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The McGraw-Hill Companies and Better Business Bureau (BBB) launched a free mobile app designed to help America’s military families make better personal decisions to ensure their financial independence. The Military & Money App is the first financial educational app that provides service members and their spouses easy-to-use and practical money management tips, including tools to reduce debt and maximize savings.
The National Military Family Association hears our military service members and their families are often the targets of consumer fraud and high-interest predatory loans. According to a 2010 survey by the Financial Industry Regulatory Authority (FINRA) Investor Education Foundation, 27 percent of military respondents had $10,000 or more in credit card debt compared with 16 percent of civilians. The survey also found “as many as one in three of enlisted personnel and junior NCOs reported using at least one method of non-bank borrowing [such as a predatory loan] in the past five years, compared with 24 percent of civilians.” Our Association has been actively raising this issue, making sure families are included in the solution.
Key features of the app include training videos on budgeting and managing debt, calculators to track cash flow and build savings and debt reduction plans, and a prompt that sends monthly savings reminders.
The Military & Money App is available free on iTunes. Additional information and resources for military money matters are available at http://www.militaryandmoney.com/