By Matt Allen
Vice President, Portfolio Lending (NMLS #415037);

CFPB Expands Financial Education Tool Access to all Active Duty Military

Jun 12, 2019

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Active-duty servicemembers now have access to a tool to help them make financial decisions. Three years ago the Consumer Financial Protection Bureau (CFPB) created a financial education program, Misadventures in Money Management, to help future servicemembers who had enlisted in the armed forces but had not yet had basic military training. Last month the CFPB announced the expansion of the program to include all members of active duty, including the National Guard and the Reserve.

Misadventures in Money Management takes an online “graphic novel” interactive approach to financial education, allowing servicemembers to choose their “adventures” and try to avoid financial pitfalls in a virtual learning experience. Since its 2016 launch, the CFPB created a second iteration to educate high school, and college students enrolled in the Army ROTC (Reserve Officer’s Training Corps) program.

Among the topics the program covers include:

  • The importance of building savings
  • How to avoid impulse purchases
  • How debt can affect a military career
  • Protections under the Servicemembers Civil Relief Act (SCRA)

Misadventures in Money Management won the Excellence in eLearning or Web-Based Gamification Design award at GamiCon18, as well as the Communicator Award of Distinction for Best User Experience for Mobile Sites and the W3 Award for Best in Show.

For more information about the Misadventures in Money Management program, click here.