Financial well-being of U.S. military Veterans and health impact: Results from the survey of household economics and decisionmaking

Abstract: Objective: Research has shown that psychosocial well-being in veterans, including financial status, is related to better clinical outcomes after leaving military service. The current study examines variables linking financial well-being to physical health in veterans and non-veterans and identifies financial variables related to veteran status. Methods: We analyzed data from the nationally representative 2021 Survey of Household Economics and Decision-making conducted by the U.S. Federal Reserve Board and compared the responses of veterans (N = 1176) to a non-veteran sample matched by age, sex, education, race, ethnicity, and geographic region (N = 1176). Results: Multivariable analyses revealed that although veterans and non-veterans were similar in many financial domains, veterans were more likely to spend money on the lottery and gambling, pay overdraft fees on bank accounts, and take out payday or pawn shop loans. Analyses showed over one-third (35%) of veterans reported credit card debt, significantly higher than non-veterans. In veterans and non-veterans, higher physical health ratings were related to higher income, lacking medical debt, living in a community of greater economic advantage, and having a rainy-day fund in case of financial emergencies. Ratings of one's credit score were also significantly associated with ratings of one's physical health, in both veterans and non-veterans. Conclusions: The data pinpoint specific financial domains to inform policy, education, and outreach aimed at improving veterans' psychosocial well-being. The results also reveal that individual and environment-level financial variables were related to physical health in this national survey, demonstrating the value of assessing financial well-being in the context of medical care, for both veteran and non-veteran patients.