New guide helps military families with unique financial challenges
January 27, 2021 / Source: CFPB
The coronavirus pandemic has brought many challenges to families all over the country. Many families will take a long time to recover from financial hardship, and some people will have to build a new financial foundation. Military families also faced unique financial challenges as a result of the pandemic and today the Bureau is providing a new tool to help military families begin reconstruction of their financial houses.
Focus on Military Communities is the latest addition to the Your Money, Your Goals suite of financial empowerment materials. The Bureau designed this guide to be the “go-to” resource for financial educators, counselors, and other trusted agents who help servicemembers, veterans, and their families reach their financial goals. Order free copies of Focus on Military Communities to use with the military families that you serve.
In 2020, some active-duty military families were stuck paying rent for two houses because they could not move during a stop movement order from the U.S. Department of Defense. Some members of the National Guard were deployed away from their homes and families to support their state’s pandemic efforts, thereby putting a financial strain on their homebound spouses. And some veterans experienced delays in obtaining critical disability funds to pay for basic living expenses because they could not receive a medical exam at a U.S. Department of Veterans Affairs facility.
The lessons in Your Money, Your Goals are the bedrock of any solid financial education and Focus on Military Communities will help stakeholders whose mission is to help those who currently serve or have served a grateful nation. Meanwhile, military families who want to learn personal finance on their own can use Misadventures in Money Management , and more seasoned servicemembers and veterans facing an important life transition can use our military financial lifecycle guide to learn about their options. Visit our website to see more resources for military families.