Military families' top New Year's resolution: cutting debt

Getting out of debt, cutting excessive spending and keeping track of financial activities are among the top New Year's resolutions of America's middle class military families, according to new research.

First Command Financial Services Inc. unveils this finding in its latest First Command Financial Behaviors Index. The research, based on November survey results, shows that 95 percent of middle-class military families (commissioned officers and senior NCOs in pay grades E-6 and above with household incomes of at least $50,000) have identified one or more financially-themed resolutions for the New Year.

Top financial aspirations of military families for 2015 including:

• Get out of debt (selected by 37 percent of survey respondents)

• Cut back on excessive spending (29 percent)

• Keep track of financial activities (28 percent)

• Learn to budget responsibly (28 percent)

• Improve credit score (26 percent)

• Start saving money for retirement or put more money into retirement savings (25 percent)

• Use cash or debit more often instead of credit cards (24 percent)

• Make sound investments in the stock market (24 percent)

• Learn not to live beyond your means (23 percent)

• Be financially independent (23 percent)

• Shop more at discount stores or for discount brands (20 percent)

The November survey results reveal that 70 percent of military respondents feel anxious about sequestration: the 2011 Budget Control Act that authorized an increase in the debt ceiling in exchange for $2.4 trillion in deficit reduction, including defense appropriations, over the following ten years. More than half of the survey respondents are concerned about their job security in the coming months. And almost three out of four expect to be financially impacted by anticipated cuts to defense spending.