Life on the home front can be tough for military families, involving frequent moves, fluctuations in pay, and career interruptions and instability for civilian spouses.
The Financial Industry Regulatory Authority Inc. is helping address the families' money management challenges by funding financial planning training. Last month, the Finra Investor Education Foundation awarded 50 Military Spouse Fellowships.
The $900 award finances training associated with earning the accredited financial counselor credential granted by the Association for Financial Counseling and Planning Education.
After completing the program, Finra fellows must serve as financial counselors for two years. They often work at military centers, financial aid offices and credit unions.
The program, which has awarded more than 1,200 fellowships since its inception in 2006, is designed to meet the unique challenges that the peripatetic military life poses.
“For military families to budget over time can be quite difficult,” said Gerri Walsh, president of the Finra foundation. “We recognize that military spouses are a key component of maintaining the financial health of military families.”
KEEPING IT TOGETHER
Financial guidance for military personnel returning home from deployment is as important as the combat training that they receive to serve in dangerous areas, according to Craig Coker, founder of Coker Wealth Management LLC.
He is a military reservist who did a tour in Iraq and has served as a casualty assistance liaison at Brooke Army Medical Center in San Antonio.
“Unless you give them a financial education, the vast majority will live paycheck to paycheck,” said Mr. Coker, who envisions having a financially certified spouse available to counsel all the families in each unit.
Improving financial literacy could help keep military families together, Mr. Coker said.
“The divorce rate in the military is absolutely staggering,” he said. “The biggest reason for divorce is finances.”
