The latest CUNA Economic Update takes a deep dive into the financial stressors military households experience, and how credit unions make a difference in their lives.
In this video, Mike Schenk, CUNA chief economist and deputy chief advocacy officer, cites several reasons many military families struggle:
Age and lack of experience.
Frequent relocations, which make it difficult to establish stable roots. This results in potential housing losses and associated costs.
Deployments and separations, which can strain relationships and cause emotional stress, impacting financial decisions.
Lower base pay for enlisted personnel and difficulties finding civilian employment for military spouses. This can lead to limited income sources.
High health-care expenses, especially for injuries sustained during service.
The transition to civilian life. This can be financially challenging, as veterans may struggle to adapt their skills to the job market.
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