Financial Fitness Forum
Read about our Financial Fitness Forum which we convened to learn about and raise awareness of unique consumer financial products and services being offered to or used by servicemembers and their families.
Special financial challenges
Servicemembers, veterans, and their families …
Are an attractive target for both good and bad lenders:
- Many lenders know the UCMJ requires you to maintain good finances.
- You are easy to find, so lenders are confident they can collect debts you owe.
- Your military pay represents a steady income that could be garnished.
- Military families often start young, leading to big money management decisions by first-time decision makers.
Face unique risks:
- Deployments, change of duty stations, and emergencies lead to unplanned and unique financial difficulties without adequate resources to resolve them.
- Your loyalty to your service leads marketers to tie their pitches to the military, a strategy called “affinity marketing.”
- Frequent relocation can mean unforeseen expenses and a lack of familiarity with the local environment.
Who we are
Servicemembers should be able to accomplish their mission without worrying about illegal or harmful financial practices. The Office of Servicemember Affairs is here to ensure that military personnel and their families have a voice at the Consumer Financial Protection Bureau. Military life can have some extra challenges that can sometimes have powerful financial repercussions.
From Holly Petraeus, Assistant Director for Servicemember Affairs
From the CFPB blog
Need answers to your financial questions? Ask CFPB.
Additional resources for servicemembers, veterans, and their families
Military financial education forums and tools