Veterans Report Higher Levels of Financial Well-being, Employer Loyalty

The 2024 Workplace Wellness Survey published by the Employee Benefit Research Institute (EBRI) and Greenwald Research finds U.S. military veterans report higher levels of financial, social, emotional, and workplace well-being than their nonveteran counterparts.  

Veteran workers were more likely to report that they were intending to stay with their current employer for the immediate future. 

The fifth annual Workplace Wellness Survey examined worker attitudes toward employment-based benefits in the workplace, as well as a broad spectrum of financial and mental well-being, employment-based health insurance, and retirement benefit issues. The oversample of U.S. military veterans was included to better understand their opinions about their employer and how they value workplace-sponsored benefits, as well as the challenges they face balancing work, life, and their finances. 

“In general, veterans differed in several ways from nonveteran workers,” said Jake Spiegel, EBRI research associate, health and wealth benefits research. “They tended to be better positioned to weather short-term financial challenges, were more likely to be satisfied by their employer’s benefits offerings and had a rosier assessment of their employer’s efforts to improve their financial wellbeing. However, veterans still face similar issues in the workplace as nonveterans. Veterans and nonveterans alike were similarly worried about the effects of their employer implementing layoffs, reducing hours, or reducing wages. Also, they are just as likely as nonveterans to be concerned about their household’s financial well-being.” 

Veterans face similar stress outside of the workplace as nonveterans. While they were less stressed by paying bills or the amount of debt they had than nonveteran workers, they were more likely to report being stressed by financially supporting loved ones and paying for caregiving services for either an adult or a child.  

“While concern over workplace well-being has been trending downward in recent years, about half of American workers still report being either moderately or highly concerned about their household’s financial well-being,” said Greg Hershberger, Greenwald Research managing director, healthcare and benefits. “Veteran workers are slightly more optimistic about their household’s financial well-being but face challenges of their own. Encouragingly, veteran workers overwhelmingly reported feeling comfortable informing their employers of their status as a veteran, which helps when separating from the military, as some employers express a preference for hiring veteran applicants. Also, veteran workers were no more likely to report feeling stressed about saving enough for retirement, despite most veteran workers separating from the military before they are eligible for full military retirement benefits.”