Why is there such a strong focus these days on the personal finances of military families?

Military Families January 25, 2013|Print

Simply put, poor financial practices greatly affect military readiness and the ability of service members to accomplish their mission. According to an article in Military Money, the number of security clearances that were revoked or denied due to financial problems rose 1,512% between 2000 and 2005.

In addition, military families face unique financial challenges related to frequent deployments and permanent change of station (PCS) moves. Also, evidence clearly exists that many military families are experiencing financial distress. The 2010 Military Financial Capability Survey found that more than one in four (27%) respondents (i.e., military families) reported having more than $10,000 in outstanding credit card debt.