Hearing the statistics about how many people struggle with personal finances resonated with Tyler Jones, an architectural engineering major at The University of Texas at Arlington. Studies show nearly 60% of Americans lack savings to cover a $1,000 emergency expense. Additionally, two-thirds of Americans live paycheck to paycheck.
Jones was among several military-connected students who received valuable financial advice during a "Better Money Habits" session hosted by UT Arlington's Military and Veteran Services (MVS) office in partnership with Bank of America. Bank of America has been a strong supporter of UTA's military-connected students, contributing $40,000 to support MVS initiatives.
"Coming today helped me understand how many people are unprepared when it comes to finances," said Jones, who served nearly 10 years in the Army. "By the end of this course, I became very knowledgeable in areas where I had questions. Now I have some inspiration. I know I don't want to be part of those statistics. And now I know where to start."
According to the Consumer Financial Protection Bureau, veterans often become delinquent on debt payments—particularly for auto loans, credit cards, and personal or retail installment loans—in the first year after leaving the military. A 2024 study noted that service members' basic needs, including meal plans, housing allowances and healthcare, are generally met during military service but may become more difficult to access during the transition to civilian life.
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Understanding how to properly budget finances and set financial goals was a central topic of the session hosted by Bank of America executive and UTA alumnus Paul Baccus ('98 BBA).
Baccus, who has spent more than 15 years as a financial coach, covered the basics of financial literacy, ranging from the steps involved in buying a car or home to tips for saving on expenses such as groceries and utility bills.
"Returning to my alma mater to equip fellow Mavericks, especially our veterans, with the tools to navigate civilian finances is deeply personal to me," Baccus said. "Transitioning out of the military comes with a steep learning curve, but with the right financial foundation, students can turn potential pitfalls into lifelong independence. At Bank of America, we are committed to building brighter financial futures for the people and communities we serve."
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UTA is home to more than 5,500 military-connected students, including more than 3,000 veterans, and remains a leader in serving the military community. The partnership with Bank of America further strengthens UTA's commitment to preparing military-connected students for their next mission in life.
"We're grateful to partner with Bank of America and teach our students financial literacy," said Lance Sanders, coordinator at UTA's MVS office. "It's important for our students to start early and learn the foundational skills of building a budget so that when they enter the workforce, they have a foundation to stand on."
The next session is scheduled for Wednesday, Oct. 28.
About The University of Texas at Arlington (UTA)
The University of Texas at Arlington is a growing public research university in the heart of Dallas-Fort Worth. With a student body of over 42,700, UTA is the second-largest institution in the University of Texas System, offering more than 190 undergraduate and graduate degree programs. Recognized as a Carnegie R-1 university, UTA stands among the nation's top 5% of institutions for research activity. UTA and its 300,000 alumni generate an annual economic impact of $28.8 billion for the state. The University has received the Innovation and Economic Prosperity designation from the Association of Public and Land Grant Universities and has earned recognition for its focus on student access and success, considered key drivers to economic growth and social progress for North Texas and beyond.
