Asset Building for Veterans: We Should do More
I was just a child during the Vietnam War. It didn’t really register for me. When I moved to San Francisco as a young adult and did advocacy work with homeless people, I was upset to learn that a third of the folks on the city’s street were military veterans and most had served in Vietnam. They were soldiers who returned from the trauma of war, to a country ambivalent (at best) about their service and shamefully unprepared to help them make their way back to a stable civilian life.
Fast-forward thirty years. America is again engaged in a protracted, potentially futile, certainly unpopular war. But now I’m a grown up; this war is happening on my generation’s watch. The people fighting are our peers, and some are even our children. Regardless of what we think about the current war, it is imperative that we not neglect our soldiers, as this country did after Vietnam. We must remember that for the soldiers, the struggle isn’t over when the war ends.
Already more than one third of Iraq and Afghanistan war veterans are suffering from post traumatic stress disorder (PTSD) or traumatic brain injury (or both), and these numbers are certain to grow. Forty percent of our soldiers are Reservists and National Guard members.
They tend to be older and have left behind families, financial responsibilities and jobs. After serving multiple tours, they are too often returning to find their jobs gone and their families in economic distress.
Unemployment among young veterans (ages 20-24) is currently 15%, three times the national average for this age group. And preliminary research shows extremely high rates of sexual trauma for women in the service (20%-40%), making them particularly vulnerable to PTSD.
Some of our policymakers are waking up to this reality, recognizing that many veterans and their families will need substantial services and opportunities to successfully transition back to civilian life. In its November e-newsletter, APIC highlights recent legislation including the proposed Twenty-First Century GI Bill of Rights Act (SB1409), which would expand education benefits, business development assistance and favorable homeownership financing for veterans of the Iraq and Afghanistan wars.
These are critical initiatives. But those of us devoted to helping low-income people build wealth and achieve lasting economic advancement also need to take a fresh look at this issue: How can we tailor asset-building strategies to ensure they reach and are of value to veterans and their families? It is a challenge well-worth grappling with and I look forward to your thoughts.
Amanda Feinstein is the Program Officer for Economic Security at the Walter and Elise Haas Fund in San Francisco.

