Economic Outlook Survey
Prepared for:
Navy Federal Credit Union
Date: December 20, 2014
315 Park Avenue South, 14th Floor
New York, NY 10010
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This document contains confidential and proprietary
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duplication or use of any portions of the contents of
these materials, for any purpose, may be made without
prior consent of ORC International client.
Table of Contents

Background ...................................................................................................................................... 3

Objectives .................................................................................................................................. 3

Methodology ............................................................................................................................. 3

Definitions ................................................................................................................................. 3

Highlights ......................................................................................................................................... 4

Discussion ........................................................................................................................................ 5

Current Financial Situation ........................................................................................................ 5

Five-Year Financial Goals ........................................................................................................... 7

On Track for Five-Year Plan ....................................................................................................... 9

Five-Year Confidence Levels .................................................................................................... 10

Financial Literacy ..................................................................................................................... 11

Saving Goals............................................................................................................................. 12

Financial Planning for Emergencies......................................................................................... 15

Banking Habits ......................................................................................................................... 17

Cash Payments ........................................................................................................................ 19

Paying by Smartphone ............................................................................................................ 20

Mobile Payments..................................................................................................................... 25

Learn More..................................................................................................................................... 28

Note ............................................................................................................................................... 28

Contact ........................................................................................................................................... 28
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Economic Outlook Survey
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Economic Outlook Survey
Background
The following report outlines findings from a recent financial outlook survey sponsored by Navy Federal Credit
Union and conducted by ORC International. The research was conducted to validate a similar survey
conducted in 2013, 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 between millennial active-duty
military (as well as spouses) and the general millennial population.
Issues explored in the survey:
1. Financial literacy: Whether military millennials demonstrate a higher or lower level of financial
literacy relative to the general millennial consumer population.
2. Financial readiness: Preparedness of survey respondents related to an unexpected event that
requires immediate funds available, such as a personal accident or job loss.
3. Home loans, credit cards and auto loans: How on track respondents feel with their current financial
goals related to debt.
4. Level of confidence: How each group feels in terms of the overall economy and their financial
situation, future, savings and personal financial planning habits.
Methodology
Survey respondents were separated into two groups, active-duty military millennials (or their spouses) and
the general millennial population.
Military Millennial Population: The military millennial addendum includes the findings of a survey conducted
among a sample of 300 adults comprising 171 men and 129 women 18 years of age and older. The online
omnibus study is conducted twice a week among a demographically representative U.S. sample of 1,000
adults 18 years of age and older. This survey was live from November 24 to December 8, 2014.
General Population Millennial: The general population millennial portion of this report presents the findings
of a survey conducted among a sample of 1,011 adults comprising 508 men and 503 women 18 years of age
and older. The online omnibus study is conducted twice a week among a demographically representative U.S.
sample of 1,000 adults 18 years of age and older. This survey was live from November 24 to November 26,
2014.
Definitions
Millennial: The term “millennial” refers to anyone 18 to 34 years of age.
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Military Millennial (MM): Anyone who is an active-duty member of the U.S. Armed Forces or is the spouse of
an active-duty member of the U.S. Armed Forces. Branches of the U.S. Armed forces include the Army,
Marine Corps, Navy, Air Force and Coast Guard.
General Population Millennial (GPM): Anyone aged 18 to 34 who was selected to take part in the ORC
International CARAVAN Omnibus Survey.
Highlights
Below are several key highlights taken from the survey results:
Financial Goals
 Millennials in the military are more likely to be satisfied with their current financial situation than
millennials in the general population. Eighty percent of military millennials are satisfied with their
current financial situation, whereas 70% of general population millennials are satisfied with their
current financial situation.

General millennials are much more likely to believe purchasing an automobile is important in the next
five years compared to military millennials. Sixty-six percent of general population millennials believe
it is important to purchase an automobile in the next five years, compared to 50% of military
millennials.

Military millennials are more likely in all categories to feel they are on track financially to meet their
goals. Eighty-nine percent of military millennials feel confident they are currently on track to meet
their financial goals in the next five years, compared to 78% of general population millennials.
Financial Literacy & Preparedness
 Sixty-six percent of military millennials have thought about their financial goals or what they should
be, compared to 49% of general population millennials.

Fifty-eight percent of military millennials feel that they know enough about how to manage their
finances to meet their financial goals, while only 37% of general population millennials feel the same
way.

Sixty-eight of military millennials have checked their credit score within the past year, compared to
37% of general population millennials.
Technology
 Military millennials are much more likely to use other payment methods than cash compared to
general population millennials. Fifty-seven percent of military millennials don’t use cash very often
and mostly pay another way, compared to 35% of general population millennials that responded the
same way.
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Discussion
Overview
Touch point
2013
2014
Takeaway
Current Financial
Situation
Seventy-nine percent of active duty military
millennials were satisfied with their current
financial situation; only 61% of general
population millennials reported being satisfied
with their current financial situation.
Eighty percent of military millennials are
satisfied with their current financial
situation, whereas 70% of general
population millennials are satisfied with
their current financial situation.
Millennials Have
More Confidence in
Current Financial
Situation
Five Year Goals
Ninety-five percent of active duty military
millennials stated that “saving for retirement”
was an important five year financial goal; only
71% of general population millennials stated
that saving for retirement was an important five
year goal.
Five Year Track
Eighty-eight percent of military millennials
responded that they were currently on track to
meet their five year financial goals, compared
to only 74% of general population millennials.
Financial Literacy
Forty percent of general population millennials
report living paycheck to paycheck while only
22% of military millennials report similar
spending habits.
Sixty-six percent of military millennials have
thought about their financial goals or what
they should be, compared to 49% of general
population millennials.
Military Millennials
Are Still More
Financially
Prepared/Literate
Savings Goals
The majority of military millennials (60%) plan
to save more in 2013, compared to 2012;
general population millennials (52%) are more
likely to save the same or less in 2013 than the
year before.
Seventy-seven
percent
of
general
population millennials responded that they
think they will save more in 2015 than in
2014, and 75% of military millennials
responded they think they will save more in
2015 than in 2014.
Military & NonMilitary Millennials
Are Saving More
Planning for
Emergencies
Seventy-three percent of military millennials
are confident that they would be able to
confront a financial emergency that impacts
their finances, compared to only 49% of general
population millennials.
Seventy-one percent of military feel they
would be prepared to confront an
emergency that impacted their finances,
while 65% of general population feel the
same way.
General Population
Millennials Are
More Confident
They Can Deal With
A Financial
Emergency
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Military millennials are more likely than
general population millennials to prioritize
paying down debt, building up a
savings/emergency fund and saving for
retirement as very important. Sixty-six
percent of military millennials said each was
very important.
Eighty-four percent of military millennials
who indicated paying off debt is important
to them over the next five years, feel that
they are on track financially with this goal,
compared to 68% of general millennials who
feel they are on track financially to pay off
debt.
Millennials Are
Developing More
Balanced Financial
Goals
Millennials Still Feel
They Are On Track
To Meet 5-Year
Goals
Economic Outlook Survey
ORC International Proprietary and Confidential
March 2, 2015
Current Financial Situation
Millennials in the military are more likely to be satisfied with their current financial situation than millennials in
the general population. Eighty percent of military millennials are satisfied with their current financial situation,
whereas 70% of general population millennials are satisfied with their current financial situation.
Table 1.1—General Population Millennials
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Table 1.2—Military Population Millennials
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Five-Year Financial Goals
General millennials are much more likely to believe purchasing an automobile is important in the next five
years compared to military millennials. Sixty-six percent of general population millennials believe it is
important to purchase an automobile in the next five years, compared to 50% of military millennials.
Military millennials are more likely to prioritize paying down debt, building up a savings/emergency fund
and saving for retirement as very important. Sixty-six percent of military millennials said each was very
important.
Table 2.1—General/Military Population Millennials
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On Track for Five-Year Plan
Military millennials are more likely in all categories to feel they are on track financially to meet their goals.
For example, of military millennials who indicated paying off debt is important to them over the next five
years, 84% feel that they are on track financially with this goal, compared to 68% of general millennials who
feel they are on track financially to pay off debt.
Table 3.1—General/Military Population Millennials
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Five-Year Confidence Levels
Military millennials seem to be more confident they are on track to meet their financial goals in the next
five years. Eighty-nine percent of military millennials feel confident they are currently on track to meet
their financial goals in the next five years, compared to 78% of general population millennials.
On the other hand, military millennials’ confidence dropped slightly when asked about being satisfied with
their financial situation in five years, while general population confidence slightly increased. Eighty-five
percent of military millennials believe they will be satisfied with their financial situation in five years, while
82% of general population millennials responded the same way.
Table 4.1—General/Military Population Millennials
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Financial Literacy
Military millennials seem to be aware of their financial status.



Sixty-six percent of military millennials have thought about their financial goals or what they should
be, compared to 49% of general population millennials.
Fifty-eight percent of military millennials feel that they know enough about how to manage their
finances to meet their financial goals, while only 37% of general population millennials feel the
same way.
Sixty-eight percent of military millennials have checked their credit score within the past year,
compared to 37% of general population millennials.
Which of the following, if any, describes you? (General Population Millennials)
Weighted Total
I have thought about what my financial goals are or what they should be
I feel like I know enough about how to manage my finances to meet my financial
goals
I have checked my credit score within the last year
I live paycheck to paycheck
I have at least 3 months of pay saved up in an emergency fund
I have paid the minimum balance on my credit card(s) more than once in the past
year
I have a household budget that I review at least annually
I have missed a credit card payment within the last year
I have used a payday loan within the last year
I have missed at least one mortgage payment in the PAST 2 YEARS
None of these
310
49%
37%
37%
36%
27%
26%
25%
13%
6%
6%
11%
Which of the following, if any, describes you? (Military Population Millennials)
Weighted Total
300
I have checked my credit score within the last year
I have thought about what my financial goals are or what they should be
I feel like I know enough about how to manage my finances to meet my financial
goals
I have a household budget that I review at least annually
I have paid the minimum balance on my credit card(s) more than once in the past
year
I have at least 3 months of pay saved up in an emergency fund
I live paycheck to paycheck
I have missed a credit card payment within the last year
I have used a payday loan within the last year
I have missed at least one mortgage payment in the PAST 2 YEARS
None of these
68%
66%
58%
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40%
34%
32%
25%
11%
4%
2%
3%
Economic Outlook Survey
ORC International Proprietary and Confidential
March 2, 2015
Saving Goals
Overall, both groups of millennials have similar savings goals. Seventy-seven percent of general population
millennials responded that they think they will save more in 2015 than in 2014, and 75% of military
millennials responded they think they will save more in 2015 than in 2014.
Table 6.1—General Population Millennials
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Table 6.2—Military Population Millennials
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Table 6.3—General/Military Population Millennials
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Financial Planning for Emergencies
Military millennial are more likely to feel prepared for a personal disaster that impacts their finances.
Seventy-one percent of military feel they would be prepared to confront an emergency that impacted their
finances, while 65% of general population feel the same way.
Military millennials are also much more likely to rely on savings (57%) compared to general population
millennials (45%).
Table 7.1—General/Military Population Millennials
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Table 7.2—General/Military Population Millennials
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Banking Habits
Both groups of millennials are more likely to use online account access from computer or mobile phone
than other options, but military millennials reported they use these options more frequently than general
population millennials.
Table 8.1—General/Military Population Millennials
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Table 8.2 —General/Military Population Millennails
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Cash Payments
Military millennials are much more likely to use other payment methods than cash compared to general
population millennials. Fifty-seven percent of military millennials don’t use cash very often and mostly pay
another way, compared to 35% of general population millennials that responded the same way.
Table 9.1—General/Military Population Millennials
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Paying by Smartphone
There are similar patterns for how often each group would make purchases by smartphone if they could for
things they buy everywhere. Military millennials are slightly more likely to use smartphones most of the
time (28%) compared to general population millennials (21%).
Table 10.1—General Population Millennials
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Table 10.2—Military Population Millennials
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Of respondents who reported they would never use a smartphone to pay for things they buy everywhere,
military millennials are much more likely to have security concerns (80%) than general population
millennials (54%).
Table 10.3—General/Military Population Millennials
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Military millennials with smartphones are more likely to be aware of Apple Pay (40%) than general
millennials (34%). Both groups are most aware of PayPal.
Table 10.4—General/Military Population Millennials
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Military millennails are slightly more likely to not be using any mobile payment options on their
smartphone. Forty-seven percent of military millennials are not using any of the listed mobile payment
options, comapred to 43% of general millennials. PayPal was the most popular mobile payment option
among both groups.
Table 10.5—General/Military Population Millennials
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Mobile Payments
Overall, both groups show similar levels of willingness to use mobile payment options in the next six
months. Sixty-nine percent of military millennials are willing to use mobile payment options in the next six
months, and 67% of general population millennials feel the same way.
Military millennials are more likely not to be affected in their shopping by the fact that a retailer accepts
Apple Pay.
Military millennials are also more likely to think mobile payments would make their personal information
less secure (65%) than general population millennials (54%).
Table 11.1—General/Military Population Millennials
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Table 11.2—General/Military Population Millennials
Table 11.3—General/Military Population Millennials
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Learn More
If you have any questions with regards to the data provided in this report, please do not hesitate to reach out
to us.
Note
The material attached in this document is for your one-time internal use and is provided under the terms and
conditions of your Service Agreement with ORC International.
Contact
McVal Osborne
Senior Research Analyst
Direct: 212-463-6212
Office: 212-645-4500
Email: [email protected]
Jess Sikora
Research Associate
Direct: 212-463-6340
Office: 212-645-4500
Email: [email protected]
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