Accomplishments To Date—31 July 2009:
FINRA Investor Education Foundation Military Financial Education Project
SaveAndInvest.org—the FINRA Investor Education Foundation's Military Financial Education Project—delivers free, unbiased financial education tools and training to servicemembers, their spouses and on-base financial educators through a variety of programs and public awareness initiatives. A partner in the U.S. Department of Defense Financial Readiness Campaign, our primary goal is to help military families manage their money with confidence.
Using fine money levied against firms for misleading sales practices targeting military personnel, the Foundation launched SaveAndInvest.org in February 2006. The program is grounded in research with military officers and enlisted personnel that showed many members of the military could benefit from additional financial education. In coordination with the Department of Defense and military leaders throughout the United States and overseas, we developed a comprehensive program including public awareness activities, on-base educational forums, training for military spouses and online and printed educational resources. Since 2006, among our most significant achievements to date, the project has:
- Reached more than 19,000 members of the military community face-to-face at 88 Military Financial Education Forums at 47 installations worldwide and at sea in the Persian Gulf—covering topics ranging from credit and debt management to saving and investing for retirement.
- Provided no-cost access to BrightScore,™ an online credit management tool, to help more than 60,000 servicemembers and spouses understand and improve their credit scores—nearly 60% of those who initially scored below 620 and used the tool a second time saw their scores increase by an average of 27 points;
- Helped Warriors In Transition by distributing 13,000 copies of our guide on saving and investing disability benefits and holding forums at military medical facilities, such as the Dwight David Eisenhower Army Medical Center and the National Naval Medical Center;
- Awarded fellowships to nearly 800 military spouses for the Accredited Financial Counselor™ certificate, offering the chance to earn a career-enhancing credential while providing financial counseling to the military community—participants have logged more than 141,000 hours of service back to the military community;
- Updated and distributed more than 590,000 copies of Money and Mobility, a guide for managing money during PCS moves and deployments; and
- Fielded and released the 2008 Military Financial Confidence Survey, which underscored the importance of fostering financial education for servicemembers.
Other key campaign initiatives include: launching and maintaining a comprehensive Web site—www.SaveAndInvest.org—that provides tools and information on a wide range of financial topics; developing Moneytopia, a serious e-learning financial simulation game for servicemembers and youth; and delivering continuing education programs for military financial educators. The Foundation also provides resources, expertise and funding to key partners, including Military Saves.
FINRA, the Financial Industry Regulatory Authority, is the largest non-governmental regulator for all securities firms doing business with the U.S. public. The FINRA Investor Education Foundation is the largest foundation in the U.S. dedicated to investor education. Its mission is to provide investors with high-quality, easily accessible information and tools to better understand the markets and the basic principles of saving and investing. FINRA and the FINRA Foundation do not sell investment products, promote products or firms, or offer specific investment advice.
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