“To improve financial literacy training for members of the Armed Forces, and for other purposes.”
No CRS summary available for this bill.
This section revises the annual financial literacy and preparedness survey for members of the Armed Forces by (1) assigning responsibility for the survey to the Secretary of Defense (from the Director of the Defense Manpower Data Center) and expanding its content to identify financial literacy levels among enlisted members in pay grade E-7 or below and commissioned officers in pay grade O-4 or below, preferred delivery methods (i.e., in-person instruction, online modules, mobile applications, peer-to-peer learning, financial counseling, or others), topics of interest (i.e., income management, debt management, saving and investing, home buying, transition planning, insurance, tuition assistance, deployment planning), barriers to participation, and recommendations for improvement; and (2) requiring the survey compilation to protect respondent privacy. The section further directs the Secretary of Defense to (1) improve administrative tracking of completion of financial readiness common military training; (2) identify and address causes of non-completion; (3) establish a timeline for determining and implementing standardized performance measures for financial education efforts; and (4) submit to Congress a timeline and strategy for implementing the survey revisions.