BBC special: Our Offer – your money, your future
Radio 4's Money Box has spoken with Service personnel, a panel of experts, and the
Minister for Veterans and People about how the Armed Forces offer more than just
your pay packet.
The Armed Forces Offer gives you a range of benefits. These can help your money go
further now and in the future. This includes help with housing, discounts and support to save.
In the special episode aired on 29 July, Money Box explored what this means for our people
and the challenges they can face. It also looked at what Defence is doing to keep improving
the offer.
Real stories, real support
Presenter Felicity Hannah spoke with Service personnel at Weeton Barracks in Preston to
learn how they manage their finances. She was also joined in the studio by an expert panel,
to discuss what’s on offer, from joining to leaving the military.
The panel included Ann Griffiths, Head of Policy and Research at the Royal British Legion,
Kate Gannon, Vice President of the Personal Finance Society, and Sergeant Cameron
Eden, a serving member of the Army and creator of ‘The Savvy Squaddie’ – a YouTube
channel that offers guidance and insights to help Service personnel and veterans with their
personal finances.
Felicity spoke with personnel who have received the retention bonus and used the Forces
Help to Buy Scheme, and to a member of the Staff and Personnel Support Branch, who
helps Service people with their finances.
Other topics discussed include housing, pensions, early departure payments and free
independent financial guidance.
The bigger picture
Minister for Veterans and People, Calvin Bailey MBE MP, was interviewed by Felicity too.
He talked about what hasn’t worked well in the past and explained what Defence is doing to
fix it – with three above-inflation pay rises, including a 6% rise in 2024 and a 4.5% rise in
2025, adding up to a 14.1% increase since July 2024.
On retention, the Minister spoke from personal experience about how easy it can be to
overlook the benefits of Service life until you leave:
“As someone that was serving myself, sometimes it's only when you leave that the
benefits that the service give you become apparent… I was at Pirbright a couple of
weeks ago and I said to the young people that I met there, be aware early of how
much your pension is worth and how much in real terms you are saving in your pay…
When they're paying £130 a month there or thereabouts for food and £120 a month
on accommodation, that is a pretty good offer too, in comparison to what their friends
on the outside are paying."
“And so, part of our challenge, the big part of the challenge, is making sure that we're
explaining to service people all the unseen benefits that they're getting… I can speak
very personally about this, that you become aware of them when you leave and you
say, ‘like, they were doing that for me and I never recognised it!’”
Tune in
You can listen to the Armed Forces Finances Money Box episode now on BBC Sounds.
What’s in it for you
The Armed Forces offer is here to support you and your family.
Visit Discover My Benefits to find out more.