WalletHub released its report on 2022’s Best & Worst Places for Veterans to Live
With Veterans Day upon us and the veteran unemployment rate falling to 2.7%, WalletHub has released its report on 2022’s Best & Worst Places for Veterans to Live.
California has just one city in the top 10 best cities for Veterans to Live and two cities among the worst cities for Veterans to live.
The report compares the 100 largest U.S. cities across 20 key metrics, ranging from the share of military skill-related jobs to housing affordability and the availability of VA health facilities.
WalletHub also released the results of its 2022 Military Money Survey, which revealed that 70% of Americans agree that military families experience more financial stress than the average family. To help with that, WalletHub’s editors selected 2022’s Best Military Credit Cards, which provide hundreds of dollars in annual savings potential. Below are highlights from the reports, along with a WalletHub Q&A.
Best Cities for Veterans
1. Raleigh, NC
2. Austin, TX
3. Laredo, TX
4. Madison, WI
5. Tampa, FL
6. Orlando, FL
7. Boise, ID
8. Lincoln, NE
9. Irvine, CA
10. Colorado Springs, CO
Worst Cities for Veterans
91. Indianapolis, IN
92. Fresno, CA
93. Chicago, IL
94. Stockton, CA
95. Toledo, OH
96. Baton Rouge, LA
97. Baltimore, MD
98. Memphis, TN
99. Newark, NJ
100. Detroit, MI
Military Money Survey & Best Military Credit Card
- 71% of military members think the U.S. does not take care of its veterans financially.
- 37% of Americans blame the war in Ukraine for inflation.
- 56% of military members think that poor financial literacy among military personnel is a threat to national security.
- 70% of Americans agree that military families experience more financial stress than the average family.
- Around 2 in 3 military members don’t think they should have to pay bills while deployed.
- 63% of people think firefighters, police, EMS, and other first responders should get the same credit card perks as military personnel.
PenFed Power Cash Rewards is the best military credit card of 2022. It gives 2% cash back on all purchases to current and former members of the military (1.5% otherwise) and has a $100 initial bonus. There is no annual fee.
Q&A with WalletHub Analyst Jill Gonzalez
What makes a city good or bad for veterans?
“How good or bad a city is for veterans depends on various factors, from the quality of the city’s VA facilities and its retirement-friendliness to the rates of poverty, unemployment and homelessness. All cities should make taking care of veterans’ needs a priority, considering how much veterans have sacrificed to serve the country and keep it safe. However, 71% of military members think the U.S. does not take care of its veterans financially,” said Jill Gonzalez, WalletHub analyst. “Some cities set aside an adequate amount of money for veterans affairs while others do not, either because they do not have enough of a budget or veterans aren’t prioritized. While cities do have a responsibility to their veterans, the federal government does as well. We spend a massive amount of money on national defense and military operations, yet a comparatively small amount on helping veterans once their service is done. It is unacceptable that there are tens of thousands of homeless veterans; that number should be reduced to zero.”
What can we do to reduce the financial stress on military families?
“The best way to reduce the financial stress on military families is by making sure that servicemembers in war zones do not have to simultaneously worry about their family’s basic living expenses. In addition, we should also provide more effective financial education for members of the military community,” said Jill Gonzalez, WalletHub analyst. “Military families can undergo a tremendous amount of financial stress, especially when one parent is deployed and is not able to help manage the family’s finances. In fact, around 70% of Americans believe that military families experience more financial stress than the average family. Service members who are in combat situations also put their lives at risk every day, which could lead to even more of a financial burden on their family if they die or end up with a disability. The least we can do for our military families is to take care of their basic needs.”
Does the military do enough to teach financial literacy?
“The military unfortunately does not do enough to teach financial literacy to service members and their families. Not only do 71% of Americans agree that the military is lacking when it comes to financial literacy education, according to WalletHub’s 2022 Military Money Survey, but 56% of military members think it’s a national security issue. People serving in the military who are financially literate can worry less about money problems and focus more on their service, and they are also less susceptible to coercion by foreign powers,” said Jill Gonzalez, WalletHub analyst. “It’s worth noting that the military is not alone in its financial literacy deficiency. Most employers and big organizations in the U.S. fail to provide enough information as well. Even schools are lacking in financial education, and that’s where Americans should be first introduced to these important concepts.”
How should credit card perks for first responders like firefighters, police and EMS compare to those given to military members?
“Around 63% of people think that first responders like firefighters, police and EMS should get the same credit card perks as military personnel. That would include low caps on interest rates as well as advantages such as waived fees, cash back incentives and no late penalties, in many cases,” said Jill Gonzalez, WalletHub analyst. “Since first responders dedicate their lives to serving the public and risk their own lives in the process, it makes sense to give them at least some of the same financial benefits that our military members receive.”
To view the full survey, please visit the embedded link.
- Veteran at home: Shutterstock