Lack of Financial Literacy Linked to Veteran HomelessnessOctober 29th, 2013 by The JetSetter Team | Comments Off on Lack of Financial Literacy Linked to Veteran Homelessness
The study, conducted by the American Journal of Public Health, reported that members of the military tend to be less likely to budget, more likely to say yes to bad loans, and generally have less access to information about finances. Because of this, many end up homeless or in danger of losing their homes. Coupled with a lack of access to healthcare, this financial illiteracy proves very dangerous to returned members of the United States military.
Specific problems reported were bad checks, overdrawn credit limits, and being pursued by a collection agency—problems, at least in this study, not confined to low-income veterans. The same journal reported findings from a study indicating these same homeless veterans were six times more likely to consider suicide.
In addition to quality, affordable healthcare and mental healthcare, these veterans are in desperate need of financial education, which might include information about budgeting while on active duty, saving money, and paying down debt. Jason Hartman advocates for financial literacy programs that go beyond these things—programs that empower the student, veteran or otherwise, to take charge of their money, invest in income-producing assets, and eventually provide the luxury of an affluent lifestyle.
While the problem of veteran homelessness goes beyond one individual’s scope of influence, you can help the situation by becoming financially literate and advocating for financial literacy for all. Seek out information on saving, budgeting, and investing, and do your part to pass this information along to those who need it most. Consider starting a community program aimed at preventing homelessness caused by a lack of education.
If you’re an American living abroad, you too can help. Think of ways to exert your influence in your new community, and educate those around you. Live as a model for financial literacy and be a positive force for change.
Where are you financially literate? Financially illiterate? If there are areas in which the team at Jason Hartman can help, let us know by posting about the topics where you’d like more information below! (http://www.flickr.com/photos/jonathankosread/6774360052/)
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