Military Appreciation Month

Despite relatively low veterans’ unemployment, compared to non-veterans, veterans with disabilities are not faring quite as well, with their current unemployment rate at 6.5%.* In addition, a majority of veterans with disabilities who are employed are underemployed — 60* according to research by Penn State** — leaving many to feel systemically undervalued.

May is Military Appreciation Month — a time for businesses, organizations and individuals to show their appreciation for military personnel and their families. There is no better way for employers to show their appreciation for the often overlooked and undervalued group of disabled veterans than to better understand and meet their unique financial planning needs in the workplace.

In 2024, Voya Cares, in collaboration with Easterseals, commissioned a national survey among disabled veterans to better understand why and how some disabled Veterans struggle more financially than others. Segmentation analysis was used to look at unique groups of disabled veterans based on their financial situation and outlook. More than a third fall into a group that faces “day-to-day difficulties,” with lower incomes, more debt and less built-in support.

Below are the characteristics of each of these disabled veteran groups. Meet the:

Financially confident

More likely to:

• Be younger (nearly half are Gen Z/millennial)
• Be married
• Be employed
• Be unconcerned about debt
• Have household income >$75,000
• Have savings and investments averaging $150,000
• Be least likely to have both mental and physical injuries

Unprepared for the future

More likely to:

• Be more confident in covering day-to-day expenses
• Be Gen X
• Be married
• Have served for more than 6 years
• Be employed
• Have debt
• Have household income >$75,000
• Have average savings and investments of $85,000

Day-to-day difficulties

More likely to:

• Have low confidence in ability to cover day-to-day and any future expenses/retirement
• Be women
• Be Gen X
• Be unmarried
• Have served less than 6 years
• Not have a caregiver/loved one providing support
• Have both physical and mental injuries from service
• Be unemployed (24% currently is unemployed and looking for work)
• Say debt is a major concern
• Have average savings and household income investments of $32,000

How can employers better meet the needs of these 3 groups of disabled veterans?

1. Employers should consider allowing sufficient time and effort onboarding veterans with disabilities and providing ongoing support to ensure their success. Build a welcoming and supportive culture for disabled veterans through ongoing employee education and awareness building about the traditions and values of this employee group, establishing a veterans’ Employee Resource Group to provide camaraderie and peer support, as well as a mentoring program to help disabled veteran employees acclimate to the corporate culture.
2. Consider the needs of disabled veteran employees in the design of a benefits package. Three benefits, in particular, may be impactful: First, employer benefit offerings of group life insurance — preferably guaranteed issue — and short- and long-term disability coverage may help to fill a gap in their financial planning. Second, more than 80% of disabled veterans say they are not financially prepared for emergencies, so emergency savings plans may offer a lifeline in emergencies. Third, preparing for retirement is a key need. Offering auto enrollment into a retirement plan like a 401(k) with a matching contribution can help bridge the gap in retirement savings, while Health Savings Accounts (for high-deductible medical plans) and Flexible Spending Accounts can help to cover unpredictable medical costs both in the short term and in retirement.
3. Provide ample education around mental health care and coverage. Although many employer-provided health insurance plans have robust coverage, these audiences may not know it. Be sure that information regarding the coverage is plentiful and easy to access. Beyond the coverage in the employer-sponsored health plan, consider offering free sessions through a general Employee Assistance Program, and make the sessions available for the employee’s family members, as well. Lastly, all employees should be regularly reminded of the benefits available to them to increase opportunities to take advantage of existing programs.

Read more about the impact that employers can have attract and retain disabled veterans at voyacares.com/disabledvets.