For service members, one of the most difficult parts of the transition to civilian life is learning the language and the concepts of personal financial management.
“These people entered the military at 18 or 19 and have never had any training in financial literacy,” John Mangini, vice president, marketing and communications for the N.J. Bankers Association, said. “They don’t know how to navigate the financial landscape and do things like shop for different savings options or the best interest rates for a mortgage.”
In response to this need, the NJBA has partnered with some of its member banks to offer courses in financial literacy.
“These courses came about because we were looking to see what we could do to help veterans –something where we could measure the impact,” he said. “When we spoke with our contacts at various veterans’ affairs and veterans support groups, they told us veterans need to learn financial literacy.”
The NJBA has conducted three courses to date – one in Cranford in partnership with Spencer Savings Bank, a second in Forker River with Manasquan Bank and the third and most recent one in Glen Gardner with Northfield Bank.
A fourth course will be scheduled for the first quarter of 2025 – date and place to be determined – but Mangini expects in to take place in Atlantic County.
“We explain to veterans they can do business with one bank but go across the street to another bank to see if they can get better rates,” he said. “They don’t need to stay with just the one bank; we tell them to go to the bank that best fits you.”
Mangini said the size of the classes are growing as the word gets out – with six attending the first class, 15 at the second class and 30 attending the third.
“Our third session in Glen Gardner was with several veterans who were reemerging from incarceration or a rehab facility. Most of these veterans have problems with credit or have no credit at all. We plan to follow up with this group to see how they are managing.
Mangini said the courses focus on two primary areas.
“One focus is credit – what it is and how you maintain good credit,” he said. “The second focus is on fraud. We are dealing with a lot of fraud. Veterans get a lot of calls and are not aware of the scams. As a member of one class said, ‘a guy called me to tell me I had won the Puerto Rican lottery. But you can’t win it if you didn’t enter the Puerto Rican lottery.’”
Mangini acknowledged the support of the state legislature in this initiative, noting “we have had at least one member of the state legislature at each event so far.”
You can request more information about the NJBA’s upcoming financial literacy courses for veterans by emailing here. info@njbankers.com
