Financial challenges can arise from unanticipated emergencies or fiscal mismanagement.
Financial hardship (e.g., difficulty paying bills) is more commonly found in junior enlisted members, single parents, newly divorced/separated individuals, members with dependents having physical problems, newlyweds, and individuals who have recently PCSed.
Warning signs of financial problems include repeated use of advance pay, creditors calling for payments, repeated borrowing from friends, and being unable to buy essentials (e.g., food). Financial strain can cause personality changes in an individual and has been linked to depression which can impact duty performance and interpersonal relationships.
What Leaders Can Do to Help Members with Financial Pressure
- Provide information to help the Sailor evaluate their financial situation.
- Recognize signs of financial stress and refer to Fleet and Family Support Center (FFSC).
- Publicize the existence of financial resources (e.g., CO ’s call, bulletin boards).
- Provide routine counseling on local “debt traps” and the misuse of credit cards.
- Limit or decline payday loan type advertisements on-base.