What is being done to ensure Service members and their families have access to emergency funding?
Three main things are being done. First, the Defense Department is stressing all servicemembers should have an emergency savings fund available for emergencies. Our Service members are skilled planners – we want them to be equally adept at personal financial planning. This includes setting aside a portion of their pay to cover emergency expenses. Life happens. Cars break down, house-hold appliances need replacing, and so on. We want our Service members and their families to be financially prepared for situations like these – $500 in savings can take care of most “emergencies.” This is one of the core messages of our “Military Saves Campaign.” Second, the Military Aid Societies, who are champion advocates against predatory lending, continue to provide grants and no interest loans to servicemembers in need. Third, the Federal Direct Insurance Corporation has joined with us in advocating that banks and credit unions develop small low-interest loans for servicemembers and their families in
Related Questions
- Does the Fisher House Foundation provide monetary assistance to individual service members or their families?
- How is VA helping the families of seriously injured service members in the Polytrauma System of Care?
- What is being done to ensure Service members and their families have access to emergency funding?
