The government’s recent Military Covenant, which ensures that no member of the armed forces faces a disadvantage as they apply for new commercial services after leaving the military, could not have come sooner. Those in the Army, Navy and the RAF make an incredible contribution to society but unfortunately leaving regimented and organised institutions such as the armed forces and entering civilian life can be a daunting prospect. There are significant challenges to re-entering civilian life which must be acknowledged so that those who are adapting can access support and advice designed specifically to address their needs.

Life stages which some of us might take for granted such as securing a mortgage, buying a house and applying for a credit card can be much more difficult for military personnel as the constant accommodation changes and deployment around the world impacts their credit history and severely decrease their chances of getting a mortgage approval. A typical credit check wouldn’t consider their time in the military but why should no credit history equal bad history? A recent report by the Ministry of Defence found that more than a quarter of those in the armed forces had been refused a mortgage, loan or credit card directly as a consequence of their career choice.

Having left the security of a job where your accommodation, meals and bills are all paid but with no opportunity to build up a credit record, the realities of budgeting and personal finance can become a challenge to many and basic money management skills are essential. Stella Creasy MP has recently warned that payday lenders have recently started to target those who have left the forces whilst figures from the Royal British Legion’s Money and Benefit Advice Service show that concerns over unsecured personal loans were the number one reason for soldiers contacting them last year. As a result, the outlook can often be bleak for those leaving the military and a report by the Sir Oswald Stoll Foundation found that one in 10 homeless sleepers in the UK is an ex-serviceman.

Whilst most of us might not be able to directly relate to the experience of being in conflicts such as Iraq and Afghanistan, we do have expertise in money matters that can make a valuable contribution to a soldier’s adjustment into civilian life. Barclays Money Skills is a programme delivered to wounded, injured and sick service personnel which focusses on the importance of financial planning and practical money management skills. So far over 500 former military personnel have received advice on budgeting, loans, investment and taxes as well as financial basics such as council tax, the cost of a TV licence and understanding financial statements. The classes form part of the AFTER programme, which aims to equip people for a life outside the military.

Obviously not everyone leaves the military without any financial understanding, but where there is a gap in knowledge it is important to consider the role of financial education. Those in the armed forces do a fantastic job and spend their entire careers serving us, but now we all have to ensure that their transition from military to civilian life is made easier by the right financial support, education and advice. Charities such as Help For Heroes, The British Legion and Shelter can all help and provide further advice for those taking the next steps after their military careers.

Stuart Tootal is chief security officer and head of the Barclays AFTER Programme