Servicemembers Worried About Job Prospects For Out-Of-Work Vets

Editor's note: The following analysis comes from a Financial Behaviors Index release.

At a time when the Pentagon is considering plans to cut the military by close to 500,000 service members, men and women in uniform are worrying about employment prospects for out-of-work veterans.

Recent survey findings from the First Command Financial Behaviors Index reveal that 70 percent of middle-class military families (senior NCOs and commissioned officers in pay grades E-6 and above with household incomes of at least $50,000) are only “somewhat confident” or “not confident” in employment opportunities for veterans. Only one in four survey respondents believe there will be sufficient jobs in the civilian workforce for unemployed veterans.

Military families are not particularly encouraged by government solutions, either. Three out of five servicemembers are aware of the VOW to Hire Heroes Act, a new law that provides employers with tax credits for hiring out-of-work veterans. But of those familiar with the VOW Act, nearly half are not confident that it will increase job opportunities in the civilian workforce.

In addition to concerns for out-of-work veterans, many servicemembers are worried about their own careers in the armed forces. The Index reveals that 37 percent of respondents are concerned about their future in the military. Top concerns include downsizing of the armed forces, cutbacks to pay and benefits and overall job security.

“These anemic confidence levels underscore the high unemployment rates we are seeing among veterans today as well as proposed plans for defense cutbacks and downsizing tomorrow,” said Scott Spiker, CEO of First Command Financial Services, Inc. “Recent data by the Bureau of Labor Statistics shows unemployment among young veterans is over 13 percent . When active-duty service members see highly trained and tested veterans struggling to meaningful work, they are justifiably worried about the thousands of vets who will be entering the civilian workforce in the next few years.”

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