Financial education is more important than we give it credit for. The lack of financial literacy classes during childhood development often leaves us guessing what to do as adults. It’s shocking how unequipped most of us are to successfully achieve long-term financial stability. Knowledge gaps often lead to poor financial choices and missed opportunities to get ahead.
Military financial wellness statistics
- 65% of military personnel stress about their finances
- 20% say they are not financially stable and find it difficult to make ends meet
- 20% personnel went deeper into debt than intended due to high-interest rate financing options like credit cards and payday loans
- 44% of personnel carry credit card debt; 29% have debt levels over $5,000
- 84% of military families who make over $50,000 annually still worry about the effects of downsizing and federal spending cuts
- In 2015, military families overwhelming failed a basic financial literacy test offed by First Command Financial Services – the average score was 69
The good news is that plenty of resources exist that can help you get ahead. The FLMFA is here to make that easier with a range of on-site resources, as well as links to our favorite financial education tools from around Florida and the Internet.
This is one of our favorite military financial education tools from the Florida Department of Financial Services. Financial Frontlines have a variety of free tools to help Military Service Members, Veterans and their families. There’s a comprehensive financial resource guide, simplified tip sheets, and an on-demand video webinar series. Topics range from the Military Lending Act and Servicemembers Civil Relief Act to current fraud alerts for military personnel.
KOFE stands for Knowledge of Financial Education. It’s an interactive financial education platform powered by Consolidated Credit, a leading credit counseling agency with a 20 record of helping people get out of debt. KOFE combines a free online resource center with one-on-one coaching from certified credit and housing counselors. You can expand your knowledge base and get answers to questions so you can meet financial challenges head-on.
Additional FLMFA resources:
Whether you’re a spouse managing the household finances or a family member helping out when a Reservist deploys, this guide can help you avoid common financial pitfalls that come up during deployment. Learn how to work get your Reservist’s finances prepared for deployment and what to do if issues arise during a period of Extended Active Duty (EAD). A little financial planning ahead of time goes a long way to ensure stability.