Standards for Military Family Readiness programs

2020 Edition

Financial Readiness Programs Definition

Purpose

Customers who participate in Financial Readiness Programs gain personal financial management skills, learn strategies to prevent and resolve financial problems, and identify short and long-term actions to achieve financial goals and ensure personal, family, and mission readiness.

Definition

The foundation of DoD’s financial readiness programs are the four pillars of financial readiness, which include managing money, saving then investing, consumer protection, and planning for the future. As such, Financial Readiness Programs (MIL-FR) provide financial education, training, counseling, and information and referral services to assist customers with evaluating income and expenditures, budgeting, reducing debt, planning for retirement, accessing military benefit programs, and saving and investing for the future. Information addresses the effects of financial decisions on personal and professional lives, resources needed for prudent consumer decisions, and related services and supports.

2020 Edition

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Note: The MIL-FR standards were revised in August 2017 to reflect current practice. For more information please refer to the MIL-FR Update Summary

Note: Please see MIL-FR Reference List for a list of resources that informed the development of these standards.

Research indicates that participation in financial education results in improved financial knowledge, attitudes, and behaviors. Examples of behavior changes include reviewing investment goals, developing an investment plan, creating a spending plan, establishing an emergency fund, reducing credit card debt, and increasing contributions to a retirement plan.

Self-Study Narrative Evidence