USAA commits $500 million over five years to support veterans and military spouses
Veterans and CEOs of Red Balloon and Military Hire spoke exclusively to Fox News Digital about how they are helping military members transition into the civilian workforce.
USAA, a financial institution dedicated to serving the U.S. military community, is committing $500 million over five years to help veterans and military spouses build strong careers, improve financial security and support mental health.
This funding will power USAA’s “Honor Through Action” campaign, which aims to ensure veterans and their families are supported and advocated.
“For more than a century, USAA has championed the people we serve,” said USAA CEO Juan Andrade. “Honor through Action reflects our shared responsibility to act in all aspects of life – personally, professionally and financially – to help the military community thrive. Supporting those we serve isn’t just what we do; it’s who we are. It’s how we take care of ourselves.”
USAA, citing data from the Department of the Army’s Transition Assistance Program, said fewer than one in five transitioning service members feel adequately prepared to secure civilian employment. Additionally, the average tenure is less than one year. According to Blue Star Families, the unemployment rate for military spouses remains four times that of civilians. USAA is trying to change that.
According to USAA, fewer than one in five transitioning service members feel adequately prepared to secure civilian employment. (Getty Images)
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USAA was founded in 1922 by a group of military officers and today serves 14 million U.S. military members, honorable-serving veterans, and their families.
The five-year initiative will leverage partners across the public, private and nonprofit sectors to support its mission to empower the veteran community, USAA said.
The campaign has three focus areas:
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career
In addition to providing community support, USAA said it will assist communities with career navigation, employer engagement, and skills development. USAA’s plan also includes funding programs to partner with companies to promote military-friendly recruitment and retention, advocate for better access and flexibility to overcome key barriers to employment, and guide career choices, networking, and professional growth. USAA will also invest in training, education, and system changes to ensure the military’s talent is fully utilized.
July 22, 2019 at the U.S. Department of Veterans Affairs building in Washington, DC. (Photo by Alastair Pike/AFP via Getty Images)
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economic security
To help these families financially, USAA provides disaster relief, food assistance, and tax credits to help families cope with the financial crisis. We also aim to provide families with the tools and training to build long-term financial resilience through the USAA Education Foundation. USAA contributes more than $80 million annually to programs that strengthen financial security within the military community.
Korean War veteran Nick Spanovich raises the flag at Field of Valor in Orange, California. (Paul Bersebach/MediaNews Group/Orange County Register via Getty Images)
happiness
USAA’s Honor Through Action initiative builds on its Face the Fight program to prevent veteran suicide and expand support for physical health, caregiver resources, community connections, and veteran homelessness prevention efforts. The company aims to change the narrative around mental health by encouraging veterans and military families to see seeking help for their mental health, finances, career, and more as a sign of strength.
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USAA is also investing in peer-to-peer support, including programs where veterans help fellow veterans and spouses support each other, and programs that partner with health care providers and community organizations to strengthen cultural understanding and readiness to serve the military community.
