Financial Readiness Campaign

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(No Transcript)
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DUSD (Military Community Family Policy)
Financial Readiness Campaign Increasing
Financial Competence and Financial Well Being
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Why are we concerned?
E1-E4 Self Assessment of Financial Condition
Who have a tough time making ends meet or feel in
over their head
who feel they are having financial difficulty

• Participants determined which of the following
  best describes their financial condition
• Very comfortable and secure
• Able to make ends meet without much difficulty
• 3. Occasionally have some difficulty making ends
  meet
• 4. Tough to make ends meet but keeping your head
  above water
• 5. In over your head

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We are making a difference
Self Assessment of Financial Condition Who have
a tough time making ends meet or feel in over
their head
Self Assessment of Financial Condition vs Stress
who feel they are having financial difficulty
vs who feel stress related to finances
who feel they are having financial difficulty

• Participants determined which of the following
  best describes their financial condition
• Very comfortable and secure
• Able to make ends meet without much difficulty
• 3. Occasionally have some difficulty making ends
  meet
• 4. Tough to make ends meet but keeping your head
  above water
• 5. In over your head

• Participants answered to what extent have the
  following created stress in your life in the past
  12 months?
• Option c. Finances (yours and your familys)
• Not at all
• Small extent
• Moderate extent
• Large extent
• Very large extent

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Financial Readiness

• Vision Service members and families will have
  the capability to build wealth for their future
• Support through a culture that values financial
  competency
• Driven by leadership involvement and positive
  messages
• Supported by comprehensive education
• Provided with assistance of partners
• Tracked to maintain relevancy

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Financial Readiness Campaign

• Objective 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
• Target Audience Junior enlisted and spouses

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Campaign Strategy

• OSD and Services develop tools and resources
• DoD-level MOUs
• Electronic tool box
• Installation develop plans
• Build local coalitions based on DoD-level MOUs
• Develop plans around local military community
  needs
• Provide feedback based on prescribed evaluation
  criteria

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Kick-Off Event

• Hosted by Under Secretary for Treasury and Under
  Secretary of Defense (Personnel and Readiness)
• Attended by approximately 50 representatives of
  partner organizations

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Assistance
AMBA
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Web Site dodmwr.org

• Primarily for use by practitioners
• Provides public access to most information
• Names/addresses/phone numbers, and comment forums
  are password protected

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Marketing Plan

• Communication
• Leadership
• Practitioners
• Consumers
• Integration
• Relevance

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Evaluation

• Longitudinal evaluation of financial well being
  through DMDC surveys
• Evaluation of the mission impact
• Local and OSD-wide review
• Local assessment of output
• What was done, what support provided by partners,
  and assessment of the support
• How many trained and counseled
• Partner evaluations
• CFA America Saves
• FRB test and control analysis

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Down the Road

• Expand the Financial Readiness Campaign to
  maximize opportunities that can aid Service
  members and families in building wealth
• Emphasis from Military Community and Family
  Policy
• Strategically consider the impact of financial
  readiness on compensation and benefits
• Maximize the coordination of on-going support
  programs to maximize these opportunities for
  Service members and families

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Connecting the Dotsfor Financial Well Being

• Retention

• Transition Assistance

• Compensation

• Readiness and Training

• Spouse Employment

• Consumer Protection

• Banking Services

• Child care

Financial Readiness

• Tax Counseling

• DoDEA and Impact Aid Schools

• 1-800 line support

• Commissary and Exchange

• Thrift Savings Program

• Affordable Housing

• Family Support Centers

• MWR