Exemplary Employers
United States Navy’s Personal Exemplary Personal Financial Management (PFM) Program
U.S. Navy Personal Financial Management (PFM) provides a comprehensive approach to Personal Financial Management (PFM) education and counseling emphasizing a proactive, career lifestyle approach to behavior change modification. This is accomplished with appropriate financial subjects at each lifecycle stage. The PFM program fosters financial responsibility and accountability with the primary emphasis on financial independence, sound money management, debt avoidance, and long-term financial stability.
PFE programs are provided to Service Members and families free of charge at the workplace—ships, submarines, hangers, wherever—at 68 delivery locations worldwide. The PFM program has successfully demonstrated its positive impact. Examples of behavioral change before and after PFM counseling and/or education: 75% drop in Service Members missing credit card or loan payments, 50% drop in letters of indebtedness, and 58% drop in use of payday lending services.
Since November 1990 when the Navy mandated financial education, training and counseling for Navy personnel, the Navy has provided the Personal Financial Management (PFM) Education, Training and Counseling Program. The Navy’s PFM is designed to prevent financial problems that can negatively impact mission readiness of sailors by costing their time and money. The PFM program has made a strong business case for the Navy’s bottom line.
Many services are provided in addition to information and education programs. These include assistance with financial planning, credit/debt management, retirement planning, consumer awareness, car buying, insurance, savings and investments, deployment cycle finances, home buying and personal banking. PFM also provides one week of intensive training for the Navy’s many hundreds of Command Financial Specialists (CFS) who provide Service Members one-on-one personalized financial coaching. CFSs are trained uniformed military personnel who complete a 40-hour curriculum. Many counselors are nationally certified as Accredited Financial Counselors
The PFM program uses materials, content and methods that are innovative and audience-appropriate. The PFM program has won awards for excellence. Commander, Navy Installations Command (CNIC) was recently recognized for its Personal Finance Management (PFM) program with the 2006 Outstanding Education Program of the Year award from the Association of Financial Counseling, Planning, and Education (AFCPE).
Financial assistance is also provided through the Fleet and Family Support Program (FFSP), a coordinated referral network that includes the use of specialized resource consultants, private-sector partner providers, and government agencies. CNIC and the FFSP is determined to continue to helping Sailors and their families throughout the Navy while offering the tools and programs to strengthen their financial well-being by checking their personal finances, setting financial goals and priorities, and working toward achieving their goals.
Contact:
David M. DuBois, Deputy
Navy Fleet and Family Support Programs
Military and Family Readiness (N911A)
Commander, Navy Installations Command
716 Sicard Street, SE, Suite 1000
Washington Navy Yard, DC 20374-5140
Phone: (202) 433-4592 DSN: 288
Email: david.dubois1@navy.mil
|
