For military families, planning ahead is critical in light of the unique challenges posed by frequent duty station changes and deployments around the world. Individuals who have a "rainy day" fund demonstrate that they are planning ahead for their financial future. Those who lack a "rainy day" fund, however, do not have money set aside to cover expenses for three months, in case of emergencies such as sickness, job loss, economic downturn or other emergency.
Predictably, respondents with higher pay grades are more likely to have set aside emergency funds. There are no substantial differences among service branches/components.