While veterans are faring slightly better financially than civilians, they still struggle with credit card debt and are 40% more likely to be underwater on their home and 28% more likely to have made a late mortgage payment in the past year, according to a new study by the Financial Industry Regulatory Authority Foundation.
The study, the nation’s first comprehensive comparative analysis of the financial health of American veterans relative to non-veterans, was authored by William Skimmyhorn, Ph.D., Lieutenant Colonel in the U.S. Army and a professor in the Office of Economic and Manpower Analysis, Department of Social Sciences, at West Point.
His analysis is based on data from the FINRA Foundation’s 2015 National Financial Capability Study (NFCS), which includes data on more than 3,000 veterans and 23,000 non-veterans.
Researchers supported by the FINRA Foundation found that veterans are 22% less likely to be unemployed than civilians and slightly (2%) more likely to be covered by health insurance.
That said, besides underwater mortgages, veterans are 9% more likely to carry a balance and to be charged a late payment fee on their credit cards.