The new Veterans Financial Coalition will provide educational and training resources for veterans and the organizations that serve them to help vets keep their finances in order as they re-enter civilian life.
Several groups are banding together to help veterans manage their finances once they leave military service.
“Service members have many consumer protections and financial support systems available to them while in the military, but once they separate from service, many no longer have access to critical resources and protections tailored to service members,” the newly formed Veterans Financial Coalition said in a statement.
The group will work to educate veterans and the community organizations that serve them, advocate for veterans’ consumer protection, and help raise awareness of veterans’ financial needs. Founding members include the Association for Financial Counseling and Planning Education, Consumer Action, Consumer Federation of America, and Visa, Inc.
The coalition also launched a website that houses personal finance resources, including educational games, guides, consumer protection brochures, and training program information.
“Most military personnel have both a mortgage and at least one credit card, and are more likely to carry debt than civilians,” the coalition stated. “Reintegrating into civilian life may bring fresh financial challenges, such as finding a job or facing a prolonged period of unemployment. In fact, 60 percent of veterans recently reported that translating their military service to the civilian job market was a significant challenge.”
In a study by the Military Benefits Association, two-thirds of currently employed vets said it was at least somewhat difficult to find a job after leaving the military, and roughly 80 percent reported it was difficult to translate their military skills for hiring managers.
A slew of associations have announced programs and services to help alleviate veteran unemployment, which for post-9/11 veterans remains substantially higher than the civilian unemployment rate. Earlier this year, the National Notary Association announced it would offer free notary training for vets at its annual meeting.
Veterans are particularly well suited to the notary industry, NNA President and CEO Thomas Heymann said in a statement: “We believe veterans bring an inherent level of trust, loyalty, honesty, and safety to the table, which makes them a natural fit for serving as a notary public.”