When you envision your post-military life, does “financial freedom” figure into the picture? Do you imagine living debt-free, putting money away every month, sending kids to college, and saving for retirement?
Financial freedom is possible for all of us, but there is only one key that can truly unlock it (and it’s not a get rich quick scheme or a magic hack). THIS is the key:
Financial literacy.
While financial literacy is something we should work to understand all year, it’s worth ramping up our efforts during the month of April, otherwise known as Financial Literacy Month.
Let’s take a look at why financial literacy for Women Veterans is so important and how we can grab hold of this key to unlock opportunities.
Financial Literacy for Women Veterans
Financial literacy is the understanding of knowledge and skills used to manage money, investments, and other assets in a competent, informed way.
Part of sound financial literacy is taking into account a person’s unique situation. For example, unique factors will impact Veterans as they transition out of the military. These might include:
- Moving to a new home
- Managing disabilities
- Navigating service-related benefits
- Adjusting to a new job
For Women Veterans, these unique factors can become more complex. For instance, more often than their male counterparts, Women Veterans manage:
- Housing insecurity
- Responsibility for childcare
- Employment gaps
In fact, the Women Warrior Initiative Report found that 30% of Women Veterans reported “financial stress” as a barrier to their transition from the military. Finding employment, securing childcare, and coping with general transition challenges contributed to financial distress.
With this in mind, let’s talk about prioritizing financial literacy well in advance of military transition.
Common wisdom suggests preparing for your transition as much as two years ahead of time. You can make financial literacy a part of your preparation by accessing resources specifically designed for you and your needs.
5 Financial Literacy Resources Just for You
It’s never too early to strengthen your financial literacy skills. Finding resources to help you plan ahead can only make sure that you are financially prepared for your transition from the military.
Consider these five resources:
Veterans Benefits Administration
VA provides a variety of resources and support to help you manage and plan your finances. From purchasing a home to managing debt, from beneficiary financial counseling to homelessness prevention counseling, VA connects Veteran families to a vast network of support, resources, counseling and more.
USAA Educational Foundation
USAA Educational Foundation offers a large library of videos, infographics, articles and more, which are designed to support military families’ financial education — for FREE. Topics include managing debt, investing, maintaining good credit, budgeting and more. Plus, they offer a separate library focused on youth-related financial topics, including saving for college.
JP Morgan Chase
JP Morgan Chase’s Military and Veterans Affairs supports military and Veteran families through wealth-building opportunities and financial planning. Focusing on financial health, resources provide useful information and advice on buying a home, planning for a family, saving for retirement or college, budgeting during an employment transition, and more.
VeteransPlus
VeteransPlus is a nonprofit organization, founded by Veterans, with a mission to provide Veterans and their families practical financial advice. Programs offered by VeteransPlus include financial education through outreach, one-on-one counseling, and pro bono financial planning advice. All of VeteransPlus counselors and educators understand unique service-connected experiences and situations.
Military Saves
Through its own programs and alongside community partners, Military Saves promotes savings and debt reduction. Military Saves helps military families connect financial goals with practical financial strategies. Plus, the organization connects service members and Veterans to trusted organizations for further help.
Final Thought
As founder of Ariel Investments, John W. Rogers, Jr., said, “Financial literacy is just as important in life as the other basics.”
So this month, let’s prioritize financial literacy with the same focus that we prioritize building our career, putting food on the table, and practicing self care. Doing so is time well invested.
