Department of Defense Financial Readiness

Transcription

1 Department of Defense Financial Readiness Brenda McDaniel, Program Manager, Personal Finance, Office of Family Readiness Policy Office of the Deputy Assistant Secretary of Defense 14 January 2016

2 CJCS and Senior Enlisted Advisor Memo 2

3 Military Saves 2015 Background: Military Saves is co-sponsored by the Consumer Federation of America and the Department of Defense. Active participation and support from the Office of the Secretary of Defense, the Army, Marine Corps, Navy, Air Force, National Guard, Reserves and the US Coast Guard. Goals: Increase Participation Foster Partnerships Increase Financial Readiness and Stability Audiences Stakeholders Key Messages: CJCS and Senior Enlisted Advisor Memo Talking Points Strategy and Process "Set a Goal, Make a Plan, Save Automatically! 3

4 Pentagon Financial Fair Participants Association of Military Banks of America Consumer Federation of America Defense Civilian Personnel Advisory Service Defense Credit Union Council Department of Housing & Urban Development Department of Veterans Affairs FDIC Federal Trade Commission FINRA Investor Education Foundation Military OneSource National Military Family Association National Association of Federal Credit Unions National Credit Union Administration Navy Federal Credit Union Office of the Comptroller of the Currency Pentagon Federal Credit Union Personal Financial Counselors Securities & Exchange Commission Social Security Administration Thrift Savings Plan USDA 4

5 The Financial Readiness Roundtable American Financial Services Association Education Foundation (AFSA) Association of Military Banks of America (AMBA) Better Business Bureau (BBB) Consumer Federation of America (CFA) (Military Saves) Consumer Financial Protection Bureau (CFPB) Defense Credit Union Council (DCUC) Federal Deposit Insurance Corporation (FDIC) Financial Industry Regulatory Authority (FINRA) Federal Trade Commission (FTC) National Association Federal Credit Union (NAFCU) National Credit Union Administration (NCUA) National Foundation for Credit Counseling (NFCC) National Institute of Food and Agriculture (NIFA) National Military Family Association (NMFA) Security Exchange Commission (SEC) DoD State Liaison Office OUSD (Comptroller) Military Community Family Policy Transition to Veterans Program Office 5

6 6

7 14 January 2016 Military Saves Advisory Meeting James Lander

8 Military Saves Overview Military Saves Update #MSW2016 Planning Goals How to Participate Text Messaging Reminders Key Messages Contacts

9 Military Saves Week 2016 is February 22 nd February 27 th Military installations worldwide are planning events to encourage Service members and their families to take the Military Saves pledge at Commitment to exercise good financial habits and encourage other Americans to do the same. Provides support and information within a saving community to help servicemembers and their families build their personal savings and provide for their immediate and long-term financial needs Campaign Coordinators at every Military Installation and/or Unit Military members, Spouses, Youth, Uniformed Leaders, DoD Civilians & Families Military Saves Week Theme: Save Automatically!

10 Military Saves Week 2016 Military Saves Week Endorsements: "For members of our Armed Forces, readiness has always been the name of the game - defense readiness, combat readiness, mental/physical readiness. But, it's important to remember just how much personal and family readiness can impact everything, too. Financial fitness and well-being are critical to maintaining the readiness of our total force. Use Military Saves Week and the resources available to identify your financial goals and adjust course, if necessary." ~ Master Chief Petty Officer of the Coast Guard Steven W. Cantrell

11 The 2016 Memo from the Office of the Chairman of the Joint Chief of Staff is issued supporting Military Saves Week The 2016 Military Saves Campaign is endorsed by senior enlisted military leadership.

12 Sign Up for #MSW2016 Military Saves Week 2016 (As of January 13 th ) 354 Organizations

13 Military Saves Pledges ,086 pledges! *First quarter (January-March 2015)

14 Military Saves Week ,000 Military Savers take the pledge ARMY 20,000 Pledges Navy 10,000 Pledges Air Force 15,000 Pledges Marines 5,000 Pledges Coast Guard, National Guard, and Reserves 1,000 Pledges Campaign Coordinators at every U.S. military installation CONUS and OCONUS Unit Representatives; CFC Model

15 January 19 th Army January 28 th ARMY January 28 th NAVY

16 How to Participate 1. Sign up to Participate 2. Promote savings to servicemembers & DoD civilians February Participate in ways that make the most sense at your location

17 Newsletter/blog articles about the Week Link to s about the Week Graphics page link Social Media posts Links to evergreen posts/tweets One month of posts/tweets

18 Take the Pledge! Savers who take the Military Saves pledge can opt to receive the following benefits: The monthly Military Saves e-newsletter with savings advice from national experts Their free credit score courtesy of FINRA Investor Education Foundation HandsonBanking.org Guide Post Financial Readiness Military Saves encourages: Saving a portion of each paycheck Enrolling in programs such as: Developing a financial plan Thrift Saving Plan Establishing good credit Savings Deposit Program (when eligible) Servicemembers Group Life Insurance

19 Beginning in February prior to #MSW2016, Military Savers who have taken the Military Saves Pledge in previous years will receive an encouraging them to re-pledge and participate in the NEW Military Saves text messaging reminder initiative. Text messaging enrollment period will run from February April, and will include a drawing each month for a chance for one Military Saver to win $500. Military Savers will need to opt in after they have taken the Military Saves pledge.

20 Contact Information 1. What is the name of your organization? 2.Which of these descriptions best fits your organization? a. Financial Institution b. Installation c. Non-Profit Organization 3.Who can we contact for more information? Name State Address Phone Number 4.How many branches are included in this report?

21 5. Through your events and promotion of Military Saves Week, did you encourage your audience to take the Military Savers Pledge? Yes /No 6. Which of the following did you offer during Military Saves Week (select all that apply) Gifts or bonus incentives for opening accounts Gifts or bonus incentives for adding to accounts Special interest rates for opening accounts Prizes of drawings Other (please specify)

22 7. How would you describe account activity during Military Saves Week 2015? (please select all that apply) Higher number of savings accounts (or similar) opened Greater deposits to existing savings accounts No noticeable change in savings activity Do not know 8. How much account activity was there during Military Saves Week 2015? Number of savers opening new account Dollars saved in new accounts Number of savers adding to existing accounts Additional dollars saved in existing accounts Number of automatic savings deposits established

23 Promotional Methods 9. Tell us about your promotional methods. Did you use each of these techniques this year? Social media (Facebook, Twitter, etc.) Information on website Financial education workshops Press releases or press events Community events 1-on-1 financial counseling Obtained Commander s proclamation Other (please specify)

24 10. Tell us about your audience reach. What is your best guess of how many people you reached with each of the following methods? 11. We like to feature stories that show the impact of your work during Military Saves Week. Please share in the space below your Military Saves Week story or success that illustrates the impact of your work:

25 America Saves is pleased to invite banks and credit unions to apply for the second annual Designation of Savings Excellence. This designation will be given to banks and credit unions that work hard to encourage individuals to save during America Saves Week. To view the application questions, click here APPLICATION PERIOD March 1 April 1, 2016

26 Key Messages The financial readiness of servicemembers and their families is a priority for Military Saves as a valuable component of the DoD Financial Readiness campaign. Military Saves Week is a call-to-action that includes promotion, information, and action. Military Saves provides support and information year-round within a saving community to help servicemembers and their families build their personal savings and provide for their immediate and longterm financial needs. Financial stability takes consistent action over time, where small steps to pay off debt and saving can help members and families reach their financial goals.

27 James Lander Military Saves Director Laura Roler Military Saves Associate Alecia Blair Military Saves Communications Associate