Veterans face unique financial challenges compared to their peers without military experience. They often deal with major career changes when they leave the military, which can affect their income. They also grapple with moving often, which can make it difficult for spouses to earn money, further challenging the household budget.
To help service members with those struggles, the Consumer Financial Protection Bureau recently launched a Financial Coaching Initiative aimed at the 250,000 service members who leave active duty every year and other vulnerable consumers. Based out of job centers and nonprofits around the country, 60 financial coaches are available to meet with veterans to help them get on top of their finances.
The goal, says Holly Petraeus, CFPB’s assistant director and head of the Office of Servicemember Affairs, is to assist military personnel and their families in getting the financial education they need to make better consumer decisions. “The idea is to help them proactively take control of their finances at crucial moments and end up becoming financially stable and achieving the financial goals they’ve set forth,” she says.
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