After years of managing multiple combat tours and lengthy separations during wars in Iraq and Afghanistan, America's military families are now facing a new set of challenges that are just beginning to emerge from the deep military budget cuts of defense downsizing and sequestration. To help put these challenges into their proper perspective, we've broken them down by branch in the articles below.
Since 2011, First Command has been conducting regular surveys on how sequestration and defense downsizing is impacting the financial attitudes, intentions and behaviors of America's career military. Check here for monthly updates on how this critical issue is affecting the financial lives of servicemembers and their families.
For more detailed information, visit the First Command Financial Behaviors Index® page.
The First Command Financial Behaviors Index® reveals two thirds of career service members feel financially stretched month to month
First Command Financial Behaviors Index® shows military families remain optimistic, while still taking steps to plan for defense budget cuts
First Command Financial Behaviors Index® reveals top cost-savings efforts.
First Command Financial Behaviors Index® reveals one in four career servicemember families have started working with a financial advisor as a result of sequestration.
America’s career servicemembers are continuing to sock away dollars for the future — and families who work with a financial advisor are leading the way.
Donald Trump has promised to do away with the federal spending caps known as sequestration, rollbacks that have hit the Defense Department particularly hard.
Despite President-elect Donald Trump’s pledge to raise defense spending, Sen. Lindsey Graham expects a tough path ahead.
For President-elect Donald Trump to make good on a multibillion-dollar campaign promise to expand the military with more ships, jets and troops, something has got to give.
Top US military officials told lawmakers Thursday their services have been squeezed by budget instability and spending caps — and that under sequestration cuts, they would not have the resources to defend the country.
None of the four service chiefs testifying on Capitol Hill Thursday would answer the question, but they all paused uncomfortably before senators in the hearing laughed it off: “Are Congress and the president the biggest threats to the military today?”
To read more, visit the First Command News & Media page.
Listen to CEO Scott Spiker discuss the uncertainty military families are facing.
The Budget Control Act of 2011 was designed to raise the country's borrowing limit, on the condition that Congress find $1.2 trillion in cuts. If the cuts were not found, automatic spending cuts would begin January 2013 and last through 2021, with approximately $500 billion coming out of the DoD budget. That's exactly what happenend.
Get your financial life squared away.®