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In conjunction with National Military Appreciation Month, the CFPB announced that its financial education tool for servicemembers – Misadventures in Money Management – is expanding to all those on active duty, including in the Reserve or National Guard.

Providing the best financial services and products to military members is a priority for credit unions. NAFCU has a number of defense-related resources available online to help credit unions better serve their members who serve in the armed forces.

According to a release from the bureau, the tool launched three years ago and was initially developed for future servicemembers who had signed an enlistment contract in the armed forces but had not yet left for basic military training. A second iteration supported high school and college students enrolled in the Army Reserve Officers' Training Corps program.

The online tool features information on:

• consumer financial decision-making;
• choosing a financial institution;
• understanding protections under the Servicemembers Civil Relief Act; and
• understanding how debt can affect a military career.

Credit unions, as community-based financial institutions, have close relationships with their members and are uniquely situated to meet their members' financial needs. Most offer financial literacy programs and tools to help with budgeting, personal financial management, savings, credit monitoring and more. A recent NAFCU Economic & CU Monitor report highlights their financial education offerings.