Use, Benefits, and Barriers to Financial and Credit Counseling Among Veterans According to Financial Counselors and Other Subject Matter Experts

• Published in: Military medicine Vol. 190; no. 5-6; p. 1071
• Main Authors: Kinney, Rebecca L, Hooshyar, Dina, Tsai, Jack
• Format: Journal Article
• Language: English
• Published: England 01.05.2025
• Subjects: Adult; Counseling - methods; Counseling - standards; Counseling - statistics & numerical data; Counselors - psychology; Counselors - statistics & numerical data; Female; Financial Management - methods; Financial Management - statistics & numerical data; Humans; Male; Middle Aged; Qualitative Research; Surveys and Questionnaires; United States; United States Department of Veterans Affairs - organization & administration; United States Department of Veterans Affairs - statistics & numerical data; Veterans - psychology; Veterans - statistics & numerical data; United States
• DOI: 10.1093/milmed/usaf040

Over a million U.S. veterans report an income below the poverty line. The Veterans Affairs (VA) offers financial literacy and money management education to promote veterans' economic well-being. This study examined perceptions of the barriers and facilitators to economic resources among financial providers and experts serving veterans. This study implemented a VA Redcap survey constructed of closed-ended and open-ended questions to examine perceptions of financial programs. Descriptive statistics were used to examine the close-ended responses; qualitative analysis was performed on the open-ended responses. A total of 269 subject matter experts responded to the survey. Fifty-nine percent (n = 158) of respondents reported that financial counseling and education for veterans takes place outside of their local VA. Most frequently used services included financial coaching (46%; n = 124), assistance in attaining other sources of income (44%; n = 118), establishing a bank account (25%; n = 67), group financial education (23%; n = 62), and providing representative payee or conservator (19%; n = 51). Barriers to financial counseling and education exist with a lack of program awareness (70%; n = 188) and eligibility (66%; n = 178) being most often reported. Financial and money management interventions produce positive outcomes but should consider more effective modes in which to extend reach, education, and build trusting relationships in effort to increase financial stability and quality of life among low-income veterans.