The Consumer Financial Protection Bureau (CFPB) recently announced that it has significantly expanded its Misadventures in Money Management
financial education tool to active-duty members of the military. The virtual financial education learning experience is designed to better equip servicemembers to make good financial decisions.
Launched in 2016, Misadventures in Money Management
) was initially developed for future servicemembers who signed a contract to enlist in the armed forces, but had not yet left home for basic military training. The recent expansion of the helpful financial resource makes the program available for all active-duty members, including the Reserve and the National Guard.
While members of the armed forces spend most of their time focused on their particular mission, sometimes they are unaware of the financial dangers or pitfalls that can prevent them from establishing a solid foundation in terms of financial planning and sound money strategies.
With the Misadventures of Money Management program, service members learn about a variety of financial topics, including consumer financial decision-making, choosing a financial institution, understanding protections under the Servicemembers Civil Relief Act (SCRA), as well as how debt can impact an individual’s military career.
Prior to the most recent expansion the Misadventures in Money Management program had grown to include high school and college students enrolled in the Army Reserve Officers’ Training Corps program. In addition, there is a version of Misadventures in Money Management available for non-military members as well which can also be found at MIMM.gov.