New Financial Literacy Coalition Forms to Deliver Solutions to Transitioning Military Veterans

by | 06/25/14 | Commentary

The financial literacy industry is buzzing over the announcement this week that a new coalition has formed to target financial education for military veterans and their families as service members make the transition back to civilian life. The initial members of the Veterans Financial Coalition are Visa, Consumer Federation of America and the Association for Financial Counseling and Planning Education.

The formation of the Coalition comes at a very important time, as former military personnel are indicating in increasing numbers that financial support resources and programs to which they had access in the military are not available to them as they transition into a civilian life. Moreover, over fifty percent of veterans are reporting heightened levels of financial challenges as they separate from military service.

The Coalition is pursuing several important objectives, including educating veterans on important financial matters so that they become more empowered to make critical financial decisions and advocate for greater consumer protections for military veterans and their families. The Coalition also is looking to raising awareness regarding the need for greater financial education for veterans.

While financial literacy enthusiasts have long focused on military personnel and their families, there have been few dedicated efforts rolled out through an alliance comprised of such powerhouse companies and organizations as those that formed this Coalition. The Consumer Federation of America alone has already reached over 180,000 veterans since 2007 to educate and inspire them to save money, lower their debt and develop and a strong financial footing.

Given the broad recognition of the importance of supporting military personnel as they make the transition into civilian life, combined with the specific challenges they face regarding their personal financial affairs, the Coalition is well positioned to serve a very important role in the months and years ahead in helping to boost financial literacy among veterans and their families.

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