Financial wellness should play a role in all facets of society, across most (if not all) sectors and professions—the nation’s military included. On Jan. 1, 2018, America’s armed forces shifted from offering a traditional pension plan to the Blended Retirement System, which combines a defined benefit with a defined contribution plan.
As a result, future generations of service members will have greater responsibility for planning their own financial futures, especially as they prepare to transition out of the military.
According to said Andy Sullivan, head of Workplace Solutions at Prudential Financial, companies can play a significant role in addressing the needs of service members who are transitioning into the civilian workforce.
“Partnerships with organizations who have a unique line of sight into the challenges facing active and transitioning servicemembers are critically important,” Sullivan, a Navy veteran said.
In 2017, Prudential piloted a financial wellness program with the United Services Organizations as part of the USO Pathfinder program, which is dedicated to helping service members and their families chart the path from military service to thriving veteran status.
Prudential participates in the USO Pathfinder program by providing free financial education, through a digital platform as well as in-person seminars, that focus on financial readiness and are tailored to the unique needs and challenges that transitioning service members and their families face.
“Transitioning from active duty to civilian life is not just about finding a job, it’s about managing that new income to support long-term success,” said Kylee Durant, vice president, Transition Technology & Innovation Programs at the USO. “Our partnership with Prudential to deliver financial education to transitioning service members is a realization of that need. Our shared commitment to addressing the holistic needs of military service members coupled with Prudential’s expertise in solving financial challenges are the key ingredients for a successful partnership.”
Prudential noted that over the past eight months, it’s seen an uptick in client adoption of its financial wellness solutions.
With more than 20 years serving financial markets, John Sullivan is the former editor-in-chief of Investment Advisor magazine and retirement editor of ThinkAdvisor.com. Sullivan is also the former editor of Boomer Market Advisor and Bank Advisor magazines, and has a background in the insurance and investment industries in addition to his journalism roots.
