half (53 percent) say costs are more than
they expected, estimating their average monthly outlay at $1,306. Among
general population respondents, just 27 percent say the costs are higher
than they expected. They estimate their average monthly cost at $918.

Two thirds of military families are seeking out specific financial
planning help related to the cost of elder care. The Index reveals that
67 percent are planning for these costs, up from just 16 percent in
2012. And almost half of those families are engaging with a financial
advisor. The trend has remained essentially flat in the general
population, where just 14 percent of respondents are seeking out
planning services related to the cost of elderly care. Almost half are
using a financial advisor.

“As a growing number of military families take on responsibility for
elder care, they are finding that the economic reality is more
challenging than they expected,” said Scott Spiker, CEO of First Command
Financial Services, Inc. “Seeking out knowledgeable financial planning
support is a smart way to prepare for the added financial responsibility
of caring for an older family member.”

Look for the elder care trend to continue in the years ahead. Eighteen
percent of military families say they anticipate providing elderly care
in the future, unchanged from 2012.

About the First Command Financial Behaviors Index®

Compiled by Sentient Decision Science, Inc., the First Command Financial
Behaviors Index® assesses trends among the American public’s
financial behaviors, attitudes and intentions through a monthly survey
of approximately 530 U.S. consumers aged 25 to 70 with annual household
incomes of at least $50,000. Results are reported quarterly. The margin
of error is +/- 4.3 percent with a 95 percent level of confidence. http://www.firstcommand.com/fbi/

About Sentient Decision Science, Inc.

Sentient Decision Science was commissioned by First Command to compile
the Financial Behaviors Index®. SDS is a behavioral science and
consumer psychology consulting firm with special vertical expertise
within the financial services industry. SDS specializes in advanced
research methods and statistical analysis of behavioral and attitudinal
data.

About First Command

First Command Financial Services and its subsidiaries, including First
Command Bank and First Command Financial Planning, assist American
families in their efforts to build wealth, reduce debt and pursue their
lifetime financial goals and dreams—focusing on consumer behavior as the
first and most powerful determinant of results. Through knowledgeable
advice and coaching of the financial behaviors conducive to success,
First Command Financial Advisors have built trustworthy, lasting
relationships with hundreds of thousands of client families since 1958.

First Command Financial Services, Inc., is the parent of First
Command Financial Planning, Inc. (Member SIPC,
FINRA),
First Command Advisory Services, Inc., First Command Insurance Services,
Inc. and First Command Bank. Financial planning services and investment
products, including securities, are offered by First Command Financial
Planning, Inc. , a broker-dealer. Financial planning and investment
advisory services are offered by First Command Advisory Services, Inc.,
an investment adviser. Insurance products and services are offered
by First Command Insurance Services, Inc., in all states except Montana,
where as required by law, insurance products and services are offered by
First Command Financial Services, Inc. (a separate Montana domestic
corporation). Banking products and services are offered by First Command
Bank. In certain states, as required by law, First Command Insurance
Services, Inc. does business as a separate domestic corporation.
Securities products are not FDIC insured, have no bank guarantee and may
lose value. A financial plan, by itself, cannot assure that retirement
or other financial goals will be met. First Command Financial Services,
Inc. and its related entities are not affiliated with, authorized to
sell or represent on behalf of or otherwise endorsed by any federal
employee benefits programs referenced, by the U.S. government, or the
U.S. armed forces.