PROACTIVE FINANCIAL FITNESS IS THE KEY
- One third of Australians used credit cards to pay for Christmas
- Ex-military personnel reaching out for help doubled during December
- Majority of veteran hardship cases are linked to injury or illness
Bravery Trust has reported twice as many military families sought urgent financial assistance during December compared to the 2024 monthly average.
Bravery Trust is a specialised provider of financial support for military personnel – providing both direct funding to keep families safe and in their homes, with longer term mentoring and education to empower veterans to their own financial independence.
Chief Executive Officer Garth Callender said the financial counselling team at Bravery Trust were seeing veterans and family members present with multiple financial issues, reinforcing new data released by the Salvation Army.
The Salvation Army’s Pureprofile survey shows more than half of Australians are starting 2025 in debt. One third of Australians used credit cards to pay for Christmas and 17% used Buy Now Pay Later schemes.
“Veterans are coming to see us with multiple financial stress points – multiple Buy Now Pay Later debts, credit card and wage advance debts and personal loans – multiple debts accumulating interest or penalties at a faster rate than they can repay.
“Our military personnel dedicate their careers to defending our nation, often away from home in challenging and highly technical roles. Their focus on national security means that for some, finances aren’t always a priority, which can lead to challenges when they return home or transition to civilian life.
“During 2024, the majority of Bravery Trust clients presented with at least two forms of debt – some as many as six. Majority of cases are also linked to mental or physical health – injury or illness.
“During December the demand for urgent assistance doubled, with two thirds requesting food, fuel or housing related support. “
The Pureprofile survey reports 3.2 million (15% of Australians) don’t understand how interest works and 30% are unable to create a budget for themselves.
Mr Callender said veterans are by nature proud people with an innate desire to serve others. Many veterans find it hard to talk about personal finances or to seek help when faced with financial challenges.
“We are working to get people talking about finance and placing a priority on their financial fitness, just like physical fitness. We all know how important it is to have regular medical checks – regular financial checks are also important for health and wellbeing.
“Bravery Trust provides expert, independent veteran-specific financial support, built on a deep understanding of the values, ethos and unique characteristics of service life.”
By working closely with corporate organisations like Omni Executive Pty Ltd, Bravery Trust is able to tailor support, recognising that without first addressing the financial crisis it is difficult for a person to focus anything else. Omni is a veteran led organisation, with a workforce comprising 40% veterans.
Omni’s Founder and Chief Executive Jon Hawkins said “we recognise the vital role the private sector plays in supporting ADF personnel as they transition from service.
“It’s essential to ensure that all members of the Australian Defence Force have financial security as they move into civilian life.”
With Omni’s support, Bravery Trust has released key financial fitness tips for 2025 to help service members and veterans stay financially secure.
1 – Reduce spending leaks
Take some time to look at your spending – when are bills are due? What are your regular costs?
Most bank apps can track and categorise spending, giving you better awareness of where your money is going. Consider needs and wants and decide what you can cut or reduce to set aside savings.
Buying coffees daily? Eating out? Streaming services can really add up.
One bought coffee a day adds up to more than $2000 a year. Make it twice a week and catch up with friends over coffee – you could save $1500.
Streaming services are a big one … we’ve seen people with 5 or 6 streaming services. How many can you watch at a time? Make sure you cancel the old subscriptions that aren’t being used.
2 – Check concessions and entitlements.
Get the most out of your money by knowing what financial support is available.
Check the full range of concessions you might be entitled to here
Most states have payments to assist with back-to-school costs! A timely reminder this week.
3- Pay large bills in smaller instalments
Contact your utility and other providers to ask about ‘bill smoothing’, which lets you pay bills in smaller amounts.
You may be able to pay fortnightly or monthly, to avoid the shock of a large bill.
This makes it easier to manage large bills, like car registration and insurance.
4 – Saver Plus for families
Double your savings!
If you get a Centrelink payment such as Family Tax Benefit you may be eligible for the Saver Plus Program.
The Brotherhood of St Lawerence will match savings set aside for eligible education items.
Check out the here
5 – Avoid Buy Now Pay Later
Buy Now Pay Later schemes have disproportionately high penalties for unpaid funds.
They may be easy to access – but there could be long-term pain for short-term convenience.
Can you set a savings goal and make the purchase later? If it’s a household essential Good Shepherd provides No Interest Loans for eligible singles who earn under $70,000 (couples under $100,000).
No Interest Loans (NILs) – Good Shepherd
6 -Know where to go for help
There are rules protecting people who are struggling to pay essential bills.
Your electricity or gas provider must give you fair notice before disconnecting you.
The first step is contact your provider and ask to speak with the financial hardship team.
If you need help, our qualified Bravery Trust financial counsellors can advocate on your behalf directly with gas or electricity providers.
Or you can contact your state-based Electricity or Water Ombudsman
Energy & Water Ombudsman NSW 1800 246 545
ACT Civil and Administrative Tribunal 02 6207 1740
Energy and Water Ombudsman VIC 1800 500 509
Energy and Water Ombudsman QLD 1800 662 837
Energy and Water Ombudsman SA 1800 665 565
Energy & Water Ombudsman WA 1800 754 004
Energy Ombudsman Tasmania 1800 001 170
Energy Ombudsman NT 1800 806 380
7 -Speak up if you have issues
Banks don’t always get it right.
The Australian Financial Complaints Authority (AFCA) can help with complaints about credit finance, loans, insurance, bank payments and superannuation.
If you’ve been scammed and can’t resolve it with your bank AFCA may be able to help.
8 – Life happens. We get it
Bravery Trust financial counsellors can provide additional information, support and advocate on behalf of veterans and their families when experiencing financial hardship.
Our service is free, independent and confidential and built on a deep understanding of the ethos and challenges of service life.
Without first addressing the financial crisis it can be impossible to focus on anything else.
Reach out to our team to consider all of your options:
Phone 1800 BRAVERY (1800 27 837)
Email ask@braverytrust.org.au
Apply here
