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The Military Financial Service Provider eNewsletter: January 2025 Edition

Department of War Financial Readiness Program sent this bulletin at 01/14/2025 11:44 AM EST

The Military Financial Service Provider eNewsletter

January 2025

Service Members Can Test Their Financial Knowledge With This Tool

January is Financial Wellness Month, the perfect time to help military families develop new financial skills. Here’s a quick and easy way to assess Service members’ financial literacy: This 10-question Financial Skill Scale from the Consumer Financial Protection Bureau (CFPB) measures consumers’ financial knowledge, interprets the data and applies that information to spending and saving suggestions. CFPB also explains how financial service providers can integrate the questionnaire into their education programs.

Four Simple Ways to Secure Your Cell Phone

Losing your cell phone can leave you exposed to identity theft and financial fraud. With just a few taps, a thief can undo your entire digital life — accessing account numbers, passwords, emails, text messages and photos. The consequences can be severe: fake accounts in your name, drained bank accounts and a damaged credit score. Protect yourself and your loved ones by using these four essential tips from the Federal Trade Commission (FTC). Share this information with Service members during Identity Theft Awareness Week (Jan. 27-31) and help them safeguard their digital identities.

It’s Time to Revisit Financial Goals

Help Service members identify nine ways they can align their long-term goals with their current finances. This blog explains how to tap into tools like DoD FINRED’s Financial Well-Being Assessment, Net Worth Tracker and Spending Plan worksheet. It also contains guidance on how frequently Service members should update these documents.

Take a Military Tax Refresher With OneOp

Hosted by the executive director of the Armed Forces Tax Council, this OneOp webinar will explain 2025 tax updates and offer a refresher on military tax law that will help financial service providers better serve military families. Tune in Tuesday, Feb. 11 between 11 a.m. and 12:30 p.m. ET. If you have advance questions, you can email them to oneoppersonalfinance@gmail.com by Tuesday, Jan. 21.

Help Your Service Members Claim the Earned Income Tax Credit

January 31 is Earned Income Tax Credit Awareness Day, an important time to remind Service members about this often-overlooked benefit. A tax refund is the largest payment many Americans receive all year, and refundable tax credits can provide significant financial relief. Encourage Service members to check if they qualify, and to use the extra funds to improve their financial well-being.

Did You Know?

Hackers may try to use military families as prey and look for electronic weak spots on their devices. But with the right strategies, families can stay one step ahead of these cyber threats, and the FTC offers expert guidance on how they can fortify their digital defenses. Share these essential tips with military families, from securing home Wi-Fi networks to crafting unbreakable passwords, and empower them to safeguard their personal information in the face of ever-evolving cyber threats.

Resources

Service Providers and Leaders

The Department of Defense Office of Financial Readiness is here to support you in your mission of providing Service members and their families with exceptional financial knowledge and education. You’ll find resources for developing your social media presence, keeping abreast of financial policies and laws, enhancing your coaching skills through training and much more every month in this official communication from the United States Government.

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