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CFPB launches expanded financial education program for service members

  • Published
  • By David DeKunder
  • 502nd Air Base Wing Public Affairs

The Consumer Financial Protection Bureau launched the expansion of its online program, “Misadventures in Money Management,” which provides financial education tools to service members at Joint Base San Antonio-Fort Sam Houston May 23.

Kathy Kraninger, director of the Consumer Financial Protection Bureau, spoke about the newly expanded Misadventures in Money Management, or MiMM, before an assembly of more than 1,000 service members at the Academic Support Building at JBSA-Fort Sam Houston.

Also attending and giving remarks were Sgt. Maj. of the Army Daniel Dailey, Chief Master Sgt. Kendall Briscoe, executive for enlisted matters to the Assistant Secretary of the Air Force for Financial Management and Comptroller, and Col. Peter Velesky, 502nd Air Base Wing and JBSA vice commander.

Misadventures in Money Management, or MiMM, is a virtual and interactive financial education learning program that educates future and active-duty service members about several consumer financial education topics.

The program is used by all of the military services, including the Army, Navy, Air Force, Marines, Coast Guard and National Guard and is available at MiMM.GOV.

The program was initially designed solely for future service members who signed a contract to enlist in the service, but had not yet shipped off to basic military training.

It is being expanded to include all service members on active duty, in the Reserve or National Guard, and for anyone who has signed up for future military service, including high and college cadets enrolled in a Reserve Officers’ Training Corps program.

Kraninger said MiMM addresses financial situations and issues service members will come upon during their career.

“We’re expanding the fun and virtual education experience available at MiMM.GOV,” Kraninger said. “It lets you engage with the real financial life choices before you make them in real life.”

Kraninger said the program has proven to be effective in educating servicemembers about financial topics and making better financial decisions.

“The most important thing for all of us is this is truly battle tested and gets results,” she said. “Service members who complete training score higher on financial questions.”

Velesky said education is the key in better preparing service members to effectively manage their financial resources and to avoid financial pitfalls. He said MiMM provides continuous financial education for service members.

“This program is a terrific tool for you to use to create financial success, but you have to choose to use it,” Velesky said.

Dailey said it is important for service members to have their finances in order so that they can be focused on the job they are doing and be ready to fight and serve when they are called upon to do so.

“Take the resources that people are giving you and don’t make the mistakes people have made in the past,” Dailey said. “Please pay attention, learn something from this, make good choices and stay safe and take care of each other.”

Briscoe said during his 29 years of service as a financial manager in the Air Force he has encountered several Airmen and service members who have had financial problems, but seek help when it’s too late.

“The best thing to do is prevention,” Briscoe said. “Misadventures in Money Management is getting after that prevention. You have the right information to make the right decisions to affect a better outcome, instead of coming to a professional when it’s way too late.”

Kraninger said the CFPB and its Office of Servicemember Affairs will continue to work with the Department of Defense in providing tools to active duty members that help them with their financial readiness, so they can continue to focus on their missions.

After the remarks were completed, Mechel Glass, CFPB financial analyst, gave a demonstration of the newly expanded interactive MiMM program in which the entire audience of service members participated in.

For more information, go to MiMM.GOV.