Servicemembers Worried About Job Prospects For Out-Of-Work Vets, First Command Reports
First Command Financial Behaviors Index® reveals that majority of servicemembers lack confidence in future job opportunities for veterans in light of proposed defense cutbacks
FORT WORTH, Texas – At a time when the Pentagon is considering plans to cut the military by close to 500,000 servicemembers, men and women in uniform are worrying about employment prospects for out-of-work veterans.
Recent survey findings from the First Command Financial Behaviors Index® reveal that 70 percent of middle-class military families (senior NCOs and commissioned officers in pay grades E-6 and above with household incomes of at least $50,000) are only “somewhat confident” or “not confident” in employment opportunities for veterans. Only one in four survey respondents believe there will be sufficient jobs in the civilian workforce for unemployed veterans.
Military families are not particularly encouraged by government solutions, either. Three out of five servicemembers are aware of the VOW to Hire Heroes Act, a new law that provides employers with tax credits for hiring out-of-work veterans. But of those familiar with the VOW Act, nearly half are not confident that it will increase job opportunities in the civilian workforce.
In addition to concerns for out-of-work veterans, many servicemembers are worried about their own careers in the armed forces. The Index reveals that 37 percent of respondents are concerned about their future in the military. Top concerns include downsizing of the armed forces, cutbacks to pay and benefits and overall job security.
“These anemic confidence levels underscore the high unemployment rates we are seeing among veterans today as well as proposed plans for defense cutbacks and downsizing tomorrow,” said Scott Spiker, CEO of First Command Financial Services, Inc. “Recent data by the Bureau of Labor Statistics shows unemployment among young veterans is over 13 percent . When active-duty servicemembers see highly trained and tested veterans struggling to meaningful work, they are justifiably worried about the thousands of vets who will be entering the civilian workforce in the next few years.”
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. www.firstcommand.com/research
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 Insurance Services, Inc. and First Command Bank. Financial planning services and investment products, including securities, are offered by First Command Financial Planning, Inc. 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.
Posted: February 7, 2012