Monday, April 20, 2015
What is it?
Financial Readiness enables Soldiers and their Families to attain financial stability and flexibility by avoiding the personal and professional stressors of poor money management. Financial Readiness protects Soldiers from predatory and unscrupulous lenders and poor financial decisions. When Soldiers feel confident financial affairs are secure, they can focus on their missions without worrying about things at home. In return, the Army improves Soldier, Family, and mission readiness.
What has the Army done?
The Army brings the military’s financial community together by partnering with federal, state and local resources, including the Soldier for Life Transition Assistance Program, and military banks and credit unions located on Army installations worldwide. Army Community Service (ACS) Financial Readiness Program (FRP) managers counsel and educate Soldiers and Families on financial self sufficiency and resiliency.
Financial readiness training is Soldier lifecycle based to ensure Soldiers receive financial readiness information at key points during their careers. ACS FRP managers have financial readiness-related tools to include mobile device applications. FRP managers provide debt liquidation assistance, consumer advocacy, credit scores, and emergency assistance through Army Emergency Relief.
The Army OneSource website provides interactive opportunities to learn sound financial practices using gaming scenarios. On-post military banks and credit unions provide financial planning services. Key partners such as the Consumer Federation of America, the National Military Family Association, the Consumer Financial Protection Bureau, Better Business Bureau, Association of Military Banks of America, Defense Credit Union Counsel, and the Thrift Savings Board support military Families with financial and consumer education and advocacy.
What continued efforts does the Army have planned for the future?
The Army’s financial readiness community focuses on the financial readiness of Soldiers and their Families to help them reduce debt and save for the future. Good financial habits help Soldiers’ careers through classes on budgeting, credit management, saving and investing, Thrift Savings Plan, insurance, and car buying. Consumer awareness makes Army Families fit for financial success.
Why is this important to the Army?
The financial readiness of Soldiers and their Families is a priority for the Army because it has a direct effect on mission readiness and Soldier and Family satisfaction with the Army’s mobile lifestyle. Unit financial readiness is essential to sustaining successful deployments. The Army provides tools and services, including personal financial counselors, on-demand, surge support, and telephonic counseling to help Soldiers and their Families reduce their debt and achieve financial stability over the Soldier lifecycle.
Resources:
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