Empowering service members with financial knowledge

  • Published
  • By Airman 1st Class Deana Heitzman
  • 31st Fighter Wing Public Affairs
AVIANO AIR BASE, Italy --  In support of promoting positive financial readiness Air Force-wide, the Department of Defense joined with the Federal Trade Commission, the Consumer Financial Protection Bureau and the Consumer Federation of America to unveil Military Protection Day, July 16.

The year-long campaign helps empower service members with the tools and information to be properly informed about their financial future.

"This campaign helps military members and their families to beware of what type of financial scams are targeted to the general public and toward military members only," said Maureen Hartford, 31st Force Support Squadron community readiness consultant.

Due to their steady paycheck, separation from family and friends, and the collective stress of military careers, military members are commonly targeted for scams and financial vulnerabilities. The campaign will help allow service members to be more prepared and can focus on their mission without constantly worrying about their finances.

According to the Defense Manpower Data Center, within the past 12 months, 43 percent of service members or their spouses have experienced a financial deficit and that number increased 51 percent among the ranks of airmen basic to senior airmen. Also, 21 percent of junior enlisted Airmen have no emergency plan and nine percent have less than $100 saved.

"Keeping an emergency plan is very important," said Master Sgt. Jason Fosco, 31st Maintenance Operations first sergeant. "Start a small savings plan and work on getting to a $1,000, then go from there. I have found having at least six months of income saved for an emergency will keep you out of a blind situation."

Not only is it important to be financially ready, it is important to be aware of identity theft. In 2013, the Federal Trade Commission received more the 22,000 complaints involving identity theft and scam concerns.

"To avoid becoming a victim of identity theft, keep an eye out on all of your accounts," said Hartford. "Checking your credit report at least three times a year can help you monitor suspicious activity.

"Also, if you do become a victim of identity theft, contact your bank or credit reporting agencies first, then come to the [Airmen and Family Readiness Center], added Hartford. "We can help you get on the right track to cleaning up your credit score after."

The AFRC offers classes on various financial topics to include, getting the best credit score, setting spending plans, investing and home buying. The AFRC also schedules personal appointments to assist in any questions service members may have regarding specific financial issues.

"The greatest advice I can give to military members is to be aware," said Hartford. "Being aware is the first line of defense against scams and if it seems too good to be true, it probably is."

For more information on the Military Consumer Campaign, contact the AFRC at 632-5407.