ABA, Groups Make Recommendations to Improve Service Members’ Financial Readiness

The American Bankers Association joined other members of the Military Family Financial Readiness Coalition in offering recommendations to the Biden-Harris administration to improve the financial readiness of military families. In a letter to the administration earlier this month, the groups emphasized the importance of public-private partnerships to establish financial readiness for military and veteran families; flagged the barriers that exist between service members and the Department of Defense with regard to financial readiness; noted the effects of the pandemic on military spouse employment; highlighted a need for additional focus on military retirement plans; and urged greater trust and transparency between DoD and organizations that serve service members and veterans.

“Financial readiness is the key to the health and wellbeing of military and veteran families and the future of our all-volunteer force,” the groups wrote. “Our families need strong public-private partnerships, expert resources, access to secondary sources of income via military spouse employment, information and choice when it comes to military retirement, and clarity. These are the vehicles that will enable our families to be financially fit and mission ready.”