The Forces in Mind Trust has awarded funds of £99,497 to RAND Europe and the Army Families Federation to conduct a 10-month study examining the factors that may affect the financial stability of current and former UK Service personnel and their families…
The particular nature of life in the Armed Forces, such as high levels of mobility, may contribute to financial difficulties for some individuals and their partners while in service and upon transition into civilian life. This study seeks to understand how military life can affect financial stability, to determine if there is a problem and, if so, to examine potential interventions that could help current and former Service personnel and their families.
Ray Lock, Chief Executive of FiMT says: “Previous research has indicated that some Armed Forces families may lack financial stability and face challenges including debt and poverty when transitioning from the Armed Forces to civilian life. This important piece of research builds on previous FiMT work and will help to shed light on the nature of the financial challenges experienced, the causes and, most importantly, what can be done to support the Armed Forces families who are struggling.”
RAND Europe study leader Stella Isaac says: “We are pleased to have the support of FiMT and to be working with the Army Families Federation in exploring this important issue. There is a lack of research on financial stability for current and former Service personnel and spouses as a whole, and this project aims to fill this gap and to aid in improving policy in this area.
“A deeper understanding of the financial situation of military families and the factors involved is vital for informing the development or improvement of financial support mechanisms, which could in turn contribute to the smoother transition of personnel and their families from the Service to post-Service life.”