The survey also found both military and civilian millennials expressed confidence about their financial futures. Eighty-nine percent of military millennials and 78% of civilian millennials said they considered themselves on track to meet their five-year financial goals.

Eighty-five percent of the military millennials and 82% of civilians surveyed said they expected to be satisfied with their financial situation in five years.

"As the millennial generation begins to take the reins of the U.S. economy, understanding their approach to money will only become more important," Alan MacEachin, Navy Federal's corporate economist, said. "Overall, I'd say this report spells good news. Both active duty and general population millennials are showing improvements in their financial outlook and behavior, highlighting the positive impact that the improving economy has had especially on this group of people."

MacEachin acknowledged that surveys in both the U.S. and the EU have found that college graduates during economic recessions usually have less success across their entire careers when compared to those who graduate into active economies. 

He described the transition as "a headwind that this generation is going to have to fight against," by said it was not necessarily predictive of individual accomplishment.

"I graduated in 1982 myself," MacEachin said. "So, I have long taken an empathetic view towards millennials on that point."

Understanding how millennials think and feel about money allows Navy Federal to be even more effective in helping them achieve their financial goals, according to Cutler Dawson, president/CEO of Navy Federal .

"Our history and research give us the unique ability to offer the kind of products and services that position our members for long-term success," he said.

Maritza DiSciullo, vice president of member research, intelligence and development at Navy Federal, said the playing field is becoming more level.

"While military millennials are still leading the way in financial readiness, we're seeing general population millennials begin to catch on and take steps to improve their own financial situation," she said. "We will keep adding to our knowledge with this annual survey so we can continue to better serve this core segment of our membership."