Sailors Paying Bills Even in Lean Times

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Sailors Paying Bills Even in Lean Times
September 24, 2008
Navy News|by MC2 LaTunya Howard

MILLINGTON, Tenn. - Navy Personnel Command released the results of the 2008 Navy Financial Health Quick Poll.

The poll was directed by the Secretary of the Navy and administered by Navy Personnel Research, Studies and Technology online, May 13-27. Data was compiled from 3,761 Navy personnel who responded.

The objective of the Quick Poll was to measure the level of financial stress recent economic changes e.g., increased gas prices, insurance rates and higher housing cost are having on Sailors Navywide. The areas of focus included overall financial comfort, living expenses, and how Permanent Change of Station moves impact Sailors financially.

Eleven percent of enlisted personnel describe their financial condition as "keeping my head above water" or "in over my head." This is slightly lower than the 15 percent responding in 2006 Quality of Life Survey. The top financial problems for Sailors this past year related to housing costs, increased utilities expenses, insurance costs, property taxes, mortgage or rent.

Of those polled, 22 percent of enlisted and 43 percent of officers are home owners, most of whom have fixed-rate loans. A small percentage of Sailors have adjustable or interest-only loans.


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