The CFPB has expanded its Misadventures in Money Management financial education tool to active-duty servicemembers. The tool is designed to help members of the military prepare financially for active duty and avoid common financial pitfalls.
MIMM was initially developed for future servicemembers who signed a contract to enlist, but had not yet shipped off to basic training. The CFPB expanded the program to all servicemembers on active duty, including those in the Reserve or National Guard.
For complete details, view the CFPB press release below:
WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB) significantly expanded its Misadventures in Money Management financial education tool to active-duty servicemembers. Misadventures in Money Management(MIMM.gov) was initially developed for future servicemembers who signed a contract to enlist in the armed forces, but had not yet shipped off to basic military training. Today the CFPB is expanding the program to be available for all servicemembers on active duty, including in the Reserve or the National Guard.
“Misadventures in Money Management is a valuable resource for servicemembers and their families that will help them understand their options in the financial marketplace so they can avoid the most common mistakes,” said CFPB Director Kathleen L. Kraninger. “Improving the financial readiness of our military servicemembers is important so they can focus on the mission at hand.”
The CFPB first launched Misadventures in Money Management three years ago, then customized a second iteration for future leaders to support high school and college students enrolled in the Army Reserve Officers’ Training Corps program. The program covers topics including consumer financial decision-making, choosing a financial institution, understanding protections under the Servicemembers Civil Relief Act, and understanding how debt can affect a military career.
Director Kraninger made today’s announcement with the Sergeant Major of the Army, Daniel Dailey, at Joint-Base San Antonio in Texas.”
The Consumer Financial Protection Bureau is a 21st century agency that helps consumer finance markets work by regularly identifying and addressing outdated, unnecessary, or unduly burdensome regulations, by making rules more effective, by consistently enforcing federal consumer financial law, and by empowering consumers to take more control over their economic lives. For more information, visit