KANSAS CITY, Mo., Nov. 22, 2016 /PRNewswire/ -- Every family deals with budgeting constraints and financial concerns around the holidays, and this year military families are no different. Based on the results from the 2016 Military Holiday Spending Survey conducted by Pioneer Services, a Division of MidCountry Bank, military families will be spending less this year compared to last for a variety of reasons.
In an online survey of more than 580 military members, 85% stated they will spend the same or less than last year, with more than one in three of these spending less in 2016. The primary reason is a decrease in discretionary income due to rising costs. On the bright side, 74% of respondents said they were going to pay cash this year instead of using credit. Moreover, concern about job stability and career growth in the military has decreased, and fewer military spouses had their hours or pay cut this year, which contributed to an increased sense of security.
"It's good to see military families are less worried about their job stability, though rising costs will unfortunately dampen their 2016 holiday spending and travel plans," said Allen Usry, retired U.S. Air Force Chief Master Sergeant, and military relations manager for Pioneer Services. "Survey results show service members like to shop early, prefer traditional brick and mortar retailers, and looks for discounts." Usry is the author of a blog about the 2016 holiday survey, which includes more results and a helpful Holiday Survey Infographic.
Pioneer Services has also created a free budgeting and spending tool for military families this year. HolidaySpendingPlanner.org is part of the company's award-winning financial education program, and features a number of helpful blogs, guides, videos, and links to online holiday budgeting calculators and tools, and even a section on holiday giving.
"The information on HolidaySpendingPlanner.org is designed for military families to shop and spend smart this season," said Usry. "From tips on how to buy on a budget to a video on proper etiquette for unit functions, this site is geared specifically for service members."
For more information about the company, go to www.PioneerServices.com
Scott Cahill, Corporate Communications
Pioneer Services, a Division of MidCountry Bank
©2015 Pioneer Services. All loan applications are confidential and subject to our credit policies. If you are approved for additional funds, we will consolidate any existing loan balance together with the additional funds so that you will only have one loan. The loan origination fee is calculated as a percentage of your loan amount. No official U.S. military endorsement is implied. MidCountry Bank is a member FDIC.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/military-families-to-spend-less-this-holiday-cite-income--rising-costs-300367581.html
SOURCE Pioneer Services, a Division of MidCountry Bank