Military families' financial well-being is a critical aspect of overall readiness and stability. To shed light on the unique financial challenges and opportunities within the military community, USAA Bank announced the first iteration of the Military Financial Wellbeing Index to provide data-driven insights into the financial landscape of service members relative to their civilian counterparts and to document the challenges they face.

The first Military Financial Wellbeing Index evaluated the financial health of active-duty service members and, to an extent, military families. By examining factors such as savings and checking balances, debt management and use trends, and spending behaviors, the index demonstrates where service members stand financially, highlights areas for growth and provides insights into money trends during the 2019-2023 timeframe.

The 2024 index reveals a mix of encouraging tendencies and ongoing challenges. While many military families appear to be doing relatively better than their civilian peers, they still face significant hurdles, such as rising housing costs and the lingering effects of inflation. These findings underscore the importance of military members making the most of their unique financial opportunities.

The following are some of the takeaways from the inaugural Military Financial Wellbeing Index:

Over the past 15 years of writing articles such as this -- wow, it's hard to believe it's been that long -- I've often shared my view that military life, from a financial perspective, is not so much a handicap or hardship as it is a stepping stone and facilitator to financial security and independence. The results of the Military Financial Wellbeing Index bear that out.

Here are six advantages you should consider leveraging on your own personal journey to financial freedom:

The USAA Military Financial Wellbeing Index serves as both a wake-up call and a road map. While progress has been made, there is still work to do to ensure that all military families achieve financial stability and peace of mind.

By taking advantage of unique military-specific benefits and wisely using the current and upcoming pay raises, service members and their families can turn challenges into opportunities. Whether you're just starting your military journey or navigating life as a veteran, the key is to take proactive steps today for a more secure tomorrow.

As we move into 2025, make it a priority to assess your financial health and leverage the tools and resources available to the military community. The road to financial resilience is paved with small, consistent actions -- and the journey is well worth it.

Whether you're trying to balance your budget, build up your credit, select a good life insurance program or are gearing up for a home purchase, Military.com has you covered. Subscribe to Military.com and get the latest military benefit updates and tips delivered straight to your inbox.