US military veterans are in better financial shape than the rest of us

Those who have served our country and are now in the civilian workplace generally have higher levels of financial, social, emotional and workplace wellbeing, according to a new report.

The study looked at attitudes toward employment-based workplace benefits and issues surrounding finances, insurance, retirement, and mental wellbeing. It found that veterans are more likely than non-veterans to stay with their current employer in the immediate term.

Published by the Employee Benefit Research Institute and Greenwald Research, the research also found some differences between the concerns and stressors of veterans compared to their non-veteran counterparts.

“They tended to be better positioned to weather short-term financial challenges, were more likely to be satisfied by their employer’s benefits offerings and had a rosier assessment of their employer’s efforts to improve their financial wellbeing,” said Jake Spiegel, research associate, Health and Wealth Benefits Research, EBRI. “However, veterans still face similar issues in the workplace as non-veterans. Veterans and non-veterans alike were similarly worried about the effects of their employer implementing layoffs, reducing hours, or reducing wages. Also, they are just as likely as non-veterans to be concerned about their household’s financial wellbeing.”

Outside of the workplace, veterans may also face some of the typical stressors of the wider population such as paying bills and the debt they hold, but these are at a lower level than non-veterans. However, they were more likely to report stress about providing financial support for a loved one and paying for caregiving services for either an adult or a child.

On retirement savings, the Workplace Wellness Survey found that veterans were no more concerned than non-veterans despite most having left the military before they were eligible for full military retirement benefits.  

“While concern over workplace wellbeing has been trending downward in recent years, about half of American workers still report being either moderately or highly concerned about their household’s financial wellbeing,” said Greg Hershberger, managing director, Healthcare and Benefits, Greenwald Research. “Veteran workers are slightly more optimistic about their household’s financial wellbeing but face challenges of their own.”