Homelessness and Money Management in Military Veterans

Abstract

Research has identified many factors associated with homelessness in Veterans; however, relatively less attention has been given to how poor financial decision-making may contribute to homelessness in Veterans. This chapter first outlines money management challenges and issues faced by Veterans and emphasizes unique characteristics of military service and Veteran status that may play a role. Evidence of a link between mental health problems and money management in Veterans is then presented, along with a review of empirical literature on money management and Veteran homelessness. The chapter then discusses how to effectively improve money management and financial literacy in Veterans, highlighting US Department of Veterans Affairs (VA) and military programs aimed at improving financial literacy. In the end, it is argued that striving to improve money management in Veterans’ lives should be a core component in efforts to eliminate Veteran homelessness.