As members of the financial service community, we are called to be good stewards to those who rely on us. We are also uniquely positioned to develop and distribute solutions to those facing barriers to financial well-being and the freedoms that accompany it.
This responsibility is especially important when considering the nearly 16 million U.S. veterans1 whose personal sacrifices continue well beyond active duty. Veterans face the challenges of transitioning to civilian life, mental and physical challenges, and navigating complex support systems. Mental and social health are connected to financial health.
Whether we are serving veterans as our clients or supporting them as employees, we should deliver solutions that support them today and into the future.
Challenges facing today’s veterans
Securian Financial recently surveyed 172 active duty, retired military, veterans and spouses/legal partners of military service members to learn about their financial and support needs. Our findings highlight the challenges and priorities faced by military personnel, showing significant differences based on age and income.
Physical health: Many veterans suffer lasting effects of physical service-related injuries. While this is top-of-mind for many veterans, physical health is of greater concern for those over 45, with 60 percent expressing concern, compared to 36 percent of those under 45.2
Mental health: Managing physical injuries and disabilities exacerbates the challenges of adjusting to civilian life, creating a burden on veterans’ mental health. Mental health is arguably the biggest challenge facing military personnel. Veterans are five times more likely to experience depression than civilians,3 especially concerning younger veterans. Nearly 70 percent of survey participants under 45 years old say they are more likely to have mental health concerns, compared to 43 percent for those over 45.2
Financial health: The high cost of living and unstable employment are the top financial concerns of veterans. Frequent moves affect unstable employment for both military personnel and their spouse/partner. They also report needing more financial education customized to their financial situations. The majority of veterans seek financial support from family members, followed by their banking/financial institutions. Those with higher incomes are more likely to seek support from banking institutions than those with household incomes under $80,000 (53 percent versus 33 percent).2
Supporting veterans
While there are resources to help veterans, nearly half said they did not have access to resources. Income appears to have a significant impact on this outlook. Individuals with household incomes under $80,000 are more likely to struggle finding necessary assistance.2
Those earning less than $80,000 annually are also less likely to be members of a traditional veteran organization compared to those with incomes over $80,000 (24 versus 42 percent).2 They are also less likely to seek support from banking institutions and financial professionals.
Feedback from this group referenced a lack of perceived value in military associations or social anxieties that keep them from participating. They are more likely to see support from family, friends or faith-based groups.2
How the financial services industry can help
We should all strive to deliver solutions that can help improve veterans’ well-being. The most helpful institutions demonstrate understanding of military personnel by providing resources without hurdles. Other ways to help:
- Avoid complex products and strive for simplified benefits, clear and frequent communication with timely servicing turnarounds.
- Meet them where they are. Online portals and communities not only showcase the value of military-related groups and organizations but also products and services available.
- Peer to peer is important. Veterans employed in financial consulting roles improve the success of service-member-oriented financial wellness.
- Explore benefit solutions that support access to mental health professionals and ease the burden of out-of-pocket medical expenses.
- Recognize the specific needs and values within the military community, noting that those with an annual income of less than $80k are more likely to consider family ties or long-standing relationships when considering a financial institution.2
Our veterans fought and sacrificed for our freedom. Now it’s time for us to return the favor.
Connect with us
At Securian Financial, we believe in ensuring we have an array of insurance solutions available to address the diverse needs of our military personnel and beyond.
Your success and the success of your members and customers is at the heart of what we do. Learn more about Securian Financial’s team and how we can help.
Let’s connect.
3. The state of veterans’ mental health [2024], Mission Roll Call. September 24, 2024.
Securian Financial is the marketing name for Securian Financial Group, Inc., and its subsidiaries. Insurance products are issued by its subsidiary insurance companies, including Minnesota Life Insurance Company and Securian Life Insurance Company, a New York authorized insurer. Securities and investment advisory services offered through Securian Financial Services, Inc., member FINRA/SIPC.
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