News

Veterans and Finance – Learning from lived experience

Last month, I published my latest report, which explored the financial wellbeing of Scotland’s veterans in depth.

Veterans and Finance looks at the financial advice and support available to veterans as they transition from military to civilian life and beyond. It considers the accessibility of the welfare system  and draws attention to the risks some veterans face around gambling harms.

It also highlights the valuable skills and experience that veterans contribute to Scotland’s financial services industry – and the potential for rewarding second careers within the sector.

Drawing on conversations with veterans themselves, charities, public bodies and businesses, the report recognises that the  majority of veterans go on to lead financially stable, fulfilling civilian lives. Many build careers, support their families, and continue to contribute positively to their communities. However, it also shines a light on the reality that some veterans face complex and sometimes hidden financial challenges.

The insights and stories people shared with me were invaluable in bringing the issues explored – and their impact – to life and they reflected the diversity of the community’s experiences.

From many of the conversations I had, it was clear that limited financial literacy or confidence – sometimes shaped by the unique experience of military life – can mean some veterans struggle to manage their money effectively. This lack of confidence can also contribute to debt accumulating over time, with some unaware of the statutory help available to them or how to access reputable debt advice. For others, there is a reluctance to seek help even if they know it is out there.

I heard that when financial issues escalated, they could quickly affect other areas of life – such as sustaining housing or maintaining mental wellbeing – and become significantly harder to resolve. A greater emphasis on financial awareness and planning through in-Service Life Skills was identified as an important step in improving outcomes.

However, there were many examples of good practice where charities, local authorities, and specialist advisers worked together to fill gaps, helping veterans to understand their entitlements, budget effectively, and tackle debts before they reached crisis point. I spoke with peer support workers from Armed Forces backgrounds who were often central to this success, using their own experience to build trust and guide individuals through complex systems.

In the area of benefits and welfare, I heard how hard it can be to navigate systems that feel unfamiliar and complicated, particularly when you’re also adjusting to civilian life. Veterans and welfare support workers also commented on the added complexity that Armed Forces pensions and compensation schemes can bring. They explained that understanding how different payments interact with benefits isn’t always straightforward and sometimes there are delays or errors that cause real distress. This is particularly challenging for those living with health problems or disabilities related to Service.

Again, the power of veteran-aware support staff and champions – many from a Service background themselves – was recognised, and they were praised for their ability to provide valuable specialist advice and swiftly solve issues faced by veterans.

Another area  examined was gambling harms. While most veterans do not experience problems with gambling, some are more vulnerable, especially where veterans were experiencing isolation, stress or trauma related needs. Everyone I spoke to was clear that prevention is the best approach and that tackling stigma and shame around the issue is key. I also heard that service providers routinely ask about alcohol and drug dependencies, but less so about gambling behaviours. Addressing this could help identify problems and improve access to support. When it comes to support, I learned that military-specific support programmes, or programmes that are “veteran aware” are generally viewed as beneficial.

One of the most positive insights I gained was the enthusiasm in the financial sector to recruit from the veteran talent pool. Many organisations are keen to employ and support veterans, recognising the qualities they bring. They  offer service leavers meaningful opportunities, mentoring and awareness initiatives to help them succeed. It was suggested that continuing these efforts to demystify careers in financial services will be beneficial in encouraging veterans to explore this career path.

Across all these issues, what stood out to me was the power of clear, accessible, and relevant advice that recognises and addresses the unique circumstances of the veteran community. Many charities, support organisations and businesses are already doing excellent work in this space, and it’s vital they are properly resourced and visible to those who need them.

I’m very grateful to everyone who took the time to contribute to this work. Insight, experience and expertise are invaluable in helping me understand what’s working – and where more needs to be done.

I remain committed to working alongside the veteran community and all those who support them to help secure the best possible outcomes for veterans and their families across Scotland - their voices are at the heart of every recommendation I make.