Launched in late April, the Financial Literacy Program is run by Army Emergency Relief. AUSA pledged $1 million to the program as part of a larger effort to help Soldiers and military Families struggling with food insecurity.
The goal is to give Soldiers and their Families much needed assistance while reinforcing the importance of financial readiness and well-being through an incentivized financial training program, retired Sgt. Maj. of the Army Dan Dailey, AUSA’s vice president for NCO and Soldier Programs, said when AUSA announced its pledge earlier this year.
“The leading cause of food insecurity is financial readiness,” Dailey said at the time.
In 2016, the National Defense Authorization Act mandated financial training at different points in a service member’s career, according to information provided by Army Emergency Relief. The Army implemented that mandate, and in 2021 directed training with 15 professional and personal milestones.
In response, AUSA proposed a $1 million donation to Army Emergency Relief to help promote individual financial literacy within the Army. The financial training, developed by the USAA Education Foundation and approved by the Army G-9, addresses debt, major purchases and a spending plan, according to Army Emergency Relief.
Soldiers who complete the training must pass a test to receive a credit toward the repayment of their loan.
As of May 31, more than $82,600 had been distributed to 763 participants, according to Army Emergency Relief.
Founded in 1942 and charged with relieving undue financial stress on the force, Army Emergency Relief provides assistance through grants or loans, depending on the Soldier’s situation, as verified by their chains of command.
AUSA continuously works with the Army to seek solutions for food insecurity and other issues facing troops, Dailey said.
“This is an excellent program,” he said. “It helps our Soldiers in need while simultaneously promoting financial education.”