AMERICA SAVES LAUNCHES VETERAN SAVES TO ADDRESS THE UNIQUE FINANCIAL CIRCUMSTANCES IMPACTING VETERANS

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Kristin Carver Smith
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Kathryn Pasche
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AMERICA SAVES LAUNCHES VETERAN SAVES TO ADDRESS THE UNIQUE FINANCIAL CIRCUMSTANCES IMPACTING VETERANS

New Program will Provide Support to Thousands of Former Service Members Often Facing Overwhelming Financial Challenges after Leaving the Military                              

(WASHINGTON, D.C) June 22, 2022 — America Saves announced today the launch of its newest initiative, Veteran Saves, a sister program to the well-established Military Saves initiative. The work of Veteran Saves will center on building financial resilience, increased savings, and economic stability in the Veteran population by providing tailored support systems that address Veterans’ unique financial circumstances. Joining America Saves in launching this initiative are the Association of Military Banks of America (AMBA) and the Defense Credit Union Council (DCUC).

“We’re all aware of the critical need for direct financial wellness support specific to the Veteran population,” said Kia McCallister-Young, Director of America Saves. “And while I’d like to say, ‘the time is now,’ as a Veteran myself, a program like Veteran Saves is overdue. With the joint efforts between America Saves, AMBA, DCUC, and with the support of the Department of Veteran Affairs, I’m keen to bring the program to life, but even more so ready to see the true impact of greater financial stability and confidence in the Veteran population through the program.”

Veteran Saves will build on the rich history of Military Saves, the America Saves initiative started in 2005. The content and programming for Veterans will focus on sharing resources and solutions around the key issues taking place in the Veteran community including financial stress, debt, homelessness, and being unbanked. The financial needs of Veterans—particularly those in transition to civilian life or recently transitioned, those with a disability, and those who are caregivers—are different from active-duty military and as such require a specialized approach to ensure that their financial futures are stable and secure.

Projections are that more than 250,000 service members are separating from active duty annually.

Regarding the initial launch of Veteran Saves, Charles S. Tapp II, the Veterans Benefits Administration’s Chief Financial Officer stated, “Veteran Saves will enhance and reinforce the Veterans Benefits Banking Program’s (VBBP) efforts to help unbanked Veterans find safe, reliable, and inexpensive ways to receive and manage their VA monetary benefits at a bank or credit union and to provide opportunities for free financial education and counseling.  VA is excited about this endeavor, and we look forward to expanding financial literacy initiatives throughout the Veteran community.”

“As the Department of Veterans Affairs’ partner in the Veterans Benefits Banking Program, we have witnessed the need among Veterans for savings strategies tailored to their unique circumstances,” said Steven J. Lepper, President and CEO of AMBA. “Just as Military Saves has successfully helped hundreds of thousands of military members and families prepare for their financial futures, we are certain that Veteran Saves will have the same positive impact on America’s Veteran community. We are proud and pleased to partner with America Saves in launching this new program.”

“DCUC is proud to be part of this expansion to support our Veterans’ financial education needs stated Anthony Hernandez, DCUC President/CEO.  Defense credit unions have served the military community for almost 100 years, and our support doesn’t stop when the service member takes off their uniform. Veteran Saves is a great way to make sure this important part of our military family is given the attention they deserve,” stated Anthony Hernandez, DCUC President/CEO.

Veteran Saves will honor and economically empower America’s heroes and their family members by supporting the financial health and well-being of Veterans and positively affect their overall quality of life. For more information contact info@militarysaves.org or visit VeteranSaves.org.

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About America Saves

America Saves is a campaign managed by the nonprofit Consumer Federation of America that uses the principles of behavioral economics and social marketing to motivate, encourage, and support low- to moderate-income households to save money, reduce debt, and build wealth. America Saves encourages individuals and families to take the America Saves pledge and organizations to promote savings year-round and during America Saves Week. Learn more at americasaves.org and americasavesweek.org.