In the journey of military service, the significance of financial literacy cannot be overstated. Service members, Veterans, and their families (SMVF) face unique challenges and opportunities in managing their finances. From deployment and relocation to transitioning to civilian life, understanding financial principles is vital for achieving stability and reducing the negative effects that financial stressors can have on mental health and well-being. According to the 2022 Military Family Lifestyle Survey, financial issues are among the top five stressors for active duty, Veteran, National Guard, and reserve families. Of the top five issues identified, three were related to financial wellbeing, including off-base housing concerns, military spouse employment, and military pay.
In recognition of Financial Literacy Month, the SMVF Technical Assistance (TA) Center is thrilled to spotlight several resources available to support SMVF. Recently, the U.S. Department of Veterans Affairs (VA) announced the launch of a new website developed by National Veterans Financial Resource Center (FINVET) to help Veterans manage financial stressors and increase protective factors that promote mental health and reduce suicide risk. This website is a one-stop-shop with resources that empower Veterans to create financial goals, meet basic needs, save and earn more money, and lower bills and overall debt.
The Substance Abuse and Mental Health Services Administration’s (SAMHSA) SMVF TA Center also hosted a three-part Learning Community series focused on financial wellness among SMVF, demonstrating the power of financial literacy to reduce stress and improve overall mental health and well-being. These sessions discuss further insights drawn from the Military Family Lifestyle Survey around the unique financial situations experienced by SMVF, address critical issues faced by active-duty military families, and provide resources regarding financial wellness and navigating Veterans’ benefits.
Follow the links below for more information and to view session recordings:
- Session 1: Introduction to Financial Wellness for SMVF
- Session 2: Supporting Military Family Financial Readiness
- Session 3: After Service—Sustaining the Financial Well-Being of Veterans and their Families
SAMHSA’s SMVF TA Center is honored to provide TA to states, territories, and communities seeking to strengthen their behavioral health support for those who have served in the armed forces. For TA inquiries, please email smvftacenter@prainc.com. For more information about the SMVF TA Center and the resources offered, please visit SAMHSA’s SMVF TA Center’s web pages.
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