The Consumer Financial Protection Bureau (CFPB) has expanded its online Misadventures in Money Management financial education tool (MIMM.gov) to address the needs of active-duty servicemembers, including those in the Reserve and the National Guard.
According to the agency, Misadventures in Money Management was initially developed three years ago for future servicemembers who signed a contract to enlist in the armed forces but yet to begin basic training. The CFPB is expanding the program to be available for all servicemembers on active duty, including in the Reserve or the National Guard. The program covers topics including consumer financial decision-making, choosing a financial institution, understanding protections under the Servicemembers Civil Relief Act and understanding how debt can affect a military career.
“Misadventures in Money Management is a valuable resource for servicemembers and their families that will help them understand their options in the financial marketplace so they can avoid the most common mistakes,” said CFPB Director Kathy Kraninger. “Improving the financial readiness of our military servicemembers is important so they can focus on the mission at hand.”