United States (U.S.) Army Veteran’s financial well-being and the link to suicide: An exploratory case study

Abstract: This qualitative case study explored how the army's financial readiness training program financially prepares service members to transition from active duty to civilian life. The problem addressed in this study is the high suicide rate among veterans and possibly low financial literacy. The purpose of this study was to ascertain how the Department of Defenses Financial Readiness Training program impacts the United States Army veterans’ financial well-being. Semi-structured interviews were conducted with 15 post-9/11 veterans with at least 4 years of active federal service. Data collection involved in-depth interviews with each participant. Transcribed interviews were coded, and four themes emerged related to the research questions. The four themes were finances and Army programs for Research Question 1 and mental health and life for Research Question 2. This qualitative case study revealed the personal experiences veterans share about how the Army's financial readiness training program financially prepares service members to transition from active duty to civilian life. In addition, the study explored how financial well-being among veterans affects their suicide rates after transitioning from active duty to civilian life. Veterans in this study did not believe they received the necessary financial management training before transitioning to civilian life. The lack of personal financial management training was not a key factor leading to suicide ideation for most of the participants. The participants recommended that more time be afforded to service members to attend the training before the transition. Future research should explore long-term annual financial management training for all service members. Future studies should also focus on the expansion of the study to all branches of the military. The impact of financial stress on mental health and suicide ideations needs further study.

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