(U.S. Navy photo by Mass Communication Specialist 2nd Class Eric Chan/Released)

According to a Navy Federal Credit Union survey, military Millennials (aka active-duty service members and spouses between the ages of 18-34) are more likely than civilian Millennials to be financially educated and confident about how to handle money.

On the other hand, those same Millennials have more trouble keeping up with bills and feel stressed about the economy.

Financial Confidence

Millennials in the military community reported that they were 87% comfortable with their personal financial situation. They tend to be more prepared for financial emergencies (77%), are more dedicated to saving money (82%) and closer to meeting their five-year financial goals (89%).

Civilians in the same age group are only 66% satisfied with their financial situations, and they fell below their military counterparts in every other category.

Missing Bills

Despite feeling confident and knowledgable about their finances, military Millennials are more likely to miss a bill payment for their credit cards, student loans and mortgages.

The NFCU survey found that an equal amount of civilian and military-affiliated Millennials live from paycheck to paycheck (37%). However, 21% of military members in that age group have missed a credit card payment in the last year, and 22% have relied on payday loans in that time.

For civilians, those numbers were halved. Only 11% of civilian millennials had missed a credit card payment, and only 10& used payday loans.

The Story Behind the Numbers

If military Millennials know more about finance and have a better head for money, why are they struggling to keep up with bills?

Remember, enlisted service member was ranked one of the worst jobs of 2016 by CareerCast. The stress and uncertainty of military life coupled with low salaries makes it difficult for service members to achieve financial stability. Missing a credit card payment or getting a payday loan can help service members make ends meet in a pinch, even if they know that decision is financially unwise.

Resources

Here are some articles from Military OneSource that might help military Millennials get their houses in order.

How to Reduce Dependency on Credit When You’re in the Military

Military Relief Organizations and Emergency Financial Help

Personal Financial Management Counseling Options