Survey finds military millennials more focused on financial future

Published February 25, 2015 by Robert Powell, III

A survey by Vienna-based Navy Federal Credit Union finds that millennials who serve in the military are more likely than their civilian contemporaries to adopt long-term financial goals.

The survey found that 66 percent of millennials on active duty or with an active duty spouse have made plans for their financial future. By contrast, 49 percent of civilian millennials have made financial plans.

In addition, 58 percent of military millennials believe they have the financial literacy to meet their goals, compared to 37 percent of civilians.

The survey also indicated, however, that millennials in the general population have made strong gains in improving their financial habits during the past year.

Navy Federal said monitoring the financial habits of millennials is important because of the growing influence they will have on the economy. U.S. Census Bureau projects they will surpass baby boomers this year as the nation's largest living generation.

Navy Federal commissioned global market research firm ORC International to conduct the survey. Respondents were separated into two groups: active-duty military millennials (or their spouses) and the general millennial population. The report presents findings conducted among a sample of 1,311 adults 18 years of age and older. This includes 300 active-duty military millennials (or their spouses) and 1,011 general population adults. The survey was live from Nov. 24 to Dec. 8.

Navy Federal Credit Union is the world's largest credit union with $62 billion in assets, 5 million members, 259 branches, and a workforce of over 12,000 employees worldwide. The credit union serves all Department of Defense and Coast Guard active duty, civilian, and contractor personnel and their families.