Military veterans are doing well in the private sector – markedly better than their non-vet counterparts. Between 2005 and 2015, veterans’ average hourly wages were nearly $5 higher — at almost $26 an hour — compared to $21 an hour for non-veterans, according to a new study from the University of Akron by faculty economists Dr. Francesco Renna and Dr. Amanda Weinstein.
“Many people are surprised when I show them that veterans tend to have higher wages than non-veterans,” said faculty economist Dr. Amanda Weinstein, assistant professor of economics and a U.S. Air Force veteran.
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The reasons? Veterans often have higher education (often due to the GI bill) as well as cognitive skills and “people skills” – one could even call them “soft skills.”
One of the overlooked reasons for their success is not their ability to drive a tank, but location choice. Veterans will choose to move and live in better economic areas.
“Veterans are a mobile population and choosing a productive city to live in and work can help improve their economic outcomes,” said Weinstein.