Army Financial Readiness

What is it?

The Army’s Financial Readiness program is a military life-cycle-based financial education and counseling program to bolster a Soldiers’ financial fitness throughout their career. The National Defense Authorization Act (NDAA) for Fiscal Year 2016 implemented a change in the military retirement plan instituting the Blended Retirement System (BRS) and required financial literacy training at personal and professional milestones in common military training (CMT) requirements across the military lifecycle.

What are the current and past efforts of the Army?

Engaged leadership and focused financial literacy training and education provides Soldiers and families the tools to secure a solid financial future. Financial Readiness Program efforts include:

• EXORD 140-21, The Army Financial Literacy Training Program: provides implementing guidance, assigns responsibilities, and provides requirements for the organization, management, and implementation in accordance with CMT requirements.
• Standardized curriculum, products, and course completion certificates to be utilized across the Total Force through distributed learning, face-to-face instruction, and /or group training. Additionally, standardized instruction will occur at specified institutional training and professional military education (PME) courses; course graduation will provide verification of completed training.
• Distributed learning courses are displayed at Army Family Web portal on individual login.
• Face-to-Face and group training being held at Family Support Centers.
• Incorporated into institutional training such as Basic Combat Training (BCT), Basic Officer Leader Course (BOLC), and (PME).
• Personal Financial Managers (PFM) and Personal Financial Counselors (PFC) deliver free, confidential in-person financial literacy training at installations.
• Self-service financial literacy education and help available at Financial Frontline.

What continued efforts does the Army have planned?

The Army remains committed to raising financial literacy rates through education, training, and counseling by:

• Providing financial education at all enlisted professional military education.
• Changing the look and feel of content to make it an effective tool towards readiness, wellbeing, and family support.
• Delivering financial education to ensure 100% compliance with the law while providing flexibility with a set of standardized products across the Total Force.

Why is this important to the Army?

Soldiers who are financially fit are better able to fulfill the duties of the mission and report greater family satisfaction. Increased financial management issues affects Army and Family readiness. Financial literacy training provides the pathway for sustaining financial well-being and resiliency with benchmarks of meeting all financial responsibilities, building wealth and obtaining a sound financial future, and a secure retirement.

Resources:

• Financial Frontline
• Army Family Web portal
• MilSpouse Money Mission
• Military OneSource

Related STAND-TO!:

• Army Financial Readiness: Free Credit Monitoring
• Army Financial Readiness

Related video:

• Episode 3 SMA Talks: Financial Literacy * Other episodes of SMA Talks videos are available at SMA’s page

Related documents:

• National Defense Authorization Act for Fiscal Year 2016, Public Law 114-92, Section 661
• Title 10, U.S.C., “Armed Forces”
• DoD Directive 5124.02, “Under Secretary of Defense for Personnel and Readiness (USD (P&R)),” June 23, 2008
• DoD Instruction 1322.31, “Common Military Training (CMT),” February 20, 2020
• DoD Instruction 1344.07, “Personal Commercial Solicitation on DoD Installations,” March 30, 2006
• DoD Directive-type Memorandum 19-009, “Financial Readiness Common Military Training Requirements,” August 13, 2019