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Commentary | Jan. 21, 2021

Updated Personal Financial Management Program policy—top four changes you need to know

By Keisha Reynolds, MyCG Writer

The Coast Guard recently updated its Personal Financial Management Program policy with several adjustments.

Here are the top four changes you need to know:

  1. The Personal Financial Managers (PFMs) will be introduced and become better infused across the Coast Guard to provide education and training, financial counseling and information/referral.
  2. The Personal Financial Management Program expanded the scope of financial literacy for members to address mandates based on the FY16 National Defense Authorization Act (NDAA). The NDAA requires that military members receive financial literacy training at personal and professional touch-points across the military lifecycle.
  3. Commands with at least 25 members are now required to have a command financial specialist (CFS) whereas they were previously encouraged. Commands must also maintain a ratio of one CFS to every 75 members. Commands should review Enclosure (1) to COMDTINST 1740.8A, which outlines required qualifications, functions, and training of a CFS.
  4. The CFSs are required to maintain communication with their PFM mentors and provide monthly updates, so that they can receive assistance with training and resources to allow for best performance at their commands. 

“There are so many reasons to update the policy, especially with current events,” said Personal Financial Management Program Specialist, Joi Tann. “The first reason for the update is to help CG members to achieve financial readiness. Secondly, to meet the NDAA Congressional man-date. Lastly, we want to make sure our members are getting the education they need to make smart financial decisions.”

Resources:

  • Promulgation of the Coast Guard Personal Financial Management Program ACN 151-20
  • Coast Guard Personal Financial Management Program instruction
     
Financial Planning Personal Financial Management Program PFMF CG-1112

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