Financial Readiness

Financial Readiness is a crucial component of family readiness. For new military families, this may be their first job with a consistent paycheck. The youthfulness and inexperience of junior service members makes them easy targets for financial predators. Military families tell us they want ongoing financial education and resources. Military families are taxpayers, too, and we know they are concerned about the financial health of the country they serve. The Department of Defense must have the resources to deal with the long-term effects of ten years at war on service members, veterans, and their families, as well as the capacity to meet emerging needs as the wars continue.

Our Association supports:

  • the Department of Defense Financial Readiness Campaign
  • the establishment of the Office of Servicemember Affairs and hopes this office will provide adequate support to service members and their families
  • a report on the impact of the housing crisis on service members with permanent Change of Station (PCS) orders
  • an increase to the Family Separation Allowance
  • an increase in travel allowances and reimbursement rates to keep pace with out-of-pocket costs associated with PCS moves
  • Flexible Spending Accounts for Uniformed service members

Association Testimonies, Letters + Articles

Articles

Updates

  • September 29, 2011 The Treasury Department announced updated guidelines to the Home Affordable Foreclosure Alternatives (HAFA) Program. Under the new guidance, service members who cite PCS orders as the basis for their financial hardship are now eligible for HAFA even if their income has not decreased.
    Related Article: Help for Military Homeowners

  • September 8–11, 2011 Our Association was a featured speaker at the Association of Military Banks of America annual workshop.

  • July 2011 Our Association has spoken to media outlets concerning the impact of PCS orders on military homeowners and how the debt ceiling debate affects military families.
    Related Article: Debt Ceiling Debate and Military Families