What is Financial Literacy?

Financial literacy is the ability to understand key concepts in personal finance that are necessary to achieve long-term stability. If you don’t understand the basics of money management, debt and your credit, you’re effectively behind the curve in your ability to achieve your financial goals.

Key Military Financial Literacy Statistics

  • In 2015, average test score on the First Command Financial Services financial literacy test was a failing grade[1]
    • Middle-class military families scored, on average, 69 out of 100
    • 55% of test takers failed to answer at least seven of the nine questions on the test
  • In 2013, a survey of Iraq and Afghanistan Veterans found:[2]
    • 5% experiences homelessness at least one point since leaving the military
    • 16.9% were contacted by a collection agency
    • 13.6% wrote a bad check
    • 3.4% became the victim of a financial scam
    • 20.3% went over at least once credit limit

Identity Theft Education and Prevention

Evidence shows Service Members and Veterans may be at higher risk for identity theft than almost any other segment of the civilian population. The education materials in this section are designed to help you understand identity theft so you can take the right steps to protect your data and personal information. We also tell you what steps to take if you become a victim of ID theft, so you can recover quickly and inform the proper authorities.

Learn to prevent and address identity theft »

Military Loans

There are a wide range of financing advantages provided to military Service Members and Veterans. From VA loans to education financing through the GI Bill, your service can give you an edge. On the other hand, there are also predatory lending scams that prey specifically on military families. We help you understand how to get the best loans and credit lines for your needs. You can also find tips to help you avoid and properly report predatory lending scams.

Make financing and credit work for you »

Consumer Protection

There are laws that protect you from fraudulent and predatory financial services, but you can only use the law to your advantage if you understand it. The resources in this section are dedicated to protecting your rights and helping you fight back against violations. We break down key laws related to military personnel so you can know what your rights are without wading through a bunch of legalese.

Know your rights under the law »

Additional Free Financial Tools

Don’t let a lack of understanding hold you back! Below you’ll find links to free resources and financial tools you can use to make effective plans for your finances. From financial calculators that help you accurately assess your situation to education videos that can fill in knowledge gaps, this is everything you need to be achieve financial stability.

Expand your financial knowledge »


[1] https://www.firstcommand.com/news/financial-literacy-slipping-in-career-military-families-033115.htm
[2] https://www.ncbi.nlm.nih.gov/pmc/articles/PMC3919675/