Eugene Grygo, Chief Content Editor, FTF News
A foundation of the Financial Industry Regulatory Authority (FINRA) has begun accepting applications for the 2018 class of “financial fellows” who will take part in “a unique program designed to increase the financial capability of U.S. service members and their families.”
The FINRA Investor Education Foundation Military Spouse Fellowship is a national program that gives “military spouses the opportunity to earn a career-enhancing credential — the AFC (Accredited Financial Counselor) — while providing financial counseling and education to the military community,” according to FINRA.
Prospective candidates can apply online here. FINRA must receive applications no later than midnight, EDT, April 20, 2018.
The program is open to current or surviving spouses of active duty or retired Army, Navy, Air Force, Marine Corps, Coast Guard, National Guard or Reserve service members, FINRA officials say. In addition, the program is open to spouses of members of the U.S. Public Health Service Commissioned Corps and the National Oceanic and Atmospheric Administration Commissioned Officer Corps.
The FINRA Foundation Military Spouse Fellows effort targets “the military community by providing unbiased financial information and personalized counseling services,” says Gerri Walsh, president of the FINRA Foundation, in a statement. “Their work equips service members and their families to make informed financial decisions, and the AFC designation empowers military spouses by equipping them with transferable skills and tools to plan for their own financial futures,” Walsh says.
Funding for the fellowship is provided by the FINRA Investor Education Foundation, in partnership with the Association for Financial Counseling and Planning Education (AFCPE), overseer of the certification, and the National Military Family Association (NMFA), which helps in the selection process. The FINRA Foundation covers the costs associated with the program’s self-study course and exam.
“This program uniquely impacts both the individual military spouse and the larger military community,” says Rebecca Wiggins, AFCPE executive director, in a statement. “The fellowship provides military spouses with a respected certification — the AFC — a strong professional network and access to a portable and rewarding career. Throughout the program, spouses have the opportunity to strengthen the financial well-being of their communities by helping military service members, veterans and families reach their financial goals.”
Over the years, the FINRA Foundation has provided more than 1,480 military spouses the opportunity to earn the AFC designation. Once they have the designation, the graduates serve the military community.
“Active Fellows provided financial counseling and education to over 18,000 service members or their spouses in 2017 alone, and have spent more than 454,000 hours helping military families reach their financial goals since the program’s inception in 2006,” officials say.
Those who complete the AFC certification “continue to support the military community as financial counselors at family readiness and support centers, credit counseling and tax centers, financial aid offices, and credit unions throughout the U.S. and abroad,” officials say. “These organizations need well-trained specialists who understand the unique financial needs of military families.”
A 2015 FINRA Foundation comparison of the financial health of American veterans versus non-veterans “found that veterans are faring better financially, as a whole, than their civilian counterparts.”
Even so, “veterans are 40 percent more likely to be underwater on their home and 28 percent more likely to have made a late home payment in the past year. In addition, veterans are 9 percent more likely to engage in problematic credit card behavior, such as carrying a balance and being charged a late payment fee,” according to the foundation study.
“At a time when expenses are high and dual careers are the norm, the military spouse can become the financial pillar of their family. Thanks to the FINRA Foundation and AFCPE’s AFC certification program, more spouses have the opportunity to guarantee stability for their family’s financial future,” says Joyce Raezer, executive director for the National Military Family Association, in a statement.
Approximately 1.3 million active-duty military and more than 800,000 reserve forces are members of the U.S. military branches, according to the U.S. Department of Defense. Overall, there are 22 million military U.S. veterans in the U.S., representing more than eight percent of the U.S. population.
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