Veterans Day is November 11, and the veteran unemployment rate has fallen to 2.7 percent.
WalletHub released its report on 2022’s Best & Worst Places for Veterans to Live.
The personal finance website compared the 100 largest American cities across 20 key metrics, including the share of military skill-related jobs, housing affordability and the availability of VA health facilities.
In WalletHub’s 2022 Military Money Survey, results revealed that 70 percent of American agree military families experience more financial stress than the average family.
According to the report, Raleigh, N.C. is the best place for veterans to live, followed by Austin, Texas, Laredo, Texas, Madison, Wis. and Tampa, Fla.
The worst places for veterans to live are Detroit, Michigan, Newark, N.J., Memphis, Tenn., Baltimore, Md. and Baton Rouge, La.
WalletHub’s military money survey revealed that 71 percent of military members think the U.S. does not take care of its veterans financially. Thirty-seven percent of American blame the war in Ukraine for inflation. Poor financial literacy among military personnel is a threat to national security according to 56 percent of military members. Approximately two in three military members do not think they should have to pay bills while deployed.
WalletHub Analyst Jill Gonzalez explains what makes a city good or bad for veterans.
“How good or bad a city is for veterans depends on various factors, from the quality of the city’s VA facilities and its retirement-friendliness to the rates of poverty, unemployment and homelessness,” she said in a press release. “All cities should make taking care of veterans’ needs a priority, considering how much veterans have sacrificed to serve the country and keep it safe. However, 71 percent of military members think the U.S. does not take care of its veterans financially. Some cities set aside an adequate amount of money for veterans affairs while others do not, either because they do not have enough of a budget or veterans aren’t prioritized. While cities do have a responsibility to their veterans, the federal government does as well. We spend a massive amount of money on national defense and military operations, yet a comparatively small amount on helping veterans once their service is done. It is unacceptable that there are tens of thousands of homeless veterans; that number should be reduced to zero.”
Gonzalez said that steps should be taken to reduce financial stress on military families steps so servicemembers in war zones are not worried about their family’s basic living expenses at home. The United States should also provide more effective financial education for military members.
“Military families can undergo a tremendous amount of financial stress, especially when one parent is deployed and is not able to help manage the family’s finances. In fact, around 70 percent of Americans believe that military families experience more financial stress than the average family. Service members who are in combat situations also put their lives at risk every day, which could lead to even more of a financial burden on their family if they die or end up with a disability. The least we can do for our military families is to take care of their basic needs,” Gonzalez said.
Does the military do enough to teach financial literacy?
“The military unfortunately does not do enough to teach financial literacy to service members and their families. Not only do 71 percent of Americans agree that the military is lacking when it comes to financial literacy education, according to WalletHub’s 2022 Military Money Survey, but 56 percent of military members think it’s a national security issue. People serving in the military who are financially literate can worry less about money problems and focus more on their service, and they are also less susceptible to coercion by foreign powers. It’s worth noting that the military is not alone in its financial literacy deficiency. Most employers and big organizations in the U.S. fail to provide enough information as well. Even schools are lacking in financial education, and that’s where Americans should be first introduced to these important concepts,” Gonzalez said.
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Rebecca Barnabi
