Troops Escape Financial Mess

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Troops Escape Financial Mess
American Forces Press Service | By Lisa Daniel

WASHINGTON -- Soldiers, Sailors, Airmen and Marines are relatively insulated from the financial disasters affecting many Americans, and increasingly are taking advantage of programs designed to promote what military leaders call "financial readiness," military financial counselors say.

All the services offer free financial counseling to servicemembers on installations, and troops and their spouses increasingly use the services even while few are reporting mortgage foreclosures or spousal job losses that are increasing in the civilian sector.

The Navy provided financial counseling to 237,000 Sailors and their spouses at 70 installations this year, increasing by 51 percent their outreach to Sailors and their outreach to spouses by 100 percent, said Patricia Johnson, who oversees the Navy's personal financial management programs.

"It's not that they're having more problems," Johnson said. "But people are more concerned." Only 4 percent of 1,300 Sailors surveyed in May said they felt "in over their heads" with personal finances, she said.

Johnson credits the Navy financial programs with helping Sailors feel confident. "We feel that our robust program that we have in the Navy ... and what our financial educators and (counselors) do in the field help these numbers stay down."


Rest of article at: http://www.military.com/Finance/content/0,15356,182016,00.html?wh=wh