Saving for the Unexpected
April 26, 2022Are you building an emergency savings fund?
It’s easy to agree that saving for the unexpected is important. But setting aside the time and money to do so can be a challenge, especially with an already hectic military lifestyle.
For Military Saves Month, MFAN President & Executive Director Shannon Razsadin joined Sarah Bumgardner with the American Armed Forces Mutual Aid Association (AAFMAA) to discuss saving strategies and how MFAN connects service members, veterans, and their families to essential financial readiness resources.
Military Family Emergency Savings
Did you know that more than half of military and veteran families are unprepared for a financial emergency or a significant loss of income?
Our 2019 Military Family Support Programming Survey showed:
- 27.4% of current serving military family respondents have less than $500 in emergency savings or no emergency fund at all.
- Nearly a quarter (23.5%) had no practical or viable plan of action for seeking assistance in a financial emergency.
- Enlisted military and veteran families are the least prepared.
Are you a veteran or veteran family member in search of information, best-in-class resources, and advice from financial experts?
VetCents, powered by MFAN, is a financial education program that walks you through budgeting, savings, credit, investing, and homebuying.
About the Author
