USAA, a financial institution serving the U.S. military community, is providing $500 million over five years to help veterans and military spouses build strong careers, improve their financial security and support their mental health.
The funds will fuel USAA’s “Honor Through Action” campaign, which aims to ensure veterans and their families are supported and advocated for.
“For more than a century, USAA has advocated for those who serve,” said USAA CEO Juan Andrade. “Honor Through Action reflects our shared responsibility to step up and help the military community thrive in every aspect of life – personally, professionally and financially. Supporting those who serve isn’t just what we do – it’s who we are. It’s how we care for our own people.”
Fewer than one in five transitioning service members feel fully prepared to secure civilian employment, USAA said, citing data from the Department of War’s Transition Assistance Program. Moreover, the average term is less than one year. According to Blue Star Families, the unemployment rate for military spouses remains four times higher than the civilian rate. USAA is trying to change that.
According to USAA, fewer than one in five transitioning military personnel feel fully prepared to secure civilian employment. (Getty Images)
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Founded by a group of military officers in 1922, USAA currently serves 14 million members of the U.S. military, veterans who served honorably, and their families.
This five-year commitment will help partners from the public, private and nonprofit sectors in its mission to strengthen the veteran community, according to USAA.
These are the three focus areas of the campaign:
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Careers
USAA said it will assist the community with career navigation, employer engagement and skills development, as well as provide community support. USAA’s plan includes partnering with companies to promote military-friendly hiring and retention, advocating for greater access and flexibility to overcome a key barrier to employment, as well as funding programs that guide career choices, networking and professional growth. USAA will also invest in training, education and systems changes to ensure military talent is fully utilized.
The U.S. Department of Veterans Affairs building is seen in Washington, DC on July 22, 2019. (Photo by Alastair Pike/AFP via Getty Images)
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Financial security
To help these families financially, USAA provides disaster assistance, food assistance and tax credits to help families cope with financial crises. It also aims to equip families with the tools and training to build long-term financial resilience through the USAA Educational Foundation. USAA contributes more than $80 million annually to programs that strengthen financial security within the military community.
Korean War veteran Nick Spanovich walks with the flags at the Field of Valor in Orange, California. (Paul Bersebach/MediaNews Group/Orange County Register via Getty Images)
Well-being
USAA’s “Honor Through Action” initiative builds on the Face the Fight program to prevent suicide among veterans and expand support for physical health, resources for caregivers, community connections and efforts to prevent homelessness among veterans. The company wants to change the narrative around mental health by encouraging veterans and military families to seek help as a sign of strength – whether it’s for emotional well-being, finances or career.
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USAA also invests in peer-to-peer support, including programs in which veterans help fellow veterans and spouses support each other, and partnering with health care and community organizations to strengthen cultural understanding and willingness to serve the military community.
