The National Association of Securities Dealers is setting up a financial education program for military personnel and their families.
The NASD, Washington, is financing the program with $7 million from a 2004 settlement fund, NASD officials said today at a press conference held to launch the program.
Officials said recent research shows that many servicemembers report having difficulty covering expenses and saving for the future.
Although 58% of military investors who participated in a June 2005 survey said it is very important to become knowledgeable about saving and investing, only 29% received a passing grade on a quiz about basic financial knowledge, NASD officials said.
The program will include:
- A new, “coordinated and uniform financial education program” that will train and certify personal financial counselors.
- A program to train military spouses to become volunteer financial counselors.
- Educational toolkits for trainers and investors.
- Educational events on or near military bases.