The Consumer Financial Protection Bureau (CFPB) recently announced the expansion of its three-year-old “Misadventures in Money Management” financial education tool geared to help active-duty servicemembers.
Misadventures in Money Management (MIMM.gov ) was designed to benefit servicemembers who had signed a contract to enlist in the military, but had yet to start basic training. The program now will be available to all active-duty servicemembers, including those in the Army Reserve and the National Guard.
“Misadventures in Money Management is a valuable resource for servicemembers and their families that will help them understand their options in the financial marketplace so they can avoid the most common mistakes,” CFPB Director Kathy Kraninger said in a press release. “Improving the financial readiness of our military servicemembers is important so they can focus on the mission at hand.”
The bureau launched Misadventures in Money Management three years ago and later customized a second iteration for future leaders to support high school and college students enrolled in the Army Reserve Officers’ Training Corps program.
In a blog post titled “Fight zombies and time travel – this is not how your parents learned about money,” the CFPB explained that its goal with the expansion was to make the topic of responsible financial management “fun” for those about to enter basic training and those already serving. Therefore, the bureau integrated the educational elements into a virtual learning game where users choose characters based on the branch of the military in which they are serving, or intending to serve, and their serving status.
“Now all active-duty servicemembers can access a short, entertaining training about making financial decisions,” the CFPB wrote in a blog post. “The training uses the style of ‘graphic novel meets choose your own adventure’ and lets people practice making financial choices and see the outcome of those choices.”
The program covers topics including consumer financial decision-making, choosing a financial institution, understanding protections under the Servicemembers Civil Relief Act, and understanding how debt can affect a military career. The program covers topics including understanding:
- The importance of building savings;
- How to avoid impulse purchases;
- How debt can affect a military career;
- Protections and benefits of the Servicemembers Civil Relief Act (SCRA); and
- Financial decision-making.
“When we set out to create MiMM, we talked to lots of servicemembers and they told us three things: (1) please no more boring slideshows, (2) don’t expect sleep-deprived troops in boot camp to remember anything right after they get back from field training, and (3) make it fun,” the CFPB wrote. “That is why MiMM has you fighting zombies, traveling in time, and becoming a secret agent while learning key financial concepts.”
Kraninger made the announcement with Sergeant Major of the Army, Daniel Dailey, at Joint-Base San Antonio in Texas, who said, “MiMM… is a great program, a great tutorial and is … the right place to start,” according to the release.