Accomplishments to Date — February 2008:
FINRA Investor Education Foundation Military Financial Education Campaign
In its first two years of operation, the FINRA Investor Education Foundation's Military Financial Education Campaign made great strides towards helping military servicemembers and their families learn how to manage their money with confidence. We successfully launched the program at the United States Capitol on February 16, 2006, with speeches from Senator Daniel K. Akaka (D-HI), Senator Hillary Rodham Clinton (D-NY), Congressman Michael G. Oxley (R-OH), and Under Secretary of Defense for Personnel and Readiness David S.C. Chu. During the past two years, our most significant accomplishments include:
- Financial Forums—Reaching more than 8,000 members of the military community face-to-face at 47 Military Financial Education Forums conducted at 35 military duty stations worldwide, including at sea onboard the USS Ronald Reagan in the Arabian Gulf war zone. These events cover the basics of saving and investing, smart money and credit management, avoiding the predatory loan trap, investing in mutual funds, and planning for retirement. In addition to high marks on attendee evaluations, we have received 7 letters of commendation for our forum presentations from general and flag officers and commanders.
- BrightScore—Fielding this online credit management and education tool has helped more than 12,500 servicemembers and spouses understand and improve their credit scores. The service is free to active duty servicemembers and spouses and includes detailed explanations of a user's credit report and score and provides for toll-free access to live certified credit counselors.
- Spouse Outreach—Creating and presenting the unique Military Spouse Fellowship Program to help military spouses earn the Accredited Financial CounselorSM credential.
- More than 4,800 candidates applied for this highly competitive educational opportunity. Of 355 fellows actively engaged, 42 have successfully completed the program and become accredited and, with the many others in the program, provide financial counseling services to their communities.
- Notably, an August 2006 survey of program participants showed that 82% have changed their own saving and investing habits since joining the program.
- Train-the-Trainer Materials—Crafting and delivering the It's Your Move continuing financial education program for military Personal Financial Managers (PFMs). 268 PFMs representing all the Services successfully completed the program. Reaction to the program was overwhelmingly positive, with 82% of the 199 who submitted training session evaluations feeling equipped to teach the course themselves. New courses are being developed in response to stated PFM needs.
- Relocation Resource—Producing and distributing more than 490,000 copies of "Military Families: Money and Mobility," which provides comprehensive information and checklists for military families preparing for PCS moves and deployments.
- SaveAndInvest.org—Providing unbiased, noncommercial information on saving and investing specifically tailored for servicemembers and their families through the online resource center at SaveAndInvest.org. The interactive site includes original content, content from government and non-profit partners, interactive tools, links to financial education resources, frequently asked questions, and more.
- Warriors In Transition—Guiding wounded and injured servicemembers through focused financial education forums at military medical facilities including the Walter Reed and Dwight David Eisenhower Army Medical Centers, the National Naval Medical Center, the Veterans Administration Hospital (Active Duty Rehabilitation Unit) in Augusta, Georgia as well as through the Army's Heal, Help and Hire (H-3) Program. In support of this, we published and distributed "How to Save and Invest Your Disability Benefits: A Guide for Warriors in Transition."
Throughout 2008, the Foundation will continue to provide military families with the tools and resources they need to save and invest with confidence. We kicked off the year with a successful series of presentations at the Navy's leadership forums in the Hampton Roads region of Virginia, followed by a series of Military Financial Education Forums at the Naval Hospital Corps School at Great Lakes, Illinois and throughout Navy Region Southwest and United States Marine Corps Installations West in California. Additional activities underway include the launching of Moneytopia, an e-learning financial simulation game specifically aimed at young servicemembers and their families and a robust Volunteer Network to reach out to the military spouse population with the objective of enhancing their collective financial literacy.
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