nancy register military saves advisory meeting 15 october 2015

Nancy RegisterMilitary Saves Advisory Meeting

15 October 2015

Military Saves Quarterly Meeting AGENDA

• 1000-1010 Welcome and Introductions

• 1010-1030 Military Saves Saver Survey Analysis(Steve Holt, Holt Solutions)

• 1030-1045 DoD Office of Personal Finance(Brenda McDaniel, OSD; Military Community & Family Policy)

• 1045-1120 Military Saves Update & MSW2016 Organizations and Installation Planning (James Lander, Military Saves Director)

• 1120-1140 America Saves Update & Designation of Excellence 2016(Katie Bryan, Director of Communications, America Saves)

• 1140-1200 Military Saves Week 2016 Communication Schedule(James Lander, Military Saves Director)

• 1200-1300 Meeting Adjourned; Lunch

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Military Saves Saver Survey Steve Holt, Holt Solutions

2015 2014

Total responses 583 677

Valid surveys 549 629

RESULTS BY QUESTION

Question 1: Connection to Military

2015 2014

Air Force 33% 30%

Army 32% 23%

Navy 14% 13%

Marines 6% 5%

Dept. of Defense 6% 4%

National Guard 5% 4%

Coast Guard 2% 2%

Air National Guard 2% 19%

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Question 2: Military Pay Grade

STATUS 2015 2014

Active 68% 55%

Retired 20% 22%

Civilian 11% 14%

Reserve 1% 9%

Enlisted

E-1 0.3%

E-2 0.3%

E-3 2%

E-4 9%

E-5 12%

E-6 19%

E-7 16%

E-8 9%

E-9 6%

Warrant

W-1 0.3%

W-2 1%

W-3 1%

W-4 1%

W-5 0.3%

Officer

O-1 0.3%

O-2 1%

O-3 6%

O-4 5%

O-5 5%

O-6 6%

O-7 0%

O-8 0%

O-9 0.3%

O-10 0%

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Question 3: Sources of Helpful Information About Saving

2015 2014

MilitarySaves.org 46% 33%

Other websites 37% 33%

Bank or credit union 36% 37%

Military Saves e-mails 30% 23%

Friends 24% 25%

Family 23% 25%

SaveAndInvest.org 19% 15%

AmericaSaves.org 15% 10%

PFM or family readiness program 14% 17%

Military personnel 14% 15%

Facebook 8% 12%

Military relief society 3% -

Twitter 2% 2%

Not much out there that’s helpful 7% 9%

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Question 4: Degree of Helpfulness of Military SavesVery helpful 8%

Pretty helpful 20%

Somewhat helpful 26%

A little helpful 26%

Not very helpful 11%

No help at all 9%

Question 5: Predicted Helpfulness of Receiving Routine Savings Reminders

Very helpful 12%

Pretty helpful 20%

Somewhat helpful 24%

A little helpful 24%

Not very helpful 12%

No help at all 8%

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Question 6: Paying Down Debt Considered a Form of SavingYes 69%

No 20%

Sometimes 11%

NON-RESPONSE RATE 1%

Question 7: Have Automatic Saving Set Up

Yes 78%

No 21%

Not sure 1%


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Question 8: Current Most Important Savings Goal

2015 2014

Retirement 32% 30%

Debt repayment 20% 19%

Emergency fund 10% 10%

Homeownership 8% 7%

Investment savings 7% 6%

Pay off home early 6% 5%

Transition to civilian life 4% 4%

Motor vehicle 3% 2%

Education 2% 4%

Home improvement 2% 3%

Vacation 2% 3%

Special event 1% 2%

Move/PCS 1% 2%

Business 0.4% 1%

Home rental 0.4% 1%

Consumer product 0.2% 1%

Taxes 0.2% 0.4%

NON-RESPONSE RATE 1% 13%

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Question 9: Best Description of Savings BehaviorI save for the long term. 42%

I make extra payments on my debt. 19%

I put some money aside that I usually end up needing for emergencies. 15%

I put some money aside that is usually more than I need for emergencies. 10%

I put money aside for big planned expenses. 8%

I am usually not able to save at all. 6%


Question 10: Amount Saved So Far in 2015

$0 4%

$1 - $250 6%

$251 - $1,000 10%

$1,001 - $2,500 13%

$2,501 - $5,000 18%

$5,001 - $10,000 22%

$10,001 - $25,000 16%

More than $25,000 11% NON-RESPONSE RATE 2%

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Question 11: Amount Saved So Far in 2015 Compared to Last Few Years

Much less 11%

Less 14%

About the same 45%

More 23%

Much more 7%


Question 12: Gender

2015 2014

Male 58% 51%

Female 42% 49% NON-RESPONSE RATE 5% 23%

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Question 13: Marital Status 2015 2014

Married 73% 74%

Single 14% 13%

Divorced or Separated 11% 10%

Partnered 1% 2%

Widowed 1% 0.4% MISSING RESPONSES 4% 23%

Question 14: Age

2015 2014

Under 25 4% 3%

25 to 34 20% 21%

35 to 44 25% 26%

45 to 54 27% 30%

55 to 64 16% 15%

65 or older 8% 5% MISSING RESPONSES 5% 24%

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Question 15: Income

2015 2014

< $25,000 6% 4%

$25,000 - $50,000 20% 19%

$50,000 - $75,000 26% 25%

$75,000 - $100,000 21% 22%

$100,000 - $125,000 14% 16%

$125,000 - $150,000 6% 7%

$150,000 + 7% 7%

MISSING RESPONSES 25%

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CROSS-QUESTION ANALYSISAGE, SAVINGS, & INCOME, BY ACTIVE DUTY PAY GRADE

(for most common pay grades among respondents)

Pay Grade

Age (median)

Primary Savings Goal (2 most common)

Amount Saved in

2015 (median)

2015 savings “about the same” as

recent years

Household Annual Income (median)

E-4 25-34 Debt repayment (31%) Emergency fund (25%)

$1,000 - $2,500

38% (“more” = 25%) $25,000 - $50,000

E-5 25-34 Debt repayment (25%) Emergency fund (14%) Home ownership (14%)

$2,501 - $5,000

48% (“more” = 14%) $37,500 - $62,500

E-6 35-44 Debt repayment (35%) Retirement (18%)

$2,501 - $5,000

39% (“more” = 18%) $50,000 - $75,000

E-7 35-44 Retirement (24%) Debt repayment (20%)

$5,001 - $10,000

54% (“more” = 20%) $50,000 - $75,000

E-8 40-49 Retirement (47%) Debt repayment (25%)

$5,001 - $10,000

41% (“more” = 25%) $75,000 - $100,000

E-9 45-54 Retirement (43%) Pay off home early (14%)

$10,001 - $25,000

52% (“more” = 29%) $100,000 - $125,000

O-3 25-34 Retirement (52%) Investment (14%)

$5,001 - $10,000

43% (“more” = 33%) $75,000 - $100,000

O-6 45-54 Retirement (48%)

Transition to civilian life (19%)

$10,001 - $25,000

33% (“more” = 38%) $125,000 - $150,000

Retired 45-54 Retirement (44%) Debt repayment (14%)

$2,501 - $5,000

52% (“more” = 17%) $50,000 - $75,000

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OTHER SAVINGS BEHAVIOR, BY ACTIVE DUTY PAY GRADE

Pay Grade

Paying Down Debt is Form of

Saving

Automatically Putting Aside

Savings

E-4 75% 75%

E-5 57% 71%

E-6 72% 63%

E-7 68% 88%

E-8 69% 81%

E-9 81% 86%

O-3 57% 86%

O-6 71% 76%

Retired 74% 76%

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OTHER SAVINGS BEHAVIOR, BY SERVICE BRANCH

(branches with 35+ respondents)

Paying Down Debt is Form of Saving

Automatically Putting Aside Savings

Branch All Active Duty only All Active Duty only

Air Force 66% 63% 84% 85%

Army 70% 71% 76% 73%

Marines 69% 70% 83% 80%

Navy 76% 78% 74% 76%

16


SOURCES OF HELPFUL SAVINGS INFORMATION, BY ACTIVE DUTY PAY GRADE

(selected sources)

Pay Grade MilitarySaves.org Military Saves

e-mails Military

personnel

PFM / family readiness program

Bank / credit union

E-4 44% 28% 19% 9% 25%

E-5 41% 24% 13% 9% 43%

E-6 44% 35% 19% 18% 39%

E-7 60% 33% 7% 12% 40$

E-8 38% 31% 19% 9% 35%

E-9 57% 24% 29% 5% 38%

O-3 62% 33% 29% 14% 38%

O-6 48% 38% 10% 19% 19%

Retired 44% 26% 11% 12% 34%

17


SOURCES OF HELPFUL SAVINGS INFORMATION, BY SERVICE BRANCH(all respondents)

Branch MilitarySaves.org Military Saves e-mails

Military personnel


Bank / credit union

Air Force 43% 33% 16% 15% 34%

Army 42% 30% 15% 7% 30%

Marines 57% 31% 14% 26% 51%

Navy 54% 25% 14% 20% 39%

(active duty only)

Branch MilitarySaves.org Military Saves e-mails

Military personnel


Bank / credit union

Air Force 40% 33% 20% 14% 34%

Army 47% 29% 18% 8% 29%

Marines 57% 30% 13% 20% 53%

Navy 52% 29% 15% 17% 44%

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DEGREE OF HELPFULNESS OF MILITARY SAVES, BY ACTIVE DUTY PAY GRADE

Pay Grade

Low (“no help at all”,

“not very helpful”)

High (“pretty helpful”, “very helpful”)

E-4 28% 19%

E-5 20% 30%

E-6 19% 25%

E-7 13% 35%

E-8 13% 34%

E-9 14% 29%

O-3 24% 29%

O-6 14% 29%

Retired 24% 28%

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DEGREE OF HELPFULNESS OF MILITARY SAVES, BY SERVICE BRANCH

Low (“no help at all”, “not very helpful”)

High (“pretty helpful”, “very helpful”)

Branch All Active Duty only All Active Duty only

Air Force 20% 20% 25% 23%

Army 20% 20% 33% 33%

Marines 23% 23% 26% 23%

Navy 16% 17% 31% 25%

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Department of Defense Financial Readiness

Brenda McDaniel, Program Manager, Personal Finance,Office of Family Readiness Policy

Office of the Deputy Assistant Secretary of Defense

15 October 2015

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CJCS and Senior Enlisted Advisor Memo

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Military Saves 2015

"Set a Goal, Make a Plan, Save Automatically!”

Background: Military Saves is co-sponsored by the Consumer Federation of America and the Department of Defense. Active participation and support from the Office of the Secretary of Defense, the Army, Marine Corps, Navy, Air Force, National Guard, Reserves and the US Coast Guard.

•Goals: Increase Participation Foster Partnerships Increase Financial Readiness and Stability

•Audiences•Stakeholders•Key Messages: CJCS and Senior Enlisted Advisor Memo

•Talking Points•Strategy and Process

• Association of Military Banks of America • Consumer Federation of America• Defense Civilian Personnel Advisory Service• Defense Credit Union Council• Department of Housing & Urban Development• Department of Veterans Affairs• FDIC• Federal Trade Commission• FINRA Investor Education Foundation• Military OneSource• National Military Family Association• National Association of Federal Credit Unions• National Credit Union Administration• Navy Federal Credit Union• Office of the Comptroller of the Currency• Pentagon Federal Credit Union• Personal Financial Counselors • Securities & Exchange Commission• Social Security Administration• Thrift Savings Plan• USDA

Pentagon Financial Fair Participants

27

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The Financial Readiness Roundtable

American Financial Services Association Education Foundation (AFSA)Association of Military Banks of America (AMBA)Better Business Bureau (BBB)Consumer Federation of America (CFA) (Military Saves)Consumer Financial Protection Bureau (CFPB)Defense Credit Union Council (DCUC)Federal Deposit Insurance Corporation (FDIC)Financial Industry Regulatory Authority (FINRA)Federal Trade Commission (FTC)National Association Federal Credit Union (NAFCU)National Credit Union Administration (NCUA)National Foundation for Credit Counseling (NFCC)National Institute of Food and Agriculture (NIFA)National Military Family Association (NMFA)Security Exchange Commission (SEC)DoD State Liaison OfficeOUSD (Comptroller)Military Community Family PolicyTransition to Veterans Program Office

http://pdb.smugmug.com/Events/March-2014/MCFP-Financial-Roundtable/n-rTGGG/i-VRSJg5L

http://pdb.smugmug.com/Events/March-2014/MCFP-Financial-Roundtable/n-rTGGG/i-TVBt9p2

http://pdb.smugmug.com/Events/March-2014/MCFP-Financial-Roundtable/n-rTGGG/i-2vfhQWm

http://pdb.smugmug.com/Events/March-2014/MCFP-Financial-Roundtable/n-rTGGG/i-t9PPTJd

Personal Financial Readiness Pillars

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Financial Readiness Pillars will be released next week

Military Saves Week 201622 February – 27 February

• Military installations worldwide plan events to encourage Service members and their families to take the Military Saves pledge at www.militarysaves.org

• Commitment to exercise good financial habits and encourage other Americans to do the same. Provides support and information within a saving community to help servicemembers and their families build their personal savings and provide for their immediate and long-term financial needs

• Campaign Coordinators at every Military Installation and/or Unit

• Military members, Spouses, Youth, Uniformed Leaders, DoD Civilians & Families

• Military Saves Week Theme: Set a Goal. Make a Plan. Save Automatically

http://www.militarysaves.org/

Military Saves Campaign Update&

Military Saves Week 2016

A Record-Breaking Year

To date, 35, 400 individuals took the Military Saves Pledge.

Since 2007, more than 200,000 servicemembers and their families have taken the Military Saves Pledge.

Military Saves Quarterly MeetingFinancial Institutions

Why your institution should participate• Your branch or credit union will benefit from participating in

Military Saves Week 2016 by supporting servicemembers and their families to become more financially fit.

• Saving through direct deposit and embedded pledge form on your website will increase customer accounts.

• To boost overall savings rates for servicemembers and their families.

• Participating in Military Saves Week supports the marketing of your incentivized products, accounts, and services.

Register TODAY as a participating organization at MilitarySaves.org

Military Saves Quarterly Meeting#MSW2016

Set a Goal. Make a Plan. Save Automatically.

Military Saves Quarterly MeetingInstallations, Commands, and Readiness Centers

How to participate in Military Saves Week?• Obtain a signed Commander’s Proclamation and encourage uniformed

leadership to support efforts through communications channels. • Set a goal for the number of pledges to can achieve during the week.• Promote and provide opportunity for individuals (servicemembers, their

family members, DoD civilians, and national guardsmen and reservist) to the Military Saves pledge.

• Partner with non-profit organizations and on-base financial institutions to and increase awareness and visibility.


Set a Goal. Make a Plan. Save Automatically.

Nancy Register America Saves & America Saves

Week

Katie Bryan, Director of Communications

America Saves seeks to motivate, encourage, and support low- to moderate-income households to save money, reduce debt, and build wealth. The research-based campaign uses the principles of behavioral economics and social marketing to change behavior.

Military Saves is a part of America Saves, the larger nation-wide campaign for all Americans and utilizes the principles of a social marketing campaign to persuade, motivate, and encourage military families to save money every month, and to encourage leaders and organizations to be aggressive in promoting automatic savings.

America Saves Week is coordinated by America Saves and the American Savings Education Council. Started in 2007, the Week is an annual opportunity for organizations to promote good savings behavior and a chance for individuals to assess their own saving status.

About Us

Resources for Organizations

Promotion and marketing: available materials that can be co-branded

Resources For SaversGoal-based texting tips & reminders encourages continued saving.

Text Examples:

America Saves: With each savings deposit, you are one step closer to getting out of debt. Have you made your deposit this month? Reply YES or NO.

America Saves: Need to pay off debt from last holiday? Pay off debt with double-digit interest rates. http://bit.ly/14j3CkX

America Saves: Once a month, use records to review what you've purchased. Reallocate some of this spending to emergency savings.

http://bit.ly/14j3CkX

Communications Planning

MilitarySaves.org


Sign Up Your Organization for Military Saves Week 2016! Promote:Promote:

• To new and existing customers and community partners utilizing co-branding materials and resources during Military Saves Week

• New and existing products, accounts, and services that incentivize savings during the week

• The message of savings within branches with Military Saves materials and recourses

• Outreach through press releases/events, social media venues, blogs and local media


Sign Up Your Organization for Military Saves Week 2016! Inform:Inform:

• Offer marketing materials and resources that encourage positive savings behavior

• Include messaging promoting Military Saves Week on your website, newsletter, and/or blog. Communicate your participation in MSW regularly to individuals and partners through reminder emails.

• Tweet and post social media messages included in Partner Packets to Facebook and Twitter

• Organize promotional events, financial seminars, workshops in partnership with PFMs and BLOs

Military Saves Quarterly Meeting #MSW2016

Sign Up Your Organization for Military Saves Week 2016! Act:Act:

• Sign Up your institution to participate in MSW 2016.• Embed Pledge Form on your institution public website, integrating

form with products. Text Messaging (institutions currently utilizing platform) reminding savers about their saving goals.

• Market appropriate savings accounts, IRAs, CDs, and other wealth building accounts

• Collaborate with instillation leadership, through PFMs and BLOs to increase participation

How can we help you?James LanderMilitary Saves [email protected](202) 939-1013

Alecia BlairMilitary Saves Communications [email protected](910) 495-4788

www.militarysaves.org

Contact Us

mailto:[email protected]

mailto:[email protected]

nancy register military saves advisory meeting 15 october 2015

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