CFPB Launches Financial Education Tool for Active-duty Servicemembers

The Consumer Financial Protection Bureau (CFPB) significantly expanded its Misadventures in Money Management financial education tool to active-duty servicemembers. Misadventures in Money Management (MIMM.gov) was initially developed for future servicemembers who signed a contract to enlist in the armed forces but had not yet shipped off to basic military training.

Now the CFPB is expanding the program to be available for all servicemembers on active duty, including in the Reserve or the National Guard.

“Misadventures in Money Management is a valuable resource for servicemembers and their families that will help them understand their options in the financial marketplace so they can avoid the most common mistakes,” said CFPB Director Kathy Kraninger. “Improving the financial readiness of our military servicemembers is important so they can focus on the mission at hand.”

The CFPB first launched Misadventures in Money Management three years ago, then customized a second iteration for future leaders to support high school and college students enrolled in the Army Reserve Officers’ Training Corps program.

The program covers topics including consumer financial decision-making, choosing a financial institution, understanding protections under the Servicemembers Civil Relief Act, and understanding how debt can affect a military career. 

Kraninger made announcement with the Sergeant Major of the Army, Daniel Dailey, and Chief Master Sergeant Jayme Wardrop of the Air Force, at Joint-Base San Antonio in Texas.