Office of Family Policy

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Office of Family Policy

• Barbara Thompson
• Director, Office of Family Policy/Children
  Youth
• December 6, 2006

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• The Department considers personal financial
  readiness of
• Service members and their families to be a
  significant issue,
• both to their quality of life and military
  preparedness.
• 
  David S. C. Chu

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Changing the Financial Cultureof our Military
and Families

• Increase personal readiness by reducing the
  stressors related to financial problems
• Increase awareness and abilities
• Increase savings and reduce dependence on credit
• Increase protection against predatory practices

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• Changing the Financial Culture
• Financial Education and Awareness
• Personal Financial Managers (PFMs)
• Military Services trained 354,000 Service members
  and family members in 2005
• Financial Education Classes
• DoD Partnerships
• DoD has partnered with 26 financial
  organizations/non-profits
• Partner organizations trained an additional
  61,000
• Websites
• Market available assistance
• www.militaryhomefront.dod.mil
• www.militaryonesource.com
• www.mymoney.gov, www.military.com, www.nefe.org,
• www.saveand invest.org

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• Partner Initiatives
• Moneywise with Kelvin Boston
• Military Saves Campaign Feb 25 4 Mar 2007
• InCharge Institute - 250,000 copies of its
  Military Money magazine to CONUS and overseas
  installations
• The National Association of Securities Dealers
  (NASD) Foundation established an investor
  education program.

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Financial Readiness Mission Readiness

• Mission Success Mission Failure
• Good credit Bad credit
• Financial stability Bankruptcy
• Regular savings No emergency savings
• Contribute to TSP No retirement savings
• Dont Opt-Out for SGLI No insurance
  coverage
• Low loans Predatory loans
• Deployability Clearance issues