The complexity of today’s financial environment combined with the realities of military life present special financial challenges for service members and their families. Frequent relocation, a steady paycheck, separation from family and friends, and the stresses of deployment can make military households an attractive target for scam artists.
In recognition of these challenges and the vulnerabilities military families face, the Defense Department provides a range of services, support and protections that help service members and their families achieve financial stability and avoid financial pitfalls.
As part of its ongoing Financial Readiness Campaign, the DOD conducts regular outreach to educate military audiences about financial readiness topics.
The DOD has teamed with the Federal Trade Commission and is collaborating with other organizations, including the Consumer Financial Protection Bureau and the Consumer Federation of America, to launch HYPERLINK “http://www.military.ncpw.gov/” Military Consumer, a campaign to equip the military community with tips and tools to be informed consumers and promote financial readiness.
Military Consumer, a year-round campaign, will kick off Wednesday with Military Consumer Protection Day.
Service members’ readiness depends on good personal financial management, including awareness of consumer protection information.
The financial condition of military members and their families also may render them vulnerable to financial scams. They also face not having enough money. According to “Quick Compass of Financial Issues” released in 2013 by the Defense Manpower Data Center, during the past 12 months, 43 percent of service members or their spouses/partners experienced a financial shortfall. This number increased to 51 percent for those in the ranks of E1-E4. Twenty-one percent of E1-E4s have no emergency savings fund, and another 9 percent have less than $100 in emergency savings. Thirty-three percent of service members describe their financial condition as difficult, and 20 percent describe their financial condition as being worse than it was 12 months ago.
To schedule an appointment with a financial counselor, call 623-856-6550 or visit the 56th Force Support Squadron Airman and Family Readiness Center.