Thursday 7th July 2022
Improving the financial stability of military families
New tri-service research into military families’ finances sets out to better understand how military life affects family finances. Findings will inform recommendations to the MOD on further support for Service personnel and their families.
Lead by the Army Families Federation, the research will be undertaken by RAND Europe and funded by the Forces in Mind Trust (FiMT).
Financial challenges military families may face due to Service life include:
• partner employment issues which could mean a family surviving on a single income or the non-serving partner having a reduced or no pension;
• key housing costs such as rent being deducted at source and not being budgeted for;
• potential lack of budgeting experience, for example if the Service person enlisted straight from home;
• the unpredictability of postings, meaning variations in income, with significant military allowances in some locations and none in others.
Have your say in the Military Families’ Finance Survey
This survey aims to understand the views of current and former Service personnel and their partners on the issue of financial stability, in order to understand how military life affects the ability to easily bounce back from any financial set-backs.
Take part in the survey
The survey can be found here. The feedback provided will help inform recommendations to the MOD on how they can further support Service personnel and their families.