Veterans: Finance
The question
To ask the Secretary of State for Defence, what support his Department provides to (a) service personnel and their families and (b) people leaving the services to improve financial resilience.
Answered by Al Carns
The Ministry of Defence (MOD) works in close partnership with several financial institutions including three not-for-profit Credit Unions which make up the MOD’s Joining Forces Credit Union initiative. Joining Forces Credit Union provides Service personnel, their partners, families, and dependants, with access face-to-face and online financial awareness briefings to help improve financial resilience with an emphasis on encouraging a savings culture and deterring the use of ‘pay day loan companies’.
All Service leavers are entitled to support from the Career Transition Partnership (CTP). Service leavers are encouraged to attend The Financial Aspects of Resettlement (FAR) brief which is a single day course designed to help them access financial awareness and long-term planning information, tax, pensions, and benefits advice. There are 11 resettlement hubs around the UK, located in areas where the majority of Service personnel choose to settle.
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