For Veterans and Service Members, we offer free counselling on military credit.

We hope that all current and former veterans will use the professional services to improve their credit scores, help them become homeowners, or balance their household budgets this Veterans Day.

It’s not always easy for our armed forces to attain financial security. Special challenges are faced by military personnel that other people don’t. Spouses may have difficulty finding work outside the Military, while veterans might struggle to convince employers that their military experience is relevant to other fields.

Military Financial Readiness Survey

The NFCC conducted a survey last. This survey was sponsored by Wells Fargo and conducted by Harris Poll to assess military personnel’s financial readiness.

This survey was conducted for the first time in 2014. It was again updated in 2019.

This is a significant shift from 2014, when only six per cent of active-duty military personnel reported using such loans. Fifty-two per cent also reported difficulties finding suitable loan options.

This survey didn’t have all the bad news. The survey showed that military service personnel and their spouses are more likely than civilian counterparts to save for retirement and to have more savings aside from their retirement accounts.

The NFCC discovered that m all veterans feel confident in their ability to meet financial obligations, but there are still concerns.

1. Eighty-five per cent of veterans report that they pay their bills on time.
2. Only 19% feel that their finances control their lives, compared with 46 per cent of active-duty military personnel.
3. More than half (55%) of veterans with personal debt feel confident that they will be able to pay off their loans on time.
4. Only 22 per cent reported financial consequences from COVID-19 to veterans, compared with 78 per cent for active-duty servicemembers.
5. Veterans are more likely to use traditional financial services such as checking and credit cards. In the last six months, 74% have used checking/savings accounts, and 70% have used a credit cards.
6. 43% of veterans worry about their finances. The number one financial concern is not saving enough (17%)
7. Only 42 per cent of veterans have a budget.
8. Forty-nine per cent of veterans wish they knew more about financial resources for veterans. A similar percentage (50%) feels there is insufficient information on veterans’ financial resources.

Military credit counselling

Our Military’s past and current members are a valuable resource. Every November 11 th -, our nation celebrates our gratitude to our veterans. We believe it is vital that veterans and active military personnel know there are many options for them to help with their finances, credit, and debts.

• Free Credit Counseling – Working with a financial coach can help veterans and service personnel pay off their debts and manage their finances. Credit coaching is free and includes advice on managing credit and debt and a customized financial action plan.
• Financial Coaching – We offer professional financial coaching for credit, debt and homeownership.
• VA – The Veterans Benefits Administration provides special programs for veterans, their beneficiaries, and their families. They offer life insurance, home loans, education and health benefits to veterans.
• GI Bill– This VA-managed GI Bill provides benefits to eligible service members who need training and education assistance.
• Military Saves – America Saves sponsors Military Saves. This program encourages and supports military families to save money, reduce their debt and build wealth.
• Military OneSource – the Department of Defense created Military OneSource to assist military families with tax services, employment assistance, relocation, and deployment.

Charities and other sources for aid:

• Red Cross – The American Red Cross provides financial assistance to military families. This can include funds for travel, burial expenses, food, shelter, and other necessities.
• American Legion – The American Legion provides Temporary financial assistance to military families in dire need.
• Veterans of Foreign Wars – The VFW offers financial aid through their unmet needs program. This program is designed to assist military families in America who are facing unexpected financial hardships.
• Operation First Respond Since 2004, First Response helped nearly 23,689 families with financial emergencies.
• Operation Home Front – Operation Home Front provides financial assistance, housing programs and caregiver support to military families.
• DAV (Disabled American Veterans ) helps veterans get the benefits they are entitled to. Every year, they help more than a million veterans and their families.
• USACares– USACares is an organization for veterans and families that helps them with hardships related to military service.
• Hope For the Warriors– hope for the Warriors provides “a complete cycle of care to restore one’s self, family and hope,” to service personnel and their families, as well as the families of those killed in action.
• Coalition to Salute America’s Heroes – The Coalition to Salute America’s Heroes assists the families of wounded veterans from Operation Enduring Freedom and Operation Iraqi Freedom, as well as their families.
• Air Force Aid Society – AFAS provides emergency assistance for Air Force families and service personnel through grants and loans with no interest.
• Army Emergency Relief AER assists families and soldiers with scholarships, grants and interest-free loans.
• Navy-Marine Corp Relief Society – The NCRS assists with financial emergencies through financial counselling, grants and interest-free loans to active or retired sailors and marines. It also assists eligible spouses and reservists serving active duty.
• Coast Guard Mutual Assistance– CGMA assists Coast Guard personnel and their families. This includes active duty, retired personnel, civilian employees, and Auxiliarists.
• Local programs – A city, county or state may have programs that assist military personnel, current and past. For example, Southern California has stepped or Supported the Enlisted Project. You might find programs in your area through the Red Cross, Military OneSource or your local military aid organization.