Member Research
Military Millennials and Their Money
Final Report
Survey conducted by:
Background, Objectives, &
Methodology
Executive Summary
Detailed Findings
Appendix
Military Millennials and Their Money: Background & Objectives
Background
The following report outlines findings from a recent financial outlook survey sponsored by NFCU and conducted
by Forrester Consulting as part of the ongoing effort to understand Millennials and their financial needs and
preferences. The research was conducted to validate similar surveys conducted in 2013 and 2014, and to
uncover new insights and trends related to Millennials and their position on specific personal finance issues.
Objectives
This survey was designed to explore whether Millennials feel, think, and demonstrate that they are on track to
meet their financial goals over the next five years.
The survey was split among General Population Millennials and Military Millennials (Active Duty + spouse /
partner).
Issues explored in the survey:
–  Financial Confidence, Satisfaction, & Literacy
–  Financial Readiness & Goals
–  Loyalty & Trust in Financial Institutions
–  Security & Fraud
–  Money Management & Budgeting
Methodology
•  10-minute online survey
•  Field date: October 2015
•  Sample size: 1,312 Millennials (ages 18-34)
•  Respondents:
–  General Population Millennials: n=1,312 (unweighted sample)
•  Note: the data is weighted by gender, age and income, weighted sample is 1,009
–  Military Millennials: n=333 (Active Duty + spouse / partners)
Property of Navy Federal Credit Union
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Background, Objectives, &
Methodology
Executive Summary
Detailed Findings
Appendix
Military Millennials and Their Money Executive Summary
Financial Goals and Preparedness
› 
› 
› 
› 
Military Millennials are the most confident, positive, prepared, and educated about their financial situation.
› 
However, they are also the most likely to have: missed a payment on their credit card in the last year, used a payday
loan in the last year, missed a mortgage payment in the past 2 years.
Millennials in general feel that the US economy will afford them the opportunity to meet their financial goals in the next 5
years; however, they are concerned about the future of the economy.
› 
Paying down debt and building up savings continue to be major goals for Millennials.
Millennials are concerned about having enough money to retire comfortably but also say that they are on track and
comfortable with their current financial plan for retirement.
While the majority of Millennials feel they don’t know enough about how to manage their finances, they don’t seek out
professional or outside guidance as they prefer to do their own research and make their own financial decisions.
–  Military Millennials are more likely to seek out information and advice from multiple sources and are far more likely to
trust digital financial advice.
Trust & Switching Behaviors
› 
Military Millennials have the highest trust in financial institutions in general; however, they are also the most likely to switch
business away from their primary financial institution regardless of the circumstance.
Security and Fraud Concerns
› 
› 
While many Millennials worry about the security of their personal/financial information (51%), just as many indicate feeling
secure when using their financial information on their mobile device.
–  Military Millennials show the highest comfort level with conducting a variety of digital financial activities even though
they have experienced ID theft / fraud at a higher rate.
Military Millennials have the highest awareness of Smart Chip (EMV) card benefits.
Property of Navy Federal Credit Union
3
Background, Objectives, &
Methodology
Executive Summary
Detailed Findings
Appendix
Military Millennials and Their Money:
Detailed Findings
Property of Navy Federal Credit Union
4
Background, Objectives, &
Methodology
Executive Summary
Detailed Findings
Appendix
Satisfaction & Confidence in Financial Situation
› 
Military Millennials are the most satisfied and confident with their financial situation, their ability to save, and their
preparedness for a personal financial emergency.
Gen Pop Millennials
66%
Military Millennials
Satisfied
87%
with Current Financial Situation
On Track
78%
89%
to Meet 5 Year Goals
Will Save More
69%
in 2016 vs. 2015
60%
Prepared
for Financial Emergency
Q: How satisfied are you with your current financial situation?
Q: Thinking about the next five years, how confident are you that...You are currently on track to meet your financial goals in this timeframe?
Q: Do you think you’ll save more in 2016 as compared to 2015?
Q: If you were confronted with a personal disaster that impacted your finances, how well-prepared do you feel you are to confront it?
Base: All respondents: 1,009 Gen Pop Millennials; 333 Military Millennials
Property
of Navy Federal
CreditConsulting
Union
Source: A commissioned survey
conducted
by Forrester
on behalf of Navy Federal Credit Union, October 2015.
82%
77%
5
Background, Objectives, &
Methodology
Executive Summary
Detailed Findings
Appendix
Slip Ups Along the Way
› 
While Military Millennials have a positive financial outlook, they are also the most likely to have: missed a
payment on their credit card in the last year, used a payday loan in the last year, missed a mortgage
payment in the past 2 years.
Financial Attitudes & Literacy
I have thought about what my financial goals are or what they
should be
52%
44%
I have checked my credit score within the last year
I live paycheck to paycheck
37%
37%
I feel like I know enough about how to manage my finances to
meet my financial goals
37%
I have paid the minimum balance on my credit card(s) more than
once in the past year
25%
11%
I have missed a credit card payment within the last year
6%
39%
34%
21%
Gen Pop Millennials
10%
I have used a payday loan within the last year
I have missed at least one mortgage payment in the past 2 years
43%
28%
I have at least 3 months of pay saved up in an emergency fund
54%
47%
29%
I have a household budget that I review at least annually
56%
22%
Military Millennials
16%
Q: Which of the following, if any, describes you?
Base: All respondents: 1,009 Gen Pop Millennials; 333 Military Millennials
Source: A commissioned survey conducted by Forrester Consulting on behalf of Navy Federal Credit Union, October 2015.
6
Background, Objectives, &
Methodology
Executive Summary
Detailed Findings
Appendix
Importance of Financial Goals in Next 5 Years
› 
› 
Military Millennials place the highest importance on setting financial goals over the next 5 years.
Military Millennials are most focused on paying down debt and building up savings.
Financial Goals Over the Next 5 Years – Importance
Building up a savings/
emergency fund
Gen Pop Millennials
Paying down debt
Gen Pop Millennials
62%
Military Millennials
Gen Pop Millennials
Gen Pop Millennials
Gen Pop Millennials
Military Millennials
24%
70%
34%
33%
29%
52%
31%
36%
93%
91%
76%
59%
42%
91%
79%
21%
42%
Military Millennials
Purchasing an automobile
27%
55%
Military Millennials
Purchasing a home
29%
66%
Military Millennials
Saving for retirement
Importance (sum)
92%
71%
83%
32%
49%
29%
68%
78%
Very important
Somewhat important
Q: Thinking about your financial goals over the next five years, we'd like to know how important the following are for you.
Base: All respondents: 1,009 Gen Pop Millennials; 333 Military Millennials
Property
of Navy Federal
CreditConsulting
Union
Source: A commissioned survey
conducted
by Forrester
on behalf of Navy Federal Credit Union, October 2015.
7
Background, Objectives, &
Methodology
Executive Summary
Detailed Findings
Appendix
State of the Economy
› 
While the majority of Millennials feel positive that economy will afford them the opportunity to meet their financial
goals, they also express concerns about the future of the economy.
The economy will provide me the
opportunity to meet my financial
goals in the next 5 years
I am concerned about the future
of the economy
78%
62%
68%
64%
Military Millennials
Gen Pop Millennials
Q: Thinking about the next five years, how confident are you that... the U.S. economy will afford you the opportunity to meet your financial goals in this timeframe?
Q: Please indicate how strongly you agree or disagree with the following statements. (Agree – 4 or 5 on scale of 1 to 5)
Base: All respondents: 1,009 Gen Pop Millennials; 333 Military Millennials
Property
of Navy Federal
CreditConsulting
Union
Source: A commissioned survey
conducted
by Forrester
on behalf of Navy Federal Credit Union, October 2015.
8
Background, Objectives, &
Methodology
Executive Summary
Detailed Findings
Appendix
Planning for Retirement
› 
The majority of Millennials place high importance on saving for retirement over the next 5 years and most
believe they are on track to meet their goals in this timeframe.
› 
However, they are concerned about having enough money to retire comfortably and are not fully comfortable
with their financial plan for retirement.
Importance of saving for
retirement
Concerned about having enough
money to retire comfortably
59%
92%
42%
65%
60%
76%
Very Important / Somewhat Important
On track with 5 year retirement
savings goal
Comfortable with financial
plan for retirement
63%
55%
61%
40%
Military Millennials
Gen Pop Millennials
Q: Thinking about your financial goals over the next five years, we'd like to know how important the following are for you.
Q: You indicated that the following are important to you over the next five years. Do you feel that you are on track financially with your goal to…
Q: Please indicate how strongly you agree or disagree with the following statements. (Agree – 4 or 5 on scale of 1 to 5)
Base: All respondents: 1,009 Gen Pop Millennials; 333 Military Millennials
Property
of Navy Federal
CreditConsulting
Union
Source: A commissioned survey
conducted
by Forrester
on behalf of Navy Federal Credit Union, October 2015.
9
Background, Objectives, &
Methodology
Executive Summary
Detailed Findings
Appendix
Financial Education
› 
› 
The majority of Millennials feel like they don’t know enough about how to manage their finances to meet their
financial goals.
› 
Military Millennials feel more confident in their knowledge.
However, they prefer gathering information and doing research on their own to make decisions rather than rely
on outside professional help.
Financial Research & Decision Making
I feel like I know enough
about how to manage my
finances to meet my
financial goals
73%
Like to do my own research before
making financial decisions
69%
70%
Gather financial information and
make decisions on my own
64%
47%
37%
Rely on financial advice from
professionals
Rely on financial education and
advice from PFI
Always seek and rely heavily on
expert advice before making
financial decisions
Military Millennials
Gen Pop Millennials
Trust digital finance advice
Q: Which of the following, if any, describes you?
Q: Please indicate how strongly you agree or disagree with the following statements. (Agree – 4 or 5 on scale of 1 to 5)
Base: All respondents: 1,009 Gen Pop Millennials; 333 Military Millennials
Property
of Navy Federal
CreditConsulting
Union
Source: A commissioned survey
conducted
by Forrester
on behalf of Navy Federal Credit Union, October 2015.
58%
41%
57%
41%
57%
39%
56%
38%
10
Background, Objectives, &
Methodology
Executive Summary
Detailed Findings
Appendix
Trust in Financial Institutions
› 
The majority of Military Millennials trust financial institutions, both the ones they work with personally and in
general.
› 
While there is high trust in financial institutions, Military Millennials are likely to switch institutions regardless of
the circumstance.
Trust in Financial Institutions
Will Likely Switch
from PFI
80%
44%
23%
PFI
73%
Potential Triggers for Switching from PFI
Other
Personal
FI’s
In
General
Military Millennials
Gen Pop Millennials
62%
50%
62%
46%
Security breach
43%
Better products and services
42%
Reliability
42%
Accuracy of information
39%
Ease of doing business
39%
Speed of service
Q: Overall, how much do you trust each of the following? (Trust – 4 or 5 on scale of 1 to 5)
Q: How likely would you be to switch business from your primary financial institution based on the following? (Likely – 6 or 7 on scale of 1 to 7)
Base: All respondents: 1,009 Gen Pop Millennials; 333 Military Millennials
Source: A commissioned survey
conducted
by Forrester
on behalf of Navy Federal Credit Union, October 2015.
Property
of Navy Federal
CreditConsulting
Union
34%
52%
51%
56%
54%
51%
49%
11
Background, Objectives, &
Methodology
Executive Summary
Detailed Findings
Appendix
Financial Security & Precautionary Measures
› 
While half of Millennials are worried about the security of their personal/financial information, just as many feel
secure using their financial information on their mobile device.
› 
Military Millennials show the highest concern and are the most likely to actively take precautions and secure
measures to protect themselves.
Experienced ID Theft / Fraud
76%
I feel secure using my
financial information
on my mobile device
65%
51%
56%
Safety of Digital Financial Activity
Actively taking precautions to protect personal
identity and financial information
67%
55%
Worried about the security of personal and
financial information
57%
51%
Military Millennials
Gen Pop Millennials
Gen Pop
61%
Military
62%
Making an online purchase using my credit / debit card
57%
59%
Giving an email to an online retailer
52%
56%
Signing up for an account on an online retailer's website
50%
56%
Connecting several smart devices to a home network
49%
63%
Storing a shipping and/or residential address on a website
48%
58%
Making payments using a Mobile Wallet
43%
54%
Applying for a credit card online
43%
56%
Made in-app purchases on a mobile game
42%
50%
Clicking "remember me" when logging into online account
38%
51%
Saving credit / debit card information online
34%
50%
Using a third-party app to track purchasing habits
32%
47%
Paying online using an online payment service
Q: Have you ever been a victim of…
Q: Please indicate how strongly you agree or disagree with the following statements. (Agree – 4 or 5 on scale of 1 to 5)
Q: How safe or unsafe do you feel the following activities are? (Safe – 4 or 5 on scale of 1 to 5)
Base: All respondents: 1,009 Gen Pop Millennials; 333 Military Millennials
Property
of Navy Federal
CreditConsulting
Union
Source: A commissioned survey
conducted
by Forrester
on behalf of Navy Federal Credit Union, October 2015.
12
Background, Objectives, &
Methodology
Executive Summary
Detailed Findings
Appendix
EMV Card Perceptions
› 
Military Millennials have the highest awareness of EMV benefits.
Attitudes towards Smart Chip / EMV Cards
Gen Pop
Military
Represents new and innovative payment technology
69%
73%
Reduce the risk of card fraud by making it harder to
counterfeit a card
68%
71%
Safe, secure way to prevent unauthorized use of my card
66%
73%
When used with a PIN, it would provide a secure way to
verify my identity as the card owner
65%
74%
Easy to use
65%
70%
Would better protect me from identity theft or some other
compromise of my card information
65%
75%
Would make me feel more secure in using the card in new
places at which I've never used it before
62%
69%
Useful when I am traveling abroad
59%
70%
Reduce the likelihood that my card would be rejected by a
store/merchant
51%
65%
Would encourage me to use my card more often
46%
64%
Q: Which of the following best describes your level of agreement with the following statements about smart chip (EMV) cards? (Agree – 4 or 5 on scale of 1 to 5)
Base: All respondents: 1,009 Gen Pop Millennials; 333 Military Millennials
Source: A commissioned survey conducted by Forrester Consulting on behalf of Navy Federal Credit Union, October 2015.
13
Background, Objectives, &
Methodology
Executive Summary
Detailed Findings
Appendix
Military Millennials and Their Money:
Appendix
14
Background, Objectives, &
Methodology
Executive Summary
Detailed Findings
Appendix
Respondent Demographics
Gender (% male)
Married or living with partner
Age
49%
44%
59%
65%
42%
Under 25
47%
Parent (child under 18 in household)
Lives in one-family house
58%
25 to 34
53%
37%
63%
58%
67%
Average annual household income
$69,073
Military affiliation
Active Duty
2%
77%
Spouse/legal domestic partner is
Active Duty
1%
33%
$82,698
Gen Pop Millennials
Military Millennials
Base: All respondents: 1,009 Gen Pop Millennials; 333 Military Millennials
Source: A commissioned survey conducted by Forrester Consulting on behalf of Navy Federal Credit Union, October 2015.
15
Background, Objectives, &
Methodology
Executive Summary
Detailed Findings
Appendix
Military Millennials and Their Money Executive Summary
TouchPoints
GenPopMillennials
MilitaryMillennials
KeyTakeaways
2013
2014
2015
2013
2014
2015
Sa8sfac8onwithCurrent
FinancialSitua8on
61%
70%
66%
79%
80%
87%
MilitaryMillennialscon9nuetobethemostsa9sfied
withtheircurrentfinancialsitua9on.
FiveYearGoals-Savingfor
Re8rement
(Importance)
71%
79%
76%
95%
91%
92%
MilitaryMillennialsplaceahigherimportanceon
savingforre9rementthanGenPopMillennials.
FiveYearGoals-Paying
DownDebt(Importance)
83%
84%
79%
80%
84%
91%
Payingdowndebtcon9nuestobeanimportant
financialgoalforallMillennials.
69%
71%
64%
83%
MilitaryMillennialsplacehigherimportanceon
purchasingahomeinthenext5years.
78%
78%
89%
89%
Millennialsoverallcon9nuetofeelconfidentthey
areontracktomeettheirfinancialgoals.
47%
FewerMilitaryMillennialssaytheyknowenoughto
meettheirfinancialgoalsthanyearsprevious.
However,theyares9llfeelingmoreknowledgeable
thantheGenPop.
FiveYearGoals–Purchasing
aHome(Importance)
FiveYearGoalsOnTrack
FinancialLiteracy(Know
EnoughtoMeetGoals)
74%
46%
37%
37%
88%
62%
58%
SavingsGoals
(WillSaveMoreYoY)
52%
77%
69%
60%
75%
82%
SavingsgoalsseemlessaNainableforGenPop
Millennialsthisyear.Conversely,MilitaryMillennials
haveamoreposi9veviewoftheirabilitytosave
moremoneynextyear.
PreparedforEmergencies
49%
65%
60%
73%
71%
77%
MilitaryMillennialscon9nuetofeelthemost
stronglythattheyarepreparedforafinancial
emergency.
Property of Navy Federal Credit Union
16
Background, Objectives, &
Methodology
Executive Summary
Detailed Findings
Appendix
Important Issues for the Presidential Election
› 
The majority of Millennials will consider the economy, healthcare, and education when voting for president.
Importance of Issues in the Next Presidential Election
59%
55%
54%
53%
51%
49%
51%
47%
41%
43%
40%
36%
37%
31%
29%
30%
14%
7%
Economy / fiscal
issues
Healthcare
Education
Social issues
War / terrorism
Gen Pop Millennials
Immigration
Foreign affairs
Race relations
I don't plan on
voting
Military
Q: Which of the following issues will be important when deciding your vote for president next year?
Base: All respondents: 1,009 Gen Pop Millennials; 333 Military Millennials
Source: A commissioned survey conducted by Forrester Consulting on behalf of Navy Federal Credit Union, October 2015.
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Background, Objectives, &
Methodology
Executive Summary
Detailed Findings
Appendix
Confidence in Financial Institutions
› 
In general, most Millennials are confident their bank or credit union will help them make sound financial
decisions.
Confident that Credit Union or Bank will…
Enable you to make better financial decisions on your own
Help you plan for your financial future
Guide you towards financial well being
60%
56%
55%
Millennials
Note: Data shown is from Forrester’s Consumer Technographics®
Q: How confident are you that your bank or credit union will… (Confident – 4 or 5 on scale of 1 to 5)
Base: 1,555 US Online Millennials (online at least weekly or more often, ages 18-34)
Source: Forrester Research, North American Consumer Technographics® Financial Services Survey, 2015.
18
Background, Objectives, &
Methodology
Executive Summary
Detailed Findings
Appendix
Confidence & Security with Financial Institutions
› 
In general, over half of Millennials agree that their financial providers are committed to protecting them.
Additionally, most Millennials are confident their financial information is kept private and secure.
Agreement with…
When making online purchases, my personal financial
information (e.g. credit card number) is very secure
59%
My financial providers are committed to protecting my
personal privacy and security
I am comfortable using digital channels to interact with
my financial services providers
57%
48%
Millennials
Confidence in Credit Union or Bank to…
Keep your financial information private
Keep your financial information secure
69%
67%
Millennials
Note: Data shown is from Forrester’s Consumer Technographics®
Q: Please indicate how strongly you agree or disagree with the following statements. (Agree – 4 or 5 on scale of 1 to 5)
Q: How confident are you that your bank or credit union will… (Confident – 4 or 5 on scale of 1 to 5)
Base: 1,555 US Online Millennials (online at least weekly or more often, ages 18-34)
Source: Forrester Research, North American Consumer Technographics® Financial Services Survey, 2015.
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