Military Families Fall Behind in Financial Readiness Test
First Command Financial Service’s research findings on the financial readiness of career military families are featured in a national news story by Financial Advisor Magazine. Titled “Military Families Fall Behind In Financial Readiness Test,” the article features results of the sixth annual financial readiness test and survey recently conducted through the First Command Financial Behaviors Index® and in partnership with First Command Educational Foundation. This story emphasizes the importance of financial knowledge and understanding as military families prepare for the Blended Retirement System. The article is available here.
Jump$tart Coalition Financial Fridays
The November 11 edition of Jump$tart’s Financial Fridays profiled First Command Educational Foundation. Click here to visit their article.
FCEF CEO Presentation at First Command Financial Services
On July 12, FCEF CEO Vickie Coleman reminded First Command Financial Services’ Advisors at the general session of their annual conference in Seattle, Wash., how FCEF can assist in educating their clients. Click here to view Vickie’s presentation.
First Command Educational Foundation Builds Financial Readiness for Life
Where would you look for answers to some of life’s financial questions? FCEF has been providing assistance and answers since 1983. Click here to read more about our work and resources in an article we contributed to First Command Financial Services’ online Journey magazine.
Career Military Earning Low Marks in Financial Readiness
First Command Educational Foundation recently partnered with First Command Financial Services, Inc., to conduct the fifth annual survey of military and civilian financial knowledge. The survey found that middle class military families earned an average of 69, a failing score, though civilians performed slightly better. Click here to read First Command Financial Services’ press release with the results.
April is National Financial Literacy Month
In 2004, the Senate passed Resolution 316 that recognized April as National Financial Literacy Month. Click here to read CEO Vickie Coleman’s article about National Financial Literacy Month in the MilitaryTimes Your Money Matters blog.
Financial Education is Critical, Too
Knowing how to manage your finances is a critical life skill that must be taught in our schools. Ms. Rebecca Van Pamel is absolutely right; FCEF is proud to have provided some financial education to her by working with The Today Foundation and the Texas Leadership Foundation. Please read Rebecca’s article here: http://www.dallasnews.com/opinion/latest-columns/20150116-rebecca-van-pamel-financial-education-is-critical-too.ece
First Command Financial Services (FCFS) has joined over 30 other organizations in a new White House-backed initiative to support veterans and military families in key areas ranging from education to family reintegration and finances. Part of FCFS’s contributions will be provided to First Command Educational Foundation to help our efforts to provide scholarships and financial literacy education to veterans and their families. Click here to view FCFS’s press release.
The Consumer Financial Protection Bureau has recently published their biannual report for the period July 2011 to July 2013. The bureau has a very broad mission to “make markets for consumer financial products and services work for consumers by making rules more effective, by consistently and fairly enforcing those rules, and by empowering consumers to take more control over their economic lives.” They have established special offices to address specific financial markets, and are supporting the teaching of financial literacy in the United States. Click here to view the July 2013 CFPB annual report.
To our donors
Recently, the leaders of BBB Wise Giving Alliance, GuideStar, and Charity Navigator issued a letter to correct a popular misconception of how charities should be measured.
For many years, the percentage of a charity’s budget spent on administrative and fundraising costs, the “overhead,” has been considered the crucial measure of a charity’s performance, to the exclusion of many others.
While cost efficiency plays an important part in an organization’s effectiveness, these three organizations, all in the business of vetting charities, have determined that as a measure of a charity’s worthiness, “overhead” is a poor indicator. In fact, some charities would be more effective in their work if they could spend more on “overhead.” When charities invest more in training, internal systems, and other administrative functions they are usually able to improve their services and make them more widely available.
Please visit The Overhead Myth. There you can read the letter and its supporting statistics that make the case for not relying solely on a charity’s administrative expenses when deciding whether to donate or not. We also ask that you sign the Pledge to End the Overhead Myth! to support the campaign to end the myth.
Vickie Mauldin CEO, FCEF
Please click here for information to help you contact FCEF and our staff members.