More than half of Americans think inflation hits military families harder than civilians, survey finds

(InvestigateTV) — In their 2023 annual report, The Federal Trade Commission (FTC) reported that enlisted experienced a median loss of $500 to scammers, a hardship for many military families.

Chip Lupo, a writer and analyst for WalletHub, led a recent survey that found military families want more financial security.

“Financial literacy is one of these things, it’s a nationwide problem! But it is particularly pervasive in the military,” Lupo noted.

The survey also reported that 56% of Americans believe inflation is affecting military families more severely than civilians.

Lupo said military pay raises over the past three years have barely kept up with inflation.

“I think any time you’re worried about things such as car payments, credit cards, other expenses, that can be a distraction no matter what your line of work is,” he said. “So, if you’re in the military, I mean, those could only contribute to your anxiety and could have a mental effect and negative effect on your mental health and wellbeing.”

Lupo suggested one thing everyone can do is prepare a budget and stick to it as much as possible.

Then, try to pay more than the minimum amount on debts and put more money towards retirement.

“With every raise that military get, maybe just look at that instead of disposable income, maybe just a little bit more that they can set off for retirement,” he suggested.

Lastly, Lupo recommended service take advantage of any available financial perks, such as housing costs and healthcare.

The Consumer Financial Protection Bureau (CFPB) has a list of financial resources available for service on their website.

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