AMBA Conference 05 15 09 C1.FEmery.ppt
Transcript of AMBA Conference 05 15 09 C1.FEmery.ppt
Defense Senior Leadership Spouses’ Conference
NGB – Joint Family ProgramVolunteer Workshop
Department of Defense
Financial Readiness
Frank A. Emery
Acting Director
Office of Personal Finance
Military OneSource Center
OSD, Military Community and Family Policy
Frank A. Emery
Acting Director
Office of Personal Finance
Military OneSource Center
OSD, Military Community and Family Policy
Association of Military Banks of AmericaAssociation of Military Banks of America
Defense Senior Leadership Spouses’ Conference
NGB – Joint Family ProgramVolunteer Workshop
Topics
• Financial Readiness Campaign
• Financial Roadshow
• FINRA Military Retirement Confidence Survey
• Predatory Lending
• Questions
Defense Senior Leadership Spouses’ Conference
NGB – Joint Family ProgramVolunteer WorkshopGood news……?
• Our Service members and their families are not immune from the storm, but they do have some shelter:
Guaranteed paycheck
Spousal employment programs
Low-cost child care programs
Medical/dental benefits
Commissary/Exchange privileges & other installation support
Special pays & moving allowances
Tax-free housing and subsistence allowances
Only 25-30% own homes as primary residence
Defense Senior Leadership Spouses’ Conference
NGB – Joint Family ProgramVolunteer Workshop
“Financial Readiness = Mission Readiness”
Good creditFinancial stability Regular savingsContribute to TSPDon’t Opt-Out for SGLILow % loansSecurity Clearance
Bad creditBankruptcy No emergency savingsNo retirement savingsNo SGLI/insurance Predatory loansNo Clearance
Mission Success vs Mission Failure
Defense Senior Leadership Spouses’ Conference
NGB – Joint Family ProgramVolunteer Workshop
• Started in 2003 to reduce the stressors associated with financial issues on Service members and families
• Education, resources, protections
• Federal, state, local/non-profit outreach and programs
• Platform represented by 8 “Financial Pillars”
The DoD Financial Readiness Campaign
DoD has been emphasizing financial readiness as a critical component of mission readiness long before the
current economic crisis:
DoD has been emphasizing financial readiness as a critical component of mission readiness long before the
current economic crisis:
Defense Senior Leadership Spouses’ Conference
NGB – Joint Family ProgramVolunteer Workshop
The Pillars of Personal Financial ReadinessGood Credit
FinancialStability
RoutineSavings TSP/SDP
SGLI/Insurance
Low %Loans
SecurityClearanceMWR
Defense Senior Leadership Spouses’ Conference
NGB – Joint Family ProgramVolunteer Workshop
“The Right Information, at the Right Time, to the Right People”
• Delivering correct, user-friendly information• Reaching Guard and Reserve families• Reaching geo-isolated families• Meeting emerging expectations of new
generations• “High Tech-High Touch”• Building a worldwide, trusted communication
system to connect with troops and families
Changing Community = Changing Services
Challenges
The Digital Generation
Defense Senior Leadership Spouses’ Conference
NGB – Joint Family ProgramVolunteer Workshop
• Tools for installation commanders upon request
• Tailored to the needs of the installation Assist the commander, installation PFM to reach troops & families Designed to augment, not replace, existing efforts
• 1-day events which feature: Financial personalities as keynote speakers Workshops from library of topics One-on-one financial counseling Stay behind teams Youth financial education activities
• Installations encouraged to utilize all installation resources to include Banks and Credit Unions
Financial Roadshows
Defense Senior Leadership Spouses’ Conference
NGB – Joint Family ProgramVolunteer Workshop
The Savage Truth on Money "America's Money Answers Man"
Sammy the Rabbit John Sileo
“Think Like a Spy”
Terry SavageJason Goodman
Guest Speakers
Identity Theft E
xpert
Dr. Robert Manning
Credit Card Nation
Defense Senior Leadership Spouses’ Conference
NGB – Joint Family ProgramVolunteer Workshop
Take Five: What I Wish I Had Known About Personal Finance Better Than a Budget: Develop a Spending Plan That Will Keep You On Track The Perils of Plastic: Avoid Drowning in Debt... Charge Wisely! Dream Big - Plan Now! Make Your Ideal Retirement a Reality Pay Yourself First: Why You Should Sign Up for the Thrift Savings Plan Today Have You Fed Your Pig Today? Simple Tips for Saving & Investing Ready for Everything? Insurance Essentials for the Service Member With or Without
a Family The Wheels You Want: Successful Car-Buying Strategies Home, Sweet Home: Strategies for Home-Buying and Protecting Against Foreclosure You’ve Earned It! Making the Most of Your Military Benefits Before You Take Off: Financial Planning for Deployment Don’t Lose It! How to Protect Yourself Against Identity Theft
Workshops
Defense Senior Leadership Spouses’ Conference
NGB – Joint Family ProgramVolunteer Workshop
Air Force Marine Corps Navy Army
Roadshow Locations
Fort LewisMcChord AFB
4 Dec 08
Fort LewisMcChord AFB
4 Dec 08Grand Forks AFB
29 Jan 09Grand Forks AFB
29 Jan 09
Little Rock AFB2 Mar 09
Little Rock AFB2 Mar 09
Buckley AFB25 Sep 09
Buckley AFB25 Sep 09
Fort Polk6/11 May 09Fort Polk
6/11 May 09
MCRD, San Diego24 Feb 09
MCRD, San Diego24 Feb 09
MCAS, Miramar21Feb 09
MCAS, Miramar21Feb 09
Camp Pendleton25 Feb 09
Camp Pendleton25 Feb 09
Beale AFB7 Jan 09
Beale AFB7 Jan 09
Parris Island andMCAS, Beauford
24 Feb 09
Parris Island andMCAS, Beauford
24 Feb 09
USS Peleliu26 Feb 09
USS Peleliu26 Feb 09
NAVSTA San Diego23 Feb 09
NAVSTA San Diego23 Feb 09
Luke AFB13 Nov 08Luke AFB13 Nov 08
MCAS Yuma3/4 Dec 09
MCAS Yuma3/4 Dec 09 MCAS, New River
Aug/Sep 09MCAS, New River
Aug/Sep 09
29th Palm, USMC (?)29th Palm, USMC (?)
Peterson AFB19-25Jul 09
Peterson AFB19-25Jul 09
Nellis AFB13 Jun 09
Nellis AFB13 Jun 09
Lackland AFB10 Dec 08
Lackland AFB10 Dec 08
Fort BlissFort Bliss
Fort Drum5 Nov 08 - - -Fort Drum5 Nov 08 - - -
Fort Belvoir24 Jan 09
Fort Belvoir24 Jan 09
NAB Little Creek25 Feb 09
NAB Little Creek25 Feb 09
WRAMC29 Sep 09WRAMC29 Sep 09
Fort Myer28 Apr 09Fort Myer28 Apr 09
Goodfellow AFB24 Jul 09
Goodfellow AFB24 Jul 09
Fort Hood24 Jul 09
Fort Hood24 Jul 09
Fort Carson17-18 Sep 09Fort Carson17-18 Sep 09 Scott AFB
7 Oct 09 Scott AFB7 Oct 09
Fort Leonard Wood16 Oct 09
Fort Leonard Wood16 Oct 09
FE Warren AFB22 Sep 09
FE Warren AFB22 Sep 09
Eglin AFB14 Jan 09
Eglin AFB14 Jan 09
Tinker AFB5 Nov 08
Tinker AFB5 Nov 08
Fort Sill9 Sep 09Fort Sill9 Sep 09Vanderberg AFB
1-2 May 09Vanderberg AFB
1-2 May 09Los Angles AFB
26 Feb 09Los Angles AFB
26 Feb 09
Fort Meade10 Mar 09
Fort Meade10 Mar 09
Andrews AFB18 Feb 09
Andrews AFB18 Feb 09
Bolling AFB(Pentagon)22 Jun 09
Bolling AFB(Pentagon)22 Jun 09
Defense Senior Leadership Spouses’ Conference
NGB – Joint Family ProgramVolunteer Workshop
Military OneSource
• Military One Source (www.militaryonesource.com)
24/7 world-wide assistance, on-line and by phone
“Money” Section
Telephonic financial counseling or face-to-face upon request
Effective 17 Nov: Partnership with National Foundation for Credit Council (NFCC)
Mortgage/foreclosure assistance
Referrals, connections to key helping agencies
Defense Senior Leadership Spouses’ Conference
NGB – Joint Family ProgramVolunteer Workshop
Military Saves 2009
• 22 February - 1 March 2009• Events planned at installations world-wide• Incentivized savings programs at banks & credit unions• Over 55,000 Saver Pledge• 200+ defense credit unions and military banks accepted
millions in savings deposits• Military units large & small declared themselves Military
Saves organizations• Military Banks and Defense Credit Unions are trusted
agents!
Build Wealth, Not Debt!Build Wealth, Not Debt!
Defense Senior Leadership Spouses’ Conference
NGB – Joint Family ProgramVolunteer Workshop
FINRA Military Financial Confidence Survey
• Military more likely to take an active role in financial planning
• Military has more realistic view of financial requirements/ preparations
• More outreach required to raise awareness of TSP
• Military financial educational programs and services are positively influencing financial behavior
Defense Senior Leadership Spouses’ Conference
NGB – Joint Family ProgramVolunteer Workshop
How predatory are “predatory lenders”?
Defense Senior Leadership Spouses’ Conference
NGB – Joint Family ProgramVolunteer Workshop
1 mile
How predatory are “predatory lenders”?
Defense Senior Leadership Spouses’ Conference
NGB – Joint Family ProgramVolunteer WorkshopGreat News!
• Military Money magazine • Americans Well-Informed on Automobile Retailing Economics
(AWARE) reports:“America’s military personnel are particularly prepared for this
major financial event in their lives, more so than Americans in general….they are more likely than the average consumer to understand the process of buying and financing a vehicle, and to spend time researching their options”
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Military
General Pop
1-Credit Card, 2-Vehicle Financing, 3-Furniture/Appliance Financing, 4-Home Improvement Loan
Military MembersResearch Financing
OptionsRespondents who
Completed > 3 hrs ofResearch
Defense Senior Leadership Spouses’ Conference
NGB – Joint Family ProgramVolunteer Workshop
How Military Banks Can Help
• Continue to provide innovative, low cost products & services Incentivized Savings programs (Military Saves?), loan products,
ATM fees; SHORT TERM LOANS (to replace payday lending alternatives)
• Be accessible• Be proactive in providing educational services
Step up financial educational opportunities Meet with installation/unit leadership Know your installation Personal Financial Manager Attend events, clinics, picnics (Ask about Financial Roadshows at
your base)• Make appropriate referrals
Military One Source, other DoD financial partner resources
• Know, understand Service members and families Local demands, stresses of deployment Unique challenges
Defense Senior Leadership Spouses’ Conference
NGB – Joint Family ProgramVolunteer Workshop
Join us to help Service members and Families make sound
financial decisions.
Thank you for your service to our Military!
Defense Senior Leadership Spouses’ Conference
NGB – Joint Family ProgramVolunteer Workshop
Questions?
Frank EmeryActing Director, Office of Personal Finance
Defense Senior Leadership Spouses’ Conference
NGB – Joint Family ProgramVolunteer Workshop
• Installation/Unit Financial Managers/Specialists
• Military One Source
Telephonic counseling
• Military Family Life Consultants
“Personal Financial Counselors” (PFC)
AFC/CFP-certified
On-demand assignments upon installation request
Briefings, one-on-one counseling, education & training
• Financial Readiness Partners
Financial Counseling
Defense Senior Leadership Spouses’ Conference
NGB – Joint Family ProgramVolunteer Workshop
How predatory are “predatory lenders”?
Defense Senior Leadership Spouses’ Conference
NGB – Joint Family ProgramVolunteer Workshop
FINRA Military Financial Confidence Survey• Released 19 February 09• Purpose: capture military’s attitudes/perceptions about
retirement/finances• Most pressing financial issues:
Other10%
Children's Education
6%
Rent/Mortgage5%
Emergency Fund7%
Making Ends Meet18%
Paying Down Debt29%
Retirement25%