With the new budget in the news there’s no better time to think about our finances and how we can make the most of them. Many people struggle with good financial planning, but members of the armed forces can experience additional financial difficulties as a direct result of service life.
Factors such as their high mobility, service overseas and deployments can affect credit ratings and impede access to financial services and products, as well as having an impact on the careers of partners and spouses.
Last year, being aware of these issues, MOD worked with the Royal British Legion to devise the MoneyForce programme to help service personnel with all the various financial issues that they face. In its first year the site has had over 64,000 unique visitors.
The MoneyForce website provides education, tips and tools. There are sections on budgeting, sensible spending, borrowing and debt.
It helps personnel to build financial planning skills, makes them more aware of financial issues, and helps them plan for problems that may face them in their day-to-day life.
One user said of the website:
It’s very good; simple and clear. I have found it very useful for advice on a mortgage.
It is a long-term programme which continues to evolve, drawing on the experiences of those using it and the financial issues which members of the armed forces face.
The website has already developed over the last year to include a news section with comment on current financial issues and how they affect those in the armed forces, and more checklists to help you take control of your finances.
The MoneyForce programme has also delivered face-to-face training to both new recruits and existing service personnel, with several thousand attending events around the country.
The scheme is delivered by the Royal British Legion in partnership with the Ministry of Defence, and with the support of the Standard Life Charitable Trust.