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Charity calls for better financial education for Armed Forces personnel

FiMT has published a policy statement on the financial needs of ex-Service personnel and their families, and how these are met.

The policy statement highlights the challenges that ex-Service personnel can face with financial matters. The Veterans’ Gateway reports that finance is consistently in the top three areas of need for the ex-Service community. The Armed Forces lifestyle is unique, and can leave some personnel and their families financially unprepared for civilian life. Financial stability and stress can lead to wider health, family and social repercussions.

The policy statement sets out what needs to happen to address the issues – including:

  • Better financial education and advice throughout service
  • Normalising help-seeking and speaking about financial issues
  • Improving educational attainment rates for Service personnel
  • Encouraging more individuals to access existing financial briefings and support.

The statement has been published as Ray Lock prepares to leave Forces in Mind Trust and hand over to new Chief Executive Mike Ellicock in June 2021.

Ray Lock CBE, Chief Executive of Forces in Mind Trust, said:

“No ex-Service person should be disadvantaged as a result of their service. A lack of financial resilience is not unique to the Armed Forces Community, but we know from previous research that some Service leavers can be unprepared for civilian life and exposed to financial instability when transitioning out of the Armed Forces. This then has a knock-on effect for the family, health and housing. As we set out in this policy statement, there are actions which can, and must, be taken – particularly ensuring that serving personnel have access to more and better financial education, to prepare them for when they do leave.

“As my time at FiMT comes to an end, I know that the team will continue to take this important work forward to ensure that ex-Service personnel have access to the education and support they need.”

Our Executive Members

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