On Veterans Day 2017, we discussed the outcomes of our nationwide survey assessing the financial well-being of veterans. The Office of Servicemember Affairs (OSA) is now releasing a comprehensive research brief detailing veterans’ financial well-being. This survey, gauging the financial health of Americans, found that veterans typically enjoy a slightly better financial situation than the average American.
This research brief sheds light on various aspects of veterans’ financial lives. Echoing the findings from the general U.S. adult population, there is a clear link between financial savvy and financial well-being, underscoring the importance of financial education during military service. Financial skills such as budgeting, expense tracking, and investment planning are highlighted as crucial. The OSA is collaborating with the Department of Defense and military branches to integrate financial preparedness strategies that capitalize on these insights for the benefit of veterans.
Factors like higher education levels, homeownership, and robust physical health correlate with greater financial well-being among veterans. Nonetheless, similar to the broader population, veterans face financial challenges when engaging with short-term credit options, encountering debt collectors, or managing student loan obligations.
This study enriches the understanding for researchers and policymakers on how servicemembers can attain enhanced financial well-being, and proposes areas for further investigation. The OSA remains committed to promoting research into the financial health of servicemembers and veterans, aligning with the Bureau’s goal to comprehend and address the financial adversities faced by our military community and their families.
For those interested in delving deeper, we invite you to explore the research brief. Additionally, you can stay informed on military financial matters by subscribing to updates from the OSA, ensuring you receive the latest information directly.
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