LIFESTYLE & TRAVELCAREER

Navigating Finances as a Veteran: How to Advocate for Yourself and Others

Despite what many believe, no one is immune to financial stress. According to the Military Family Advisory Network (MFAN), 75.8% of military and veteran families carry debt, 38.4% have less than $500 in emergency savings, and 80.7% experience financial stress monthly. These realities underscore the importance of equipping veterans and their families with tools to manage finances confidently.

Veterans face a mix of challenges that stem from transitioning out of service, navigating complex benefit systems and adjusting to civilian employment. A 2024 analysis of the Federal Reserve’s Survey of Household Economics found that over one-third of veterans report having credit card debt, often at higher rates than civilians, and they are more likely to rely on high-cost credit such as payday loans.

This isn’t just about dollars and cents. Financial strain is directly tied to overall health. The majority of veterans say that debt worsens PTSD symptoms. This highlights why financial support is as much about health and stability as it is about money.

Advocating for Yourself as a Veteran

Veterans have access to a wide range of programs that can provide structure and relief, but many don’t know where to start. These services can help with everything from everyday budgeting to planning for retirement or housing. Connecting with these programs early can prevent setbacks and provide a foundation of stability.

• VA Federal Benefits Guide: The VA’s official handbook, covering pensions, educational benefits, home loans and insurance.
• FINVET: The National Veterans Financial Resource Center is an online hub that combines financial education, budgeting tools and mental health support.
• Military OneSource: Free, confidential personal financial counseling sessions are available online or by phone.
• Office of Financial Readiness (FINRED): DOD’s platform offers classes, calculators and tools to strengthen financial literacy.
• Transition Assistance Program (TAP): Prepares service members for civilian life with career and financial planning workshops.
• Veterans Benefit Administration (VBA): Oversees claims, compensation, pensions and housing programs.

Supporting Veterans in Your Life

If you’re a spouse, friend, child or colleague of a veteran, you can make a meaningful difference in their financial journey. Many veterans feel isolated when navigating finances, so family and community support is crucial.

• Share resources proactively. Sending links, like the ones referenced in this article, can help veterans connect with services they may not know exist.
• Show up with them. Attending a seminar or workshop together can reduce stress and ensure details aren’t missed.
• Assist with logistics. Helping them with claims, reviewing budgets or organizing paperwork can lighten the mental load.
• Be mindful of emotions. Financial stress doesn’t just affect wallets, it can heighten PTSD, anxiety or depression. Compassion and patience can go a long way.

Support doesn’t mean taking over, it means standing beside veterans and encouraging them to use available tools.

The link between financial well-being and mental health is undeniable. The VA emphasizes that financial instability increases the risk of housing insecurity and poor mental health outcomes among veterans. When veterans are financially stable, they are better positioned to thrive in other areas of life.

By tapping into available support and fostering a culture of openness around financial wellness, veterans and their families can build a stronger path to financial security and peace of mind.

Sources:

https://www.mfan.org/topic/finances/financial-health-statistics/

https://journals.lww.com/lww-medicalcare/fulltext/2024/12001/financial_well_being_of_u_s__military_veterans_and.20.aspx

https://www.investmentnews.com/practice-management/as-memorial-day-approaches-study-shows-debt-worsens-ptsd-for-veterans/260638

https://news.va.gov/137659/spread-the-word-the-2025-veterans-benefits-guide-is-now-available/

https://news.va.gov/141971/improving-veterans-financial-well-being-and-mental-health/

https://www.militaryonesource.mil/benefits/office-of-financial-readiness/

https://finred.usalearning.gov/

https://www.dol.gov/agencies/vets/programs/tap

https://benefits.va.gov/benefits/