Supporting our veterans from service to civilian life
Defence members should start thinking about their future finances long before they transition.
01 Aug 2024
Whether transitioning out of the Australian Defence Force (ADF) by choice, or involuntarily due to injury or illness, the transition can bring financial challenges to the 6,000 who make the change each year. At Commonwealth Superannuation Corporation (CSC), we're committed to supporting our veterans throughout their service and beyond.
Our latest initiative, the Prosper Interview Series by Vets Hub, features inspiring stories of transitioning veterans and their families. The six-episode pilot explores the importance of financial literacy within the Defence community and emphasises how crucial it is for veterans to be prepared for their financial future from the very beginning of their service.
Vets Hub: supporting financial wellbeing for veterans
The Prosper Interview series, launched earlier in the year, is a key resource offered by Vets Hub, a community established by CSC as a front door to supporting financial wellbeing for Australian veterans, military families, and Government agencies.
When talking to Region Media, David Wilton, Our National Manager Defence and Veterans Liaison, emphasises, "Transitioning from the ADF affects the entire family. It's not like most civilian career changes. It can require families to move out of subsidised housing and face higher weekly living costs."
Key takeaways for a smooth transition
The experiences shared by veterans on the Prosper Interview Series offer valuable advice to anyone transitioning from the ADF.
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Build a civilian network
Colleen McLean, a former RAAF medic, advises veterans to "build and retain a civilian network who can help you get a jumpstart on a civilian career… In my ADF career I always joined a civilian gym near where I lived and made civilian friends. When I was told I’d be medically separating from the ADF, I was able to contact them."
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Start financial planning early
Aaron Cornwall, a Former Australian Army Combat Engineer who transitioned into a career in education, emphasises the importance of early financial planning. He recommends “Even in your first couple of ADF years, have a Plan A, B, C and D”.
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Understand your superannuation
Sam Lang, an education consultant with CSC whose partner is a former RAAF member, highlights the importance of superannuation. He states, "Whether it’s immediately after transitioning or 20 years into your new career, at some point you will need your super.”