Roughly 30% of military families cite low income and lack of stability as a “primary challenge” they face with their current financial products and services, according to a new survey by the Fort Leavenworth, Kansas-based Armed Forces Bank. Respondents—who included veterans and retired and active military—also cited inflation and cost of living (18%), lack of knowledge (13.5%) and high interest rates (8%), as well as poor online experience, difficulty saving and low interest rates for savings (all at 4.5%).
Most military families cited low fees (58.6%) as the banking service most important to them, with respondents allowed to choose more than one answer. Other important services included customer service (54.5%), online banking (51%), interest rates (50%), branch accessibility (48%), comprehensive product offerings (21%) and ATM fee rebates (15%). At the same time, 39% of respondents said they would find financial education the most helpful in preparing for their financial future, although 35% were unsure what they could do to prepare.
