Financial Concerns Especially Stressful for Military Families

Financial issues rank among the most stressful lifestyle concerns for active-duty service members, veterans and their families, according to a nationwide survey.

The 2018 “Military Family Lifestyle Survey” marked the first time financial issues were seen as the greatest cause of stress. The report says respondents have “higher expectations of dual incomes being vitally important to their family’s well-being, especially among younger generations, regardless of service member rank.”

AARP Membership— $12 for your first year when you sign up for Automatic Renewal

Get instant access to members-only products and hundreds of discounts, a free second membership, and a subscription to AARP the Magazine.

Join Now

More than 6,000 people, including active-duty service members, veterans and family members, completed the ninth annual survey conducted last spring by Blue Star Families, a not-for-profit organization that helps military and veteran families connect to their communities, and by the Institute for Veterans and Military Families at Syracuse University.

Financial stress connected to military service is cited more than any other military-family issue by veteran spouses (54 percent) and military spouses (49 percent), as well as by veterans (44 percent). Among active-duty members, it ranks just below the stress of relocation.

The report notes a sharp decline in the percentage of young adults who have a direct connection to a family member who has served. It says an all-volunteer force has meant “a decreased understanding of military service and sacrifice within the broader American society.” Only 18 percent of respondents believe the public truly understands the sacrifices they make. 

“Issues in the broader society are magnified” for military families, says Jen Hurwitz, applied research manager for Blue Star Families.

“Just as civilian families want dual incomes, so do actively serving families,” Hurwitz says. “They’re typically moving every two to three years. Having to reinvent yourself every time you move and find child care creates stress.”

Among active-duty families planning to leave the service within two years, more than half have less than $5,000 in savings for an emergency.