More than half of America’s career military families were unable to pass a recently-administered financial literacy test, underscoring the importance of new calls for improved financial training for servicemembers.
Results of the fourth annual financial literacy test and survey jointly commissioned by First Command Financial Services, Inc., and First Command Educational Foundation reveal that middle-class military families (commissioned officers and senior NCOs in pay grades E-6 and above with household incomes of at least $50,000) earned an average grade of 69. It’s the first failing score recorded for military families since the testing program was launched in 2012.
“Learning how to manage your personal finances is an important skill for everyone and especially crucial for servicemembers and their families,” said Vickie Coleman, CEO of First Command Educational Foundation.
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