{"id":73211,"date":"2024-12-02T20:30:00","date_gmt":"2024-12-02T20:30:00","guid":{"rendered":"https:\/\/one.sightlinemg.com\/marinecorpstimes\/uncategorized\/2024\/12\/02\/analysis-shows-troops-financially-stronger-in-2023-than-pre-pandemic\/"},"modified":"2026-08-08T16:36:19","modified_gmt":"2026-08-08T16:36:19","slug":"analysis-shows-troops-financially-stronger-in-2023-than-pre-pandemic","status":"publish","type":"post","link":"https:\/\/one.sightlinemg.com\/marinecorpstimes\/pay-benefits\/mil-money\/2024\/12\/02\/analysis-shows-troops-financially-stronger-in-2023-than-pre-pandemic\/","title":{"rendered":"Analysis shows troops financially stronger in 2023 than pre-pandemic"},"content":{"rendered":"\n

A new analysis of more than 900,000 service members\u2019 checking, savings and credit card accounts found troops\u2019 accounts were more financially resilient<\/a> in 2023 compared to pre-COVID-19 pandemic levels, but the findings also show signs of the effects of inflation.<\/p>\n\n\n\n

The survey, conducted by USAA, analyzed the data of more than 900,000 currently serving members who had one or more USAA bank products \u2014 checking, savings or credit card accounts \u2014 at any point in time between 2019 and 2023, <\/b>including <\/b>active duty, Guard and Reserve members. USAA membership is open to all branches of service. Account owners were anonymous in the analysis of the aggregate data.<\/p>\n\n\n\n

Overall, <\/b>service members grew their savings account balances by an average of 19% in 2023 compared to 2019 and maintained an average of 23% more in checking accounts.<\/p>\n\n\n\n

The average daily credit card balance for service members was 23% lower at the end of 2023 than <\/b>in 2019. That\u2019s in contrast to mounting credit card debt nationally for the average consumer since before the pandemic, according to data from the Federal Reserve Bank of New York.<\/p>\n\n\n\n

However, in a sign of the potential effects of inflation, surveyed troops\u2019 average checking and savings balances declined year over year between 2022 and 2023, with checking balances declining by about 12% and savings declining by about 10%. Further, <\/b>service members were using their credit cards more for essentials such as food, pharmacy, fuel and utilities.<\/p>\n\n\n\n

Though various groups have conducted surveys about troops\u2019 finances over the years, USAA\u2019s work is believed to be the first large-scale analysis of actual checking, savings and credit card data of currently serving troops.<\/p>\n\n\n\n

The analysis \u201cpoints to a military population that has taken meaningful steps to improve their financial health<\/a>, even amid some tough economic circumstances,\u201d said Michael Moran, interim president of USAA Federal Savings Bank, in an announcement of the findings. The study \u201cgoes beyond sentiment to put a real number behind the optimism and the challenges that our military members share with us on a daily basis.<\/p>\n\n\n\n

\u201cWhile it\u2019s great to see service members in a better place than they were pre-pandemic, we can\u2019t ignore the reversal in trends. With inflation continuing to pressure military households, we encourage service members to be vigilant with their personal finances and preserve some of these hard-earned gains.\u201d<\/p>\n\n\n\n

JJ Montanaro, a certified financial planner with USAA\u2019s military advocacy group, said based on what he\u2019s heard from his interactions with USAA members in 2024, \u201cMy guess is that if we do [the analysis] again at the end of this year, we\u2019ll see further deterioration\u201d in some of these financial aspects within the currently serving military.<\/p>\n\n\n\n

USAA aims to conduct this analysis every year, according to USAA spokesman Daniel Diaz.<\/p>\n\n\n\n

Diaz noted that employment for service members was relatively stable during the pandemic and service members also received federal COVID-19 stimulus checks while employed. There has also <\/b>been a strong emphasis on financial readiness in the military over the last few years, he noted.<\/p>\n\n\n\n

The 900,000 service members in the analysis had one or more USAA accounts during the five-year period. The population, like the overall military, is fluid, with members joining and leaving the military during that time frame. If the service member left the military but stayed with USAA as a veteran, their account as a veteran wasn\u2019t included in the analysis, Diaz said.<\/p>\n\n\n\t