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DoD launches financial literacy website
The Department of Defense's (DoD) Office of Financial Readiness launched a new website dedicated to financial literacy, following a NAFCU-attended session earlier this year hosted by the Treasury Department with members of the Financial Education Literacy Commission.
The DoD also announced its upcoming digital campaign in support of Financial Planning Month, which takes place in October.
The website is designed for users to explore a number of topics related to financial literacy and across the military lifecycle, including:
- benefits and entitlements;
- money management;
- saving and investing;
- planning for the future;
- understanding consumer protections;
- housing;
- and news and events.
Credit unions are encouraged to access the website, which also has a section specifically for service providers and leaders.
In addition, the DoD's Under Secretary of Defense for Personnel and Readiness' issued a Directive-type Memorandum on mandatory financial readiness training to the military services. It outlines common military training requirements for servicemembers to ensure they have "the common knowledge, skills, and behavior standards to enable them to manage their financial affairs in a manner that enhances mission readiness."
NAFCU is active on defense-related issues, as credit unions play an important role in providing military members and their families with safe, affordable financial products and services. Last month, NAFCU President and CEO Dan Berger delivered a Washington and Industry Update to defense credit unions during the Defense Credit Union Council's (DCUC) 56th Annual Conference. The association and DCUC are currently engaged as the House and Senate work to finalize the 2020 National Defense Authorization Act to ensure an opposed provision that would disadvantage credit unions is not included in the final bill.