A press release from the Financial Industry Regulatory Authority (FINRA) Investor Education Foundation on October 6 announced FINRA’s support of the First Lady and Dr. Jill Biden’s “Joining Forces” initiative.
“Joining Forces is a comprehensive national initiative to mobilize all sectors of society to give our service members and their families the opportunities and support they have earned,” the release notes. “Joining Forces provides ways for all Americans to step up and show their gratitude to our service members and their families.”
The FINRA Investor Education Foundation will expand the Foundation’s Military Financial Education Project, giving 50,000 service members and spouses FICO scores, free of charge. This will double the number of persons currently receiving these scores, which are a vital credit tool. FICO helps drive smarter decisions by delivering superior predictive analytics solutions by predicting consumer behavior through the use of mathematics. A FICO score is the United States’ standard measure of consumer credit risk. In addition to the increased cost-free FICO scores, the foundation will be developing educational videos that will aid the National Guard in helping its service members avoid investment and stockbroker fraud and managing their finances. The videos even train military spouses so that they may act as financial counselors.
The Military Financial Education Project was launched in 2006 and is the largest investor education foundation in the United States. The project’s aim is to provide free and unbiased information and tools for money management to military service members and their families. The project includes a comprehensive online resource and educational forums on military bases as well as services the website www.SaveAndInvest.org.
In FINRA’s news release, the president of the FINRA Investor Education Foundation, Gerri Wash, said, “The FINRA Investor Education Foundation is honored to support Joining Forces with new commitments in our work to help military service members and families manage their credit, avoid fraud and plan for a secure financial future. We believe providing the right tools for military families can enhance their financial readiness and relieve some of the stress families feel when it comes to managing household finances.”