With Veterans Day approaching and the veteran unemployment rate at 3.6 percent, the personal-finance website WalletHub recently released its report on 2023’s Best & Worst Places for Veterans to Live. The report compares the 100 largest U.S. cities across 19 key metrics, ranging from the share of military skill-related jobs to housing affordability and the availability of VA health facilities.
WalletHub also released the results of its 2023 Military Money Survey, which revealed that 52 percent of Americans think inflation is hitting military families harder than civilians. To help with that, WalletHub’s editors selected 2023’s Best Military Credit Cards, which provide hundreds of dollars in annual savings potential. Following are highlights from the reports, along with a WalletHub Q&A.
Best Cities for Veterans
Raleigh, North Carolina was rated as the top city for veterans, followed by Austin, TX; Orlando, FL; Tampa, FL; Virginia Beach, VA; Scottsdale, AZ; Colorado Springs, CO; Gilbert, AZ; Laredo, TX; and, rounding out the top 10, Jacksonville, Florida.
Worst Cities for Veterans
In the bottom of the rankings were Santa Ana, CA, coming in at number 91; followed by Baltimore, MD; Toledo, OH; Baton Rouge, LA; Indianapolis, IN; Jersey City, NJ; Chicago, IL; Memphis, TN; Newark, NJ; and coming in at number 100, Detroit, Michigan.
To view the full report, visit: https://wallethub.com/edu/best-and-worst-cities-for-veterans/8156
Military Money Survey
52 percent of Americans think inflation is hitting military families harder than civilians.
65 percent of people think the military does not do enough to teach financial literacy.
Nearly 2 in 3 people think poor financial literacy among military personnel is a threat to national security.
Seven in 10 military members think joining the military is a good deal financially.
More than 2 in 3 Americans think that members of the military should not have to pay interest on debt or income taxes while deployed.
44 percent of people are willing to use at least 10 percent of their income to fund the military.
Navy Federal Credit Union Visa Signature Flagship Rewards Credit Card is the best military credit card of 2023. It gives three points per $1 spent on travel purchases and two points per $1 spent on everything else. It also offers an initial bonus of 40,000 points.
To view the full survey, visit: https://wallethub.com/blog/veterans-day-money-survey/53825
Q&A With WalletHub Analyst Cassandra Happe
What makes a city good or bad for veterans?
Various factors can influence how good or bad a city is for veterans, from the quality of the city’s VA facilities and its retirement-friendliness to the poverty, unemployment and homelessness rates. All cities should prioritize taking care of veterans’ needs, considering how much veterans have sacrificed to serve the country and keep it safe. However, 45 percent of military members think the U.S. does not care for its veterans financially. Some cities set aside an adequate amount of money for veterans’ affairs while others do not, either because they do not have enough of a budget or veterans aren’t prioritized. Even though cities have a responsibility to their veterans, the federal government is also responsible for them. We spend a massive amount of money on national defense and military operations, yet a comparatively small amount on helping veterans once their service is done. It is unacceptable that there are tens of thousands of homeless veterans; that number should be reduced to zero.
What can we do to reduce the financial stress on military families?
The best way to reduce the financial stress on military families is by ensuring that servicemembers in war zones do not have to worry about their family’s basic living expenses simultaneously. In addition, we should also provide more effective financial education for military community members. Military families can undergo tremendous financial stress, especially when one parent is deployed and cannot help manage the family’s finances. Service members in combat situations also put their lives at risk every day, which could lead to even more of a financial burden on their families if they die or end up with a disability. The least we can do for our military families is to take care of their basic needs.
How should credit card perks for first responders like firefighters, police and EMS compare to those given to military members?
Around 79 percent of people think that first responders like firefighters, police and EMS should get the same credit card perks as military personnel. That would include low caps on interest rates and advantages such as waived fees, cash back incentives and no late penalties, in many cases. Since first responders dedicate their lives to serving the public and risk their own lives, giving them at least some of the same financial benefits our military members receive makes sense.
