29 April 2015

Troops' financial readiness to get boost

By Karen Jowers
April 27, 2015 

Lawmakers are moving to strengthen the financial literacy of troops and families by requiring defense officials to improve training and provide it early and often.

The financial literacy plan approved by the House Armed Services Committee's military personnel panel April 23 mirrors recommendations from the Military Compensation and Retirement Modernization Commission, which found that "existing financial literacy programs do not adequately educate service members and their families on financial matters."

The new programs would start within six months after the plan becomes law. This and other personnel proposals will next be considered April 29 by the full House Armed Services Committee.

Increasing the strength and frequency of financial education is especially important because service members will have to make some financial decisions if the commission's recommendations related to significantly overhauling the military's retirement and health care systems go forward, commissioners noted.

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