The Under Secretary of Defense for Personnel & Readiness David S.C. Chu will co-host the announcement of the DoD Financial Readiness Campaign with Under Secretary of Treasury Peter Fisher today at 1 p.m. EDT. The event will be held in the Treasury Department's Cash Room, located at 1500 Pennsylvania Ave., N.W., Washington, D.C.
The Department of Defense has established the Financial Readiness Campaign to give servicemembers and their families a chance to learn more about personal finances and to encourage them to better manage their money. The campaign is directed toward junior enlisted servicemembers who are most at risk and spouses of servicemembers who have not received the personal finance information that is part of military training.
The financial well-being of the force is a significant readiness issue. Today's complex financial environment demands wise choices about savings, credit, mortgages, Thrift Savings Program and a host of fact of life issues. To further complicate financial readiness plans, the military lifestyle includes frequent relocations and deployments. Military service must not inhibit a servicemember's ability to build savings.
The DoD has partnered with the public and private sector for answers, and has established memoranda of understanding with several federal agencies and nonprofit organizations. These organizations have pledged to support the efforts of personnel at the installation who are responsible for providing financial education and financial counseling to servicemembers and their families.
The Financial Readiness Campaign is expected to continue over several years, with the department refining the approach and the partnerships over time. The overall objective will remain the same, to increase personal readiness by reducing the stressors related to poor financial habits. This campaign will seek to increase awareness; increase savings and reduce dependence on credit; and increase protection against predatory practices.
Financial well-being is an important aspect of the social compact between the Department of Defense, service members and their families. The Department is committed to providing reliable financial information and assistance to our servicemembers.