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Changing our Financial Culture The Department of Defense Financial Readiness Campaign Ms. Barbara Thompson Director OSD

America's Financial Culture. The average American spends $1.22 for every $1.00 they make!The average household has seven credit cards and pays $8,500 a year in finance charges!The average 25-34 year old spends 25% of their income on paying down debt!The average American adult receives a failin

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Changing our Financial Culture The Department of Defense Financial Readiness Campaign Ms. Barbara Thompson Director OSD

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    1. Changing our Financial Culture The Department of Defense Financial Readiness Campaign Ms. Barbara Thompson Director OSD Office of Family Policy/ Children and Youth

    2. Americas Financial Culture The average American spends $1.22 for every $1.00 they make! The average household has seven credit cards and pays $8,500 a year in finance charges! The average 25-34 year old spends 25% of their income on paying down debt! The average American adult receives a failing grade for their knowledge of basic economic concepts!

    3. How will we change our culture? Intense and aggressive effort to connect troops to DoD financial resources (TSP, SGLI, counseling, etc) Circulate prominent trainers nationwide to meet with troops and families Web-based competency tool and other Net resources Annual Military Saves Campaigns Work aggressively with on-installation banks and credit unions to reduce effects of payday lenders Continue leveraging financial partners for training and educational opportunities Deliver dynamic, consistent message to the troops

    4. Integrity The Militarys Core Values will be upheld: Our Service members must pay their just debts*

    5. The Pillars of Personal Financial Readiness

    7. How NOT to Build Wealth or Get Out of Debt*

    10. Partners/Initiatives Consumer Federation of America Military Saves Campaign: Feb 24 2 Mar 2008 Military Youth Saves Campaign 2008 Pilot InCharge Institute 250,000 copies of Military Money to CONUS/OCONUS bases The Financial Industry Regulatory Authority (FINRA) Investor Education Program Formerly NASD National Association of Securities Dealers Association for Financial Counseling Planning Education (AFCPE) Spouse Certification Program in coordination with FINRA/NMFA Association of Military Banks of America Military Saves Campaign Training & Education Alternative Products

    11. Financial Readiness = Mission Readiness - Dr David Chu Under Secretary of Defense for Personnel & Readiness Good credit Financial stability Regular savings Contribute to TSP Dont Opt-Out for SGLI Low % loans Security Clearance

    12. Youth Financial Readiness

    13. How are we helping them?

    14. Military One Source www.militaryonesource.com, 1-800-342-9647 Money Matters Budgeting Home Buying or Renting Cars and Transportation Credits and Collections Saving and Investing Financial Emergencies Taxes On-line, telephonic assistance Resources Articles, quick tips, links, worksheets, videos, CDs, audio/recordings, calculators Free Tax Filing through partnership with the IRS

    15. Installation Financial Readiness Campaigns Create a financial calendar of events Request professional financial counselors from MHN to provide training events Or contact your MFLC or Military One Source Invite families to training events Topics: Credit cards, interest rates, smart loans, insurance solicitation, identity theft, savings, TSP, SGLI, payday lending options, how to buy a house/car Encourage each Service member and spouse to take web-based competency assessment (then pursue financial counseling) Market TSP as a valuable tax free account to grow money for the future Encourage enrollment in SGLI (protect your family/yourself with $25,000 - $400,000) Work credit unions and banks on installation to provide training, payday loan alternatives, free ATM services in local community Plan Financial Management seminars in conjunction with TAP

    16. Questions?

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