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One in 10 ex-forces personnel say finance eligibility 'hit by military service'

Published 06/07/2016

Some nine per cent of veterans surveyed said their biggest concern when leaving the forces was securing a mortgage
Some nine per cent of veterans surveyed said their biggest concern when leaving the forces was securing a mortgage

More than one in 10 ex-military services personnel believe serving in the Armed Forces has made it harder for them to access certain financial services, such as getting or switching a mortgage and applying for credit, according to a study.

A survey of more than 500 ex-service personnel who are currently employed on "civvy street" found 11% believed their eligibility for some financial services had been negatively affected.

The research was carried out by Barclays' Armed Forces Transition Employment and Resettlement (AFTER) programme, which was set up in 2010 to help ex- as well as current service personnel, with initiatives including money management sessions, job opportunities and CV and interview coaching.

Some 9% of veterans surveyed said their biggest concern when leaving the forces was securing a mortgage.

One in five (20%) veterans surveyed said they had found it difficult to access banking and financial services whilst in the military, with more than half (55%) worrying about money during their time in service.

Barclays said it was launching a section on its website that will host all of its products and services specifically tailored to Armed Forces personnel in one place.

The online portal includes mortgages and loans as well as access to mobile payments service Pingit, which can allow free international payments from smartphones.

Ashok Vaswani, CEO of Barclays UK, said: "Given the vital role of the Armed Forces in the service of our country, it should be an absolute priority for financial service providers to make sure military personnel are not penalised when applying for a mortgage or a bank account."

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