The majority of ex-Service personnel make a successful transition into civilian life but there are a minority who struggle. The Royal British Legion’s Household Survey found that one in ten ex- Service personnel reported at least one financial difficulty including not having enough money for day-to-day living, not having enough savings to replace items needed, and falling into debt. The Veterans’ Gateway also reports that finance is consistently in the top three areas of need for the ex- Service Community.
We believe that no ex-Service person should be disadvantaged as a result of their service, and that special consideration is appropriate in some cases, especially for those who have given the most, such as those who have been injured or bereaved. Our vision is for all ex-Service personnel and their families to achieve an appropriately sustainable and stable financial state according to their circumstances and need. Our goal is for all ex-Service personnel and their families to achieve financial health and stability, and to be able to independently manage their financial needs.
In 2018 the Ministry of Defence published The Strategy for Our Veterans report6 which set out its key outcomes for veterans. One of these was for all veterans to “leave the Armed Forces with sufficient financial education, awareness and skills to be financially self-supporting and resilient” by 2028. We welcome this goal and will continue to work with the Office for Veterans’ Affairs (OVA) and others to achieve it. Achieving this however will require a substantial support programme for serving personnel and their partners whilst individuals are still in service. We therefore believe that changes need be made to in-service education, support, and guidance to improve financial literacy rates, to ensure financial resilience is built as early as possible, and to better prepare Service personnel and their families for the financial realities of civilian life.
Click here to download FiMT’s Policy Statement on Finance.