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NEW TRAINING to make the Armed Forces Financially Fit
brand new training programme and website designed to help make the Armed Forces more
financially savvy and improve their financial fitness was launched by the Defence Minister Mark Francois in March. MoneyForce is delivered by The Royal British Legion in partnership with the MoD and with the support of the Standard Life Charitable Trust, who have funded the project.
Factors of Service life, for example, mobility, service overseas and deployments can create additional financial challenges such as poor credit ratings and a delay in acknowledging the need for financial planning. Although there is good financial education in the media and on the web, there has been nothing aimed specifically at Service personnel and their families until now. MoneyForce aims to rectify this.
The new MoneyForce website, backed by former Army PTI Dame Kelly Holmes, includes an innovative budget planner, car
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cost calculator and credit card forecaster all designed to equip Service personnel and their families with information and tools to make informed financial decisions about their future. Users can choose to register on the site (entering anonymous information such as age, rank, career stage and family circumstances) to allow the site to deliver more relevant information to them, or they can choose to simply surf the site without registration. Any data on the site is anonymous and MoD and Single Services will not have access to any personal data.
For the first time ever, MoneyForce will also introduce structured financial education into all Armed Forces basic training to ensure all Service personnel gain a greater level of awareness advice during Service. In addition, HR personnel and HIVEs will be provided with information that can be passed onto Service personnel and their families.
The unique nature of regular relocation and deployment often makes financial management particularly difficult for Service
personnel. MoneyForce has therefore been designed specifically to address this and help Service personnel and their families manage their finances better. That is why it looks at specifics such as family moves, the Armed Forces Pension Schemes and ways to make the most of lump sums such as Operational Allowances and Gratuity payments when leaving the Service.
Approximately half of the content on the MoneyForce website was developed in partnership with the Money Advice Service (MAS), an independent organisation set up by the Government to help people make the most of their money. The MAS gives free, unbiased money advice across the UK – online, over the phone and face to face.
Minister of State for Defence Personnel, Welfare and Veterans, Mark Francois said: “We know that military life often presents unique challenges for our troops and their families which can sometimes affect their financial management. That is why I am delighted that we have worked with Royal
www.raf-ff.org.uk
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