Serving in the Military is no guarantee of financial stability, according to a new study commissioned by financial wellness service Zebit.
An alarming 65 percent of participants say they feel stressed about their financial situation, and that’s not the worst part…
- One-fifth are struggling with money or are living paycheck-to-paycheck (20 percent)
- Many feel as though the military community has insufficient options when it comes to buying costly items (40 percent)
- Over two-thirds would resort to using a credit card as means to pay for a $500-$1,000 purchase (67 percent)
- Nearly half have credit card debt (44 percent) and nearly a third owe $5,000 or more (29 percent)
And this financial uncertainty may have consequential results. A reported 17 percent of Military Personnel feel so stressed about money, they feel they can’t concentrate on the call of duty.
“The financial instability of military Personnel remains troubling,” said Michael Thiemann, Zebit’s CEO. “These disturbing statistics reveal that America’s honorable men and women have resorted to using financially unhealthy products—ultimately causing the unfortunate reality of revolving debt and increased stress levels.”
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