• Wed. Jun 7th, 2023

Study: Wounded Vets Face Growing Challenges in Present Economy


May 26, 2023

Paying bills and job hunting in this economy are tough for any person. Wounded veterans, usually facing ongoing physical and mental well being concerns, have it even worse.

Additional wounded vets than prior to reported not obtaining adequate money to make ends meet, a current survey located. Sixty-4 % of these surveyed — or six in ten vets — mentioned they did not have adequate income to spend bills at least as soon as in the previous 12 months, a jump from 42% the preceding year, according to the Annual Warrior Survey released this year by the Wounded Warrior Project, a nonprofit veterans service organization.

“We’re receiving far more feedback from ‘warriors’ that they are obtaining a tougher and tougher time meeting their monetary obligations on a typical basis,” says Tom Kastner, vice president of monetary wellness at the Wounded Warrior Project.

Wounded vets are feeling the pinch of inflation like every person else. The expense of each day goods like meals was the key reported trigger of monetary strain. That is on major of a struggle with meals insecurity. Almost two in five wounded veterans — or 38.7% — met the threshold for getting meals insecure, defined as not obtaining adequate meals for an active, healthful life. That figure is virtually 4 instances larger than the ten.two% of the U.S. common population, the survey located.

The Wounded Warrior Project is created to help wounded veterans, known as “warriors” by the nonprofit, by means of their transitions to civilian life with solutions in mental well being, physical well being, peer connection, profession counseling and monetary wellness, at no charge. The annual survey represents the views of far more than 165,000 warriors and is the biggest survey of post-9/11 wounded veterans.

Right here are some other important findings from the February report.

Debt and money flow are a new challenge

Wounded veterans face far more monetary strain general than prior to, the study located. Aside from the expense of goods, other factors provided for monetary anxiety integrated:

  • Functioning but not creating adequate income (26.eight%).

  • Family members obligations (26.six%).

Nine in ten respondents (92.eight%) also reported carrying debt other than mortgage debt, such as credit card debt, private loans or auto loans. Additional than half (56.eight%) reported at least $20,000 in nonmortgage debt. These trends are in line with previous surveys, but Kastner notes that the mixture of debt and lack of money is a challenge.

“Debt is not new, but now we’re receiving, ‘I have debt, but I also cannot spend my bills like I made use of to,'” he says. Additional than 43% of warriors mentioned they had tiny to no self-assurance they could cover a $1,000 emergency expense, a measure of monetary well being.

A vibrant spot: reduced unemployment

There was some superior news when it came to unemployment. The share of unemployed warriors dropped to six.eight% in 2022, compared with far more than 13% the preceding year. But warriors nevertheless have a larger unemployment price than the common population (three.7%) and all veterans (two.four%).

Unemployed wounded veterans say ongoing mental well being or psychological distress are their largest barriers to discovering jobs, followed by difficulty translating military expertise to the civilian workforce and lack of education.

The Wounded Warrior Project assists train warriors to discover jobs as effectively as file and obtain veteran and disability positive aspects, and it supplies emergency monetary help as effectively as extended-term monetary education, Kastner says.

All round, the survey findings underscore the urgency of giving far more help and education to address the monetary challenges of wounded veterans.

“We have to spend superior focus to the monetary readiness of our warriors,” Kastner says.

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