MoneyForce: financial advice for serving personnel
- Ministry of Defence
- Part of:
- Support services for military and defence personnel and their families
- First published:
- 12 March 2013
- Last updated:
- 22 July 2013, see all updates
A financial awareness website for service personnel and their families.
MoneyForce website provides easy online support for service personnel and their families, to help them make informed financial decisions and plan their finances better, both while they are in service and once they leave the armed forces.
managing money: useful information on borrowing, saving, budgeting and spending, as well as planning for the future
your career: useful financial information about different stages of your military career, including pay and career structures, allowances, managing finance as you deploy, assignment in the UK or abroad and making plans for when you leave the service
life and family: useful information on managing life’s challenges, setting up home, marriage, divorce, children
managing crises: useful information and guidance to help people through tough times
tools: a budget planner, a car cost calculator and a credit card calculator to help you make informed decisions and plan for the future. New tools are being developed for 2014.
‘Get Help Now’: signposts to organisations that can provide advice and assistance on issues ranging from alcohol problems, debt and emotional issues, to war pensions and compensation
MoneyForce is specifically designed for the armed forces, to give service personnel and their families helpful information and tools to make informed financial decisions that will have a positive impact on their future.
Access the MoneyForce website.
Managing your money, saving for the future and being financially secure is important to everyone, but military life brings some specific challenges (mobility, deployment) that can make financial management particularly difficult for some service personnel.
Our armed forces need to be physically fit for duty but they also need to be ‘Moneyfit’. Personal finances are the individual’s responsibility but money worries can also lead to distraction and underperformance (1) at work, as well as welfare problems for families.
Defence has a responsibility to seek to address the disadvantages of service life through the Armed forces covenant. It also wishes to encourage sensible personal planning so that personnel remain financially secure throughout their career and when they leave the services in order to reduce the likelihood of finances becoming a welfare issue that causes distress and potentially impacts on their ability to perform.
Delivering the MoneyForce, a financial awareness website and training programme, is set out as a commitment in the Armed forces covenant annual report 2012.
The Royal British Legion has provided management and their experience of supporting the armed forces. The Money Advice Service has provided 50% of the content offered in the project. The MOD has provided guidance, some content and has endorsed the content. The website was built and developed by Reading Room.
- Source: Society of Human Resources Management: 83% of HR professionals report that personal financial challenges have a large or some impact on employee work performance in their organisations. Ability to focus on work (47%) and overall stress (46%) were reported to be the performance aspects most negatively affected. View the findings
Published: 12 March 2013
Updated: 22 July 2013
- Updated Related information with link to 'Tax when leaving the armed forces'.
- First published.
From: Ministry of Defence
Related guides: Service family accommodation (SFA)