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Military Saves 29 June 2009 Coordinating Committee and Partners Meetings. Department of Defense Financial Readiness. Office of Personal Finance Military OneSource Center OSD, Military Community and Family Policy. Topics. Financial Readiness Campaign Financial Roadshow - PowerPoint PPT Presentation
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Military Saves 29 June 2009 Coordinating Committee and
Partners Meetings
Defense Senior Leadership Spouses’ Conference
NGB – Joint Family ProgramVolunteer Workshop
Department of Defense
Financial Readiness
Office of Personal Finance
Military OneSource Center
OSD, Military Community and Family Policy
Office of Personal Finance
Military OneSource Center
OSD, Military Community and Family Policy
Defense Senior Leadership Spouses’ Conference
NGB – Joint Family ProgramVolunteer Workshop
Topics
• Financial Readiness Campaign
• Financial Roadshow
• FINRA Military Retirement Confidence Survey
• Questions
Defense Senior Leadership Spouses’ Conference
NGB – Joint Family ProgramVolunteer WorkshopGood news……?
• Our Service members and their families are not immune from the storm, but they do have some shelter:
Guaranteed paycheck
Spousal employment programs
Low-cost child care programs
Medical/dental benefits
Commissary/Exchange privileges & other installation support
Special pays & moving allowances
Tax-free housing and subsistence allowances
Only 25-30% own homes as primary residence
Defense Senior Leadership Spouses’ Conference
NGB – Joint Family ProgramVolunteer Workshop
“Financial Readiness = Mission Readiness”
Good creditFinancial stability Regular savingsContribute to TSPDon’t Opt-Out for SGLILow % loansSecurity Clearance
Bad creditBankruptcy No emergency savingsNo retirement savingsNo SGLI/insurance Predatory loansNo Clearance
Mission Success vs Mission Failure
Defense Senior Leadership Spouses’ Conference
NGB – Joint Family ProgramVolunteer Workshop
• Started in 2003 to reduce the stressors associated with financial issues on Service members and families
• Education, resources, protections
• Federal, state, local/non-profit outreach and programs
• Platform represented by 8 “Financial Pillars”
The DoD Financial Readiness Campaign
DoD has been emphasizing financial readiness as a critical component of mission readiness long before the current
economic crisis:
DoD has been emphasizing financial readiness as a critical component of mission readiness long before the current
economic crisis:
Defense Senior Leadership Spouses’ Conference
NGB – Joint Family ProgramVolunteer Workshop
The Pillars of Personal Financial ReadinessGood Credit
FinancialStability
RoutineSavings TSP/SDP
SGLI/Insurance
Low %Loans
SecurityClearanceMWR
Defense Senior Leadership Spouses’ Conference
NGB – Joint Family ProgramVolunteer Workshop
“The Right Information, at the Right Time, to the Right People”
• Delivering correct, user-friendly information
• Reaching Guard and Reserve families• Reaching geo-isolated families• Meeting emerging expectations of new
generations• “High Tech-High Touch”• Building a worldwide, trusted
communication system to connect with troops and families
Changing Community = Changing Services
Challenges
The Digital Generation
Defense Senior Leadership Spouses’ Conference
NGB – Joint Family ProgramVolunteer Workshop
• Tools for installation commanders upon request
• Tailored to the needs of the installation Assist the commander, installation PFM to reach troops & families Designed to augment, not replace, existing efforts
• 1-day events which feature: Financial personalities as keynote speakers Workshops from library of topics One-on-one financial counseling Stay behind teams Youth financial education activities
• Installations encouraged to utilize all installation resources to include Banks and Credit Unions
Financial Roadshows
Defense Senior Leadership Spouses’ Conference
NGB – Joint Family ProgramVolunteer Workshop
The Savage Truth on Money "America's Money Answers Man"
Sammy the Rabbit John Sileo
“Think Like a Spy”
Terry SavageJason Goodman
Guest Speakers
Identity Theft Expert
Dr. Robert Manning
Credit Card Nation
Defense Senior Leadership Spouses’ Conference
NGB – Joint Family ProgramVolunteer Workshop
Take Five: What I Wish I Had Known About Personal Finance Better Than a Budget: Develop a Spending Plan That Will Keep You On Track The Perils of Plastic: Avoid Drowning in Debt... Charge Wisely! Dream Big - Plan Now! Make Your Ideal Retirement a Reality Pay Yourself First: Why You Should Sign Up for the Thrift Savings Plan Today Have You Fed Your Pig Today? Simple Tips for Saving & Investing Ready for Everything? Insurance Essentials for the Service Member With or Without
a Family The Wheels You Want: Successful Car-Buying Strategies Home, Sweet Home: Strategies for Home-Buying and Protecting Against Foreclosure You’ve Earned It! Making the Most of Your Military Benefits Before You Take Off: Financial Planning for Deployment Don’t Lose It! How to Protect Yourself Against Identity Theft
Workshops
Defense Senior Leadership Spouses’ Conference
NGB – Joint Family ProgramVolunteer Workshop
Military OneSource
• Military One Source (www.militaryonesource.com)
24/7 world-wide assistance, on-line and by phone
“Money” Section
Telephonic financial counseling or face-to-face upon request
Effective 17 Nov: Partnership with National Foundation for Credit Council (NFCC)
Mortgage/foreclosure assistance
Referrals, connections to key helping agencies
Defense Senior Leadership Spouses’ Conference
NGB – Joint Family ProgramVolunteer Workshop
FINRA Military Financial Confidence Survey
• Military more likely to take an active role in financial planning
• Military has more realistic view of financial requirements/ preparations
• More outreach required to raise awareness of TSP
• Military financial educational programs and services are positively influencing financial behavior
Defense Senior Leadership Spouses’ Conference
NGB – Joint Family ProgramVolunteer Workshop
Retirement Plan Participation Rates (TSP) Total by Paygrade - Active Duty - Mar '06 to Mar '09
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
Mar-06 Oct-06 Mar-07 Oct-07 Mar-08 Oct-08 Mar-09
Par
ticip
atio
n R
ates
E1-E4 E5-E6 E7-E9 O1-O3 O4-O6
Retirement Plan Participation Rates (TSP) Total by Paygrade - Active Duty - Mar '06 to Mar '09
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
Mar-06 Oct-06 Mar-07 Oct-07 Mar-08 Oct-08 Mar-09
Par
ticip
atio
n R
ates
E1-E4 E5-E6 E7-E9 O1-O3 O4-O6
TSP Participation
Defense Senior Leadership Spouses’ Conference
NGB – Joint Family ProgramVolunteer WorkshopGreat News!
• Military Money magazine • Americans Well-Informed on Automobile Retailing Economics
(AWARE) reports:“America’s military personnel are particularly prepared for this
major financial event in their lives, more so than Americans in general….they are more likely than the average consumer to understand the process of buying and financing a vehicle, and to spend time researching their options”
0
5
10
15
20
25
30
35
40
45
1 2 3 4
Military
General Pop
1-Credit Card, 2-Vehicle Financing, 3-Furniture/Appliance Financing, 4-Home Improvement Loan
Military MembersResearch Financing
OptionsRespondents who
Completed > 3 hrs ofResearch
Defense Senior Leadership Spouses’ Conference
NGB – Joint Family ProgramVolunteer Workshop
Join us to help Service members and Families make sound
financial decisions.
Thank you for your service to our Military!
Defense Senior Leadership Spouses’ Conference
NGB – Joint Family ProgramVolunteer Workshop
Questions?
Dave JulianDirector, Office of Personal Finance
Military Saves Week 2009 Evaluation
Selected Observations
Steve HoltHoltSolutionsJune 29, 2009
SurveyMonkey Instruments
Designed to facilitate standardized self-reporting
Limited use:
• Project Officer Reports – 30
• National Partner Reports – 17
• Financial Institution Reports – 12
Project Officers -- Audience
Audience# saying it was
a primary audience
Enlisted personnel 28
Officers 14
Spouses 14
Civilian personnel 8
Children 7
Community institutions 2n = 30
Project Officers -- Involvement
Office/Personnel# saying wasvery involved
Family programs office 21
Command section 11
Senior enlisted advisor 10
Public affairs 10
On-installation credit union
10
Comptroller 2
On-installation schools 2
Exchange 1
n = 30
Project Officers -- Methods
Promotional Method# saying there
washigh effort
Material to personnel 21
Briefings for personnel 16
Participation in internal events
16
1-on-1 financial counseling
15
Financial education classes
15
Material to spouses 14
Press releases/events (internal)
12
n = 30
National Partners Reporting
Navy-Marine Corps Relief Societies 6
Other military offices 4
National membership organizations 3
Non-profit organizations 2
National association of affiliates 1
Financial institution 1
National Partners -- Methods
Promotional Method# saying there was high effort
E-mails 9
Participation in local events
9
Participation in national events
8
Information on website 7
Newsletters 4
Press releases or events 3
Conferences 3
n = 17
Financial Institutions -- Incentives
Savings Incentives#
offering
Special fee or no fee accounts 7
Financial seminars 5
Special interest rates for accounts 4
Gifts or matches for opening accounts
3
Gifts or matches for adding to accounts
2
Prizes or drawings 1
[no savings incentives offered] 1
n = 12
Savers Pledges (Military Saves)
0
3,000
6,000
9,000
12,000
15,000
# o
f Ple
dg
es p
er M
on
th
Leadership – Interest/ExpertiseCoord. Comm.-19 Partners Comm.-7
MEAN SCORE
StdDev.
MEAN SCORE
StdDev.
What am I (my organization) most interested in doing?
Building supportive community efforts 4.26 1.41 4.14 1.46
Developing military leadership commitment 4.16 1.63 5.43 0.73
Promoting debtreduction 3.79 1.40 3.43 1.29
Promoting financial education 2.26 1.45 2.57 1.18
Promotingsavings 3.47 1.57 2.43 1.76
Providing financial education 3.05 1.88 3.00 1.51
Leadership – ExpectationsCoord. Comm.-19 Partners Comm.-7
MEAN SCORE
StdDev.
MEAN SCORE
StdDev.
What should Military Saves be most focused on doing?
Building supportive community efforts 3.53 1.70 4.00 1.00
Developing military leadership commitment 3.16 1.98 2.83 1.21
Promoting debtreduction 3.58 0.94 4.33 1.80
Promoting financial education 3.26 1.62 3.00 1.29
Promotingsavings 2.84 1.42 1.50 0.76
Providing financial education 4.63 1.81 5.33 0.75
Leadership – Self-AssessmentCoord. Comm.-19 Partners Comm.-7
MEAN SCORE
StdDev.
MEAN SCORE
StdDev.
Where do I see M.S. putting its efforts currently?
Building supportive community efforts 3.11 1.55 2.83 0.69
Developing military leadership commitment 3.84 1.72 2.83 1.45
Promoting debtreduction 3.58 1.14 4.67 1.49
Promoting financial education 3.58 1.60 4.33 1.25
Promotingsavings 1.89 1.25 1.33 0.47
Providing financial education 5.00 1.26 5.00 1.00
Leadership Survey -- Observations• Military leadership development –
considerable disparity
• Coord. Comm. lack of clarity & consensus on desired focus of Military Saves
• Financial education well-represented, but not desired focus for Military Saves
• Debt reduction valued less than promoting savings
• Role of community building efforts?
A Four-Step Model for Military Saves1. Create an information environment
promoting a clear direction of action
2. Provide the opportunity for a personal commitment to action
3. Foster the availability of tools to translate commitment into action
4. Observe evidence of action
Create information environment
ACTIVITY MEASUREMENT
MS campaigns conducted by department- & service-wide organizations, installations/ commands, program offices
Self-reporting of participation (through appropriate channels of communication)
Provide opportunity for commitment
ACTIVITY MEASUREMENT
Savers Pledge for military personnel
Number of Savers Pledges in America Saves database, with a reach goal (over a period such as 5 yrs) of 30% of all military personnel & minimum expectation of 10%
Foster availability of tools for actionACTIVITY MEASUREMENT
Military-associated financial institutions offering MS-identified products that promote savings
DFAS adopting “opt-out” policies for savings vehicles available through payroll deduction
Number and availability of MS-identified products (reported by financial institution intermediaries)
Creation of opt-out policies for emergency savings accounts, TSP, & SDP
F.I. Intermediary Reporting (2009)Armed Forces Bank / AFB of CA
– 20 of 36 on-base institutions involved– all waived minimum balance requirement for
12 months for regular savings accts opened during MSW
– 221 new accounts opened
Community Bank Overseas– 560 adult savings accounts opened– 309 scheduled direct deposits set up for
savings accounts– 111 CDs opened– 100 scheduled transfers set up for savings
accounts
ACTIVITY MEASUREMENT
Monitoring of account activity by military-associated financial institutions and DFAS
Use of identified savings products (reported by financial institution intermediaries & DFAS)
Observe evidence of action
Contact Information
Steve HoltHoltSolutions4545 Connecticut Ave. NW, #1011Washington, DC [email protected](202) 758-3937 - voice(202) 758-3940 - fax
2009 Rebranding
BRAND CHALLENGES:• Multiple sub-brands with various design and copy
executions lead to brand degradation in the marketplace
• Confusion around what America Saves means – Religious? Money? Other?
• Consumers are intimidated by the word “wealth”• Consumers aspire to saving more than just change
and need to see that starting small can get big results• Military Saves can not use quarter icon• Current logo and icon appear dated• Current color palette is producing challenges and
does not allow for design flexibility
New Brand: Positioning and SummaryMotivational/InspirationalWe inspire the non-saver to join America Saves and start saving money with this idea. Many other people have committed to saving and you can too, even if you only have a quarter or pocket change to save. You can be included in that group of savers.
Summary Paragraph America Saves believe there is strength in numbers. You can join the many people who have already committed to saving towards a goal – home ownership, tuition, debt repayment, even retirement. And you can start saving with the smallest of numbers. Because at America Saves, we also believe that if you can save a quarter, you can save. Start with any amount, reach any goal. Join us. The difference between dreams and a reality is a savings account.
TaglineStart small. Think big.
ToneInspirational, motivational, encouraging, supportive, straightforward.
The new logo and tagline address campaign goals andchallenges while supporting the developed positioning.
Executional Considerations
• Green color and $ address that we are talking about saving money
• “Start Small. Think Big.” is in non-intimidating consumer language and drives home the point that every bit helps – very aspirational
• Circles graphic– Maintains current quarter icon– Symbolizes growth over time– Allows America Saves to support branding throughout design pieces
Sub-Brands
In developing a sub-brand strategy, we wanted to make sure toleverage the national brand to assist in supporting sub-brands.
ColorsIn selecting primary and secondary color palettes, we wantedto make sure they were truly “ownable” for America Saves
NOTE: Unless you have marketing dollars to invest in primary colors (ex.,
McDonald’s), you want to make sure colors are unique and “ownable”.
Using Sub-Branded Logos
Logo Use (continued)
When combining the logo with other elements, the logo should be a prominent part of the overall design. When using a colored background, be sure to use colors from the brand palette, and always keep the logo in white. The logotype and tagline should not be retypeset, altered or modified in any way. The logo can appear without the tagline, but should be used with the
tagline where possible.