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DOD helps to launch Military Financial Education Program.

A general lack of financial knowledge makes service members an ideal target for predatory money lenders, so DOD is helping to do something about it.

"Equipping service members with the tools and resources they need to make sound financial decisions is integral to both military readiness and the strength and stability of our service members and their families," David S.C. Chu, undersecretary of defense for personnel and readiness, said at a news conference held at the U.S. Capitol building.

To meet these ends, the DOD has partnered with the National Association of Securities Dealers (NASD) Investor Education Foundation to launch the Military Financial Education Program. The NASD Foundation, started in 2003, is part of DOD's financial readiness campaign. NASD is the largest private-sector provider of financial regulatory services.

The education program will teach basic investment necessities such as how to buy a car, saving for retirement and the tradeoffs between risk and return on investment, Glauber said.

The multifaceted program includes:

* An online resource center that will serve as a centralized, trusted source for unbiased information on saving and investing, including original content, interactive tools, links to financial education resources.

* On-the-ground training to support the military's current Personal Financial Management Program by establishing a coordinated and uniform financial education program, including the training and continued certification of personal financial managers and other volunteers.

* Educational tool kits for trainers and investors offering multiple levels of personal financial information.

* On-base activities and events to motivate families to take responsibility for their financial well-being.

* A long-term public outreach campaign, including print, radio and television public service announcements and media outreach to raise awareness of the tools, information and services available to military people and their families.

The program's Web site,, has a plethora of investor information and links to the NASD Web site, where further financial information can be found. The U.S. Securities and Exchange Commission also has launched an investor information section for military families on its Web site.
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Title Annotation:Department of Defense
Publication:All Hands
Geographic Code:1USA
Date:Apr 1, 2006
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