This article was provided by the National Foundation for Credit Counseling.
The National Foundation for Credit Counseling® (NFCC) is proud to recognize Veterans Day, the anniversary of the end of World War I, and honor United States veterans and victims of all wars. The NFCC also takes this opportunity to salute military families during Military Family Appreciation Month, applauding those who stand behind the service member by providing support and making sacrifices of their own.
“Throughout its 63-year history, the NFCC and its member agencies have remained committed to providing financial counseling and education to military service members and veterans,” said Susan C. Keating, NFCC President and CEO. “That resolve has grown even stronger through the years, with NFCC agencies today providing a host of specialized programs specific to military service members.”
A recent NFCC survey of financial literacy among the U.S. military revealed some troubling financial behaviors, underscoring the need for increased financial education to this group. For instance, service members are almost twice as likely to carry some credit card debt over from month-to-month (58 percent) than the general population (34 percent). Further, when compared to the general population, twice as many service members (6 percent versus 3 percent) have paid less than the minimum required payment in the last 12 months. Financial habits such as these are costly, can negatively impact a person’s credit report and score, and can cripple a monthly budget.
The NFCC has many military-specific national military partnerships to assist service members with their financial concerns:
- Coast Guard Mutual Assistance: Since 2003, NFCC members have offered tailored financial counseling for Coast Guard members and their families. Recently the partnership expanded to include financial education workshops.
- Military OneSource: Since 2008, NFCC members have offered face-to-face financial counseling to service members and their families across the country under the Military OneSource program.
- Hands on Banking® for Military: NFCC’s financial education initiative, Sharpen Your Financial Focus™, includes a program exclusively for service members. Hands on Banking for Military is a free financial education program created to address the financial literacy challenges facing military members, veterans, and their families. The program, designed to address military service members’ unique needs at every stage of their career, is available in English and Spanish. Details about the Hands on Banking for Military program can be found at SharpenToday.org and accessing the Military tab.
- Department of Defense (DoD) Roundtable: The NFCC participates in the DoD Financial Readiness Roundtable, a group of government agencies and nonprofit collaborators with a mission of promoting financial readiness to our service members and their families.
In addition to one-on-one financial counseling which is available in-person, by phone or online, NFCC member agencies also work with all branches of the military and veterans to conduct military-centric outreach events, presentations, and provide training to groups. Although many bases and veterans community groups work with NFCC member agencies during Military Family Appreciation Month, NFCC members are engaged and committed to this important audience year-round.
To access any of the above services, please visit NFCC.org. To start finding answers to your financial concerns, give us a call at 866.889.9347.