By Angie Henderson, AFC
Did you know that there’s a new financial guidance resource for St. Louis’ veteran population? The Consumer Financial Protection Bureau (CFPB) has launched a new, nationwide initiative to assist our nation’s veterans in the area of personal finance and the best part is – it’s FREE!
There are roughly 250,000 service members who leave active duty every year. Veterans face unique financial challenges compared to their peers without military experience. They often deal with major career changes when they leave the military, which can affect their income. They also grapple with moving often, which can make it difficult for spouses to earn money, further challenging the household budget. So it is easy to see how personal finances often top the list of concerns of newly separated veterans. To help with those struggles, the CFPB recently launched a Financial Coaching Program to help veterans take control of their finances.
The goal,” says Holly Petraeus, CFPB’s Assistant Director and head of the Office of Service Member Affairs, is to assist military personnel and their families in getting the financial education they need to make better consumer decisions. “The idea is to help them proactively take control of their finances at crucial moments and end up becoming financially stable and achieving the financial goals they’ve set forth,” she says.
So what is financial coaching? Financial coaching is a tool that empowers the client to take charge of their personal finances. Through a series of one-on-one meetings, a client can expect to receive support and guidance to pinpoint their financial goals, identify barriers that may be keeping them from attaining their goals, recognize what they can do to achieve them and come up with a plan of action to help them accomplish their objectives. Financial coaches can help access financial education, find resources and seek the right financial interactive tools that will work best for the client to make well thought out and confident decisions while working toward their financial goals.
The coaching services are provided free of charge, funded by CFPB’s Civil Penalty Fund. “(The coaches) give one-on-one advice and encouragement, driven by the client,” Petraeus says. “When we can set up our veterans for success, it benefits all of us,” she adds.
Interested? Contact your St. Louis metropolitan area coach today to set up a confidential one-on-one appointment at (314) 201-0308 or firstname.lastname@example.org.