THIRD SECTOR Despite the recognition of the unique circumstances of life in the Armed Forces Community and its impact on financial stability there is still work to be done in ensuring military families have financial security. Research published by RAND Europe, with the support of the Army Families Federation, and funded by Forces in Mind Trust examined the Armed Forces Community’s perceptions of their financial stability and the military employment offer. Service families reported having a limited ability to recover from financial shocks and, whilst participants from the community were positive about their household income stability, there were mixed responses on the adequacy of their income and the adequacy of their financial resources. A lack of opportunity for partner employment was seen as the biggest barrier to financial stability for military families. The frequent relocations and long-hours of serving partners as well as the high-cost of childcare were all factors affecting the employment of partners in Service families.
Frequent relocations also disrupt longterm financial planning, and can result in short-term out of pocket expenses for military families. Armed Forces families were much more positive about other financial impacts of service however such as strong job security, subsidised accommodation, and the Armed Forces pension. The report engaged over 400 serving and ex-serving personnel and their partners, and held key stakeholder interviews including with the Ministry of Defence, wider government, and other support organisations. Tom McBarnet, Chief Executive (Acting) of Forces in Mind Trust, said: “This important research shows that the specific demands and nature of service life can sometimes conspire to undermine the short and long-term financial stability of Armed Forces families and, in some cases, put them at a financial disadvantage when compared to civilians.” Read the report 'Service families need specialist solutions for financial stability'
