Helping Military & Veterans
Why Military & Veterans?
Like most Americans, many service members do not receive comprehensive personal financial education in school. Compounding this, active members and veterans of the armed services often face substantial and unique financial challenges.
- Many face long deployments where housing, food and other necessities are taken care of, then return to navigate their financial circumstances on their own.
- Many have modest incomes and few assets, and would not be able to access quality, objective financial advice on their own. Help that may be available on military bases can be overwhelmed by demand, while predatory lenders often set up shop outside bases hoping to lure the unwary.
- Those who are wounded in service may face a maze of benefit applications and key financial decisions at a time of severe stress and turmoil.
- Young people leaving the armed services can face a daunting job market where their skills may not be perceived as relevant, leaving them unemployed or underemployed and financially at-risk as they attempt to adjust to civilian life.
Financial Independence Training (FIT) sponsors Financial Readiness Clinics (FRC) where FPA financial planners work one-on-one with military members, empowering them to achieve financial stability and avoid compromising mission readiness. Readiness to deploy and accomplish their unit’s mission is the military member’s responsibility – FRC coaching identifies dangerous pitfalls common in the lives of young military members that can derail them from achieving their goals. FFP’s grantmaking will continue to advance FRCs expansion within the Marine Corps and extend it to the Navy. To learn more about FIT’s impact, please find their story on FFP’s Our Impact page.
The San Diego Financial Literacy Center (SDFLC) provides one-on-one financial planning to San Diego’s communities through Financial Opportunity Clinics. These complimentary clinics provide at-risk and low-income populations – many of them active military or veterans – with the opportunity to receive confidential advice and guidance from a Certified Financial Planner (CFP) professional. By helping individuals and their families who never thought a financial professional was within their reach, SDFLC’s programs have far reaching benefits for the entire community. To learn more about SDFLC’s impact, please find their story on FFP’s Our Impact page.
The NCEF-NAPFA Consumer Education Foundation provides one-on-one pro bono financial planning services to disabled veterans who recently were gifted a home from Building Homes for Heroes. Many recipients are first-time homeowners and need a financial plan to ensure they can afford to maintain the property and pay the property taxes. NAPFA volunteers are matched with each veteran homeowner for at least a 2-year period.
University of Wisconsin-Whitewater’s project, Financial Front: One-on-One Financial Planning for Veteran Students, provided financial literacy training and one-on-one financial planning for student veterans at UW-Whitewater, potential veteran students, and area veterans.
AFCPE’s Military Transition Financial Wellness Program (MTFWP) provided education and advice from financial planners, counselors, and coaches to improve the financial well-being of service members and their spouses transitioning from active duty. FFP was proud to support this program, which sought to build a unique and replicable, integrated financial planning and coaching model for military communities.