The changing terrain: Sequestration
Approximately three-quarters of military families surveyed in the July First Command Financial Behaviors® Index are anxious about cuts to defense spending. Specifically, 72 percent are anxious and 78 percent anticipate being financially affected by the cuts.
The top concerns about defense budget cuts among military families are a reduction in annual pay increases at 38 percent, reduction in retirement benefits at 36 percent and reduction in personal expense benefits (housing, clothing, food) at 36 percent.
When asked “How concerned are you about your job security in the coming months?” 51 percent of military families express concern. Additionally, half of these families believe that Congress will void sequestration before the return to the full automatic budget cuts in 2018. Forty-two percent believe Congress should lift the caps on defense and domestic spending.
These families are dealing with their concerns through financial preparedness, with 88 percent taking some type of action. Half of respondents are increasing savings, and 44 percent are cutting back on everyday spending.
next to Obamacare, sequestration for the military has to be the worst act done by CIC and congress.It changes everything within all branches of service. If this guy had ever served, he’d know the importance of a budget you don’t cut every year.