72% of Women Veterans Face Financial Stress
Riggs Creative Group
SWEDESBORO — Wednesday, June 12, marks National Women’s Veterans Day, a day set
apart to recognize women who have and continue to serve and protect our country.
With many female veterans struggling financially, 1166 Federal Credit Union’s CEO Annemarie Shinn — a veteran herself — shares insights and resources to address the financial struggles they face.
A November 2023 FINRA Investor Education Foundation report indicated female veterans are 34% less likely to have high financial literacy and 10 percent are less satisfied financially than their male counterparts.
Additionally, Wounded Warrior Project’s 2023 Women Warriors Report found that 72% of women veterans report having moderate to high financial stress, identifying family and childcare issues as the most challenging hurdles to employment.
In addition to family struggles, other factors contribute to these statistics, including the lack of financial education, community, housing, employment opportunities, and medical support.
“I gained invaluable insights and skills during my time in the military, especially in terms of camaraderie and reliance with fellow service members. Transitioning out of that environment can be challenging, as it means leaving behind not just a job but a whole support network and way of life,” CEO Annemarie Shinn said.
“Many veterans face similar struggles when reintegrating into civilian life, but it’s important to
remember that resources are available to help ease this transition. Organizations like veterans’ service organizations, government agencies, and community groups offer various forms of support, including assistance with accessing benefits, career guidance, mental health services, and networking opportunities.”
Women Veterans Assistance Programs
Below are helpful links to programs and organizations that specifically provide resources and support for female veterans.
The Foundation for Women Warriors – This 103-year-old non-profit caters to female veterans, offering: childcare assistance, emergency Financial assistance, resources and referrals, professional development, and an essential goods warehouse.
The Women Veterans Program (WVP) – Specifically serving female veterans in Pennsylvania, New Jersey, and Delaware, this program is an extension of the Veterans Multi-Service Center. It supports ex-servicewomen by offering clothing, toiletries, food, and a full calendar of events where female veterans can connect, grow, and thrive together.
The Women Veterans Emergency Financial Assistance Program – Offered by the Dixon Center of Military and Veteran Services, this program supplies emergency Financial assistance to female veterans.
The Center for Women Veterans (CWV) – This extension of the U.S. Department of Veterans Affairs (VA) provides a range of services designed specifically for women, including: women veterans health care, benefits, Military Sexual Trauma (MST) services, training, caregivers, economic opportunity, housing stability, and legal assistance.
Lifeline for Vets – Women Veteran Resources – This site offers various services and programs dedicated to supporting female veterans. Additionally, the VA itself offers the following services to veterans: health care, disability services, education and training, career and employment assistance, pension benefits, housing assistance, life insurance, service member benefits, and service family benefits.
Through financial education and efficient services that come from a place of personal understanding, 1166 Federal Credit Union can empower and assist female veterans through their transition from the service.
Here are a few of the ways we can help:
The Department of Veterans Affairs (VA) Mortgages and personalized service. Veterans fight to keep our nation the home of the brave, so it’s only fitting that they feel safe and loved in homes made possible by VA mortgages and personalized services. Browse our home loan, mortgage, and home equity line of credit options on our website.
Refinancing loans. If you’re experiencing burdensome loans that harm your financial wellness and stability, we can review them and discuss refinancing options, potentially securing better rates and terms for you.
Personal loans. Transitioning back into civilian life is challenging on its own, let alone with the addition of financial adjustments. 1166 FCU offers personal loans that can assist veterans with medical needs, home improvement, debt consolidation, moving costs, and more.
Assistance in rebuilding credit and managing debt. As veterans work to repay debt, we support that effort with low interest rates and loan programs that keep more money in individuals’ pockets, helping them reach their financial goals. We also want to create a community with the financial education they need to know HOW to rebuild their credit. For example, read our blogs about understanding credit scores and how to build credit when you have none.
Shinn also suggests that women veterans stay connected, through formal organizations or informal social gatherings, as it helps to recreate some of the camaraderie and support they experienced in the military.
“Building new relationships and finding a sense of purpose in civilian life may take time, but, with patience and perseverance, you can adapt and thrive in your post-military journey,” she concludes.
Follow Us Today On:
Note from AC JosepH Media: If you like this story and others posted on Front Runner New Jersey.com, lend us a hand so we can keep producing articles like these for New Jersey and the world to see. Click on SUPPORT FRNJ and make a contribution that will go directly in making more stories like this available. Thank you for reading.
About Author
