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 servicemembers 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 servicemembers 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 servicemembers 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 servicemembers 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 servicemembers is a realization of that need. Our shared commitment to addressing the holistic needs of military servicemembers 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.