Financial Capability: Exploring Challenges and Leading Solutions
The IVMF, in partnership with JP Morgan Chase, Co, is working to assess the financial needs of service members, veterans, and their families alongside the marketplace of available services and supports to inform government and the financial industry on gaps and possible solutions.
The purpose of this initiative is to better understand the current needs and marketplace of supports for advancing veterans and transitioning service members’ financial capability. Service member financial capability remains a key component of overall military readiness for the Department of Defense (DoD). Consequently, numerous financial readiness programs and services are available to service members, veterans, and their families.
The DoD and several other government agencies (e.g., VA, Labor, SBA) have developed programs to educate or assist military families about their finances and military benefits. Likewise, the private sector has engaged in this effort, contributing to a variety of military family oriented programs, services, and tools, across both sectors, intended to foster financial readiness. But while some efforts have explored military family financial capability (e.g. FINRA), few have looked at financial capability needs of veterans and their families. In addition, little work has been done to catalog and evaluate the effectiveness of various “solutions” (e.g., training, education, services, tools, etc.) across the public and private sector.