Military Online Financial Education Program Hits Major Unique User Milestone, Expands Smart Investing Capabilities to Match Growing Demand
WASHINGTON — The Military Family Advisory Network’s (MFAN) MilCentsSM, an online social learning financial education program, reached a milestone of 11,087 unique program participants in 2018, a 33 percent increase from 2017. MilCents introduces military families to trusted financial resources and provides a moderated social platform where military and veteran families can engage with subject matter experts and other participants.
“Financial readiness plays a vital role in the overall well-being of military families,” said Shannon Razsadin, executive director of MFAN. “The MilCents program is not only pushing the envelope for what it means to educate our families, but it’s also building a community of people who can succeed together.”
MFAN developed the program in 2014 in response to findings from its national survey surrounding the need for financial education. Since then, the program has gone through several updates to meet to the evolving financial needs of military families. Most recently, MFAN teamed up with the FINRA Investor Education Foundation to develop and launch a new section of the program focused on smart investing. Lessons include, among others, how investing works, working with a professional, and core information on the Thrift Savings Plan (TSP).
“Given the launch of the Blended Retirement System, we were very excited to team up with MFAN to add a new section to MilCents that assists military families in making smart investing decisions,” said Gerri Walsh, president of the FINRA Foundation. “Military families face unique economic challenges due to frequent moves and deployments. With this tool, military families have the information they need to invest for their financial goals and make financial decisions for themselves and their families.”
MFAN looks forward to launching a second social learning program this year called MilYou. “MilYou will use the well-tested content delivery model established through MilCents, and apply it to physical health, mental health, and healthy relationships,” said Razsadin. “Through our research, we know that nothing exists in a vacuum, we are excited to bring these resources to military families where they are: online.”
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The Military Family Advisory Network is a nonprofit dedicated to building a community of military and veteran families at home and abroad who are well-informed about the resources designed to serve them, equipped with tools for success, connected to leaders who serve the military family community and embraced by the public. To learn more about MFAN, visit www.militaryfamilyadvisorynetwork.org.