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Military Families and Debt

Oct 08, 2020

Key Takeaways

  • Debt is a financial burden for many military families and one of the top barriers to saving.
  • Mortgage, credit card, and student loan debt are some of the most stressful types of debt for military families.
  • Financial wellness programs can help military families manage their finances so that they can achieve their goals.

 

Like their civilian counterparts, many U.S. military families are facing an array of financial challenges. Simply keeping up with day-to-day expenses and paying down debt are difficult for many, making it hard to save for long-term goals such as retirement. The COVID-19 pandemic has exacerbated these challenges. The role that debt plays in creating financial challenges was highlighted in a recent survey of military families conducted by the Military Family Advisory Network and sponsored by Prudential. Among the findings:

 

  • Members of the military cite mortgage debt as the most stressful type of debt.
  • Credit card debt is the most common form of debt among military families.
  • Student loan debt is among the top five most burdensome forms of debt for military families.

Financial wellness programs can help military families manage their finances, reducing money-related stress, and becoming more confident about achieving their financial goals – especially when these programs have been customized to reflect the unique benefits available to service members.

 

Read More

For more information about how financial wellness programs can help military families, read Military Families and Debt  PDF opens in a new window.

 You may also be interested in other Financial Wellness opens in a new window topics.

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