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Veteran Income/Finances
Income can be an important determinant of health and satisfaction with life for Canadian Veterans. As part of its Life After Service Studies program of research, Veterans Affairs Canada and its partners conducted an income study to examine pre- and post-release income for a large population of Veterans. While most Regular Force Veterans (70%) were satisfied with their finances, some (16%) experienced low income during at least one year post-release.
- Veteran income recovers over time
Many Veterans experience a decline in income for several years after leaving the military. On average, by the 8th year, post-release income reaches pre-release income. (Figure 1) - Low "low income" rates
Veterans experience “low income” at almost half the rate of the general Canadian population (8% vs 15%). Use of Social Assistance is also low (1-2% in any given year). - Females and medically released face biggest declines
In general, younger Veterans experienced the highest rates of low income. Medically released members and females experienced the largest reductions in their income.
Average Income...
| t-1 | t0 | t1 | t2 | t3 | t4 | t5 | t6 | t7 | t8 | t9 | t10 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total | $70,900 | $88,100 | $65,000 | $66,100 | $67,700 | $68,400 | $68,900 | $69,500 | $70,000 | $70,900 | $72,100 | $72,500 |
| Investment Income | $240 | $290 | $430 | $480 | $550 | $550 | $660 | $760 | $860 | $960 | $1,200 | $1,300 |
| Other Income | $340 | $20,500 | $2,500 | $750 | $730 | $670 | $700 | $760 | $620 | $690 | $730 | $890 |
| Government Transfers | $970 | $1,700 | $2,200 | $2,000 | $2,200 | $2,200 | $2,400 | $2,500 | $2,500 | $2,500 | $2,500 | $2,600 |
| Pensions | $1,000 | $10,800 | $21,000 | $20,500 | $20,200 | $20,000 | $19,800 | $19,300 | $18,600 | $17,800 | $17,100 | $16,300 |
| Earnings | $68,300 | $54,800 | $38,900 | $42,300 | $44,000 | $44,900 | $45,400 | $46,300 | $47,400 | $49,000 | $500,700 | $51,400 |
Info Brief References (Veteran Income/Finances):
MacLean MB, Campbell L, Van Til L, Poirier A, Sweet J, McKinnon K, Sudom K, Dursun S, Her-ron M, Pedlar D. Pre- and Post-Release Income: Life After Service Studies. Charlottetown (PE): Veterans Affairs Canada, Research Directorate Technical Report; July 9, 2014.
Thompson JM, Van Til L, Poirier A, Sweet J, McKinnon K, Sudom K, Dursun S, Pedlar D. Health and Well-Being of Canadian Armed Forces Veterans: Findings from the 2013 Life After Service Survey. Charlottetown PE: Research Directorate, Veterans Affairs Canada.03 July 2014.
For full reports, contact: VAC.research-recherche.ACC@vac-acc.gc.ca