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Sen. Donnelly Pushes For More Financial Literacy For Vets

Senator Joe Donnelly and federal officials Tuesday discussed the importance of financial protections for service members and veterans.

Holly Petraeus and US senator Donnelly

Photo: Jae Park

The Servicemember Affairs department at the U.S. Consumer Financial Protection Bureau was created to assist servicemembers, veterans and their families with financial difficulties

One of Indiana’s U.S. Senators and the state’s Attorney General are seeking ways to increase financial literacy for active military and members.

Senator Joe Donnelly and Attorney General Greg Zoeller met with officials from the federal Consumer Financial Protection Bureau Tuesday to inform them about the challenges Hoosier vets face.

Donnelly says providing financial advice is a simple thing the government can to do help those who have served their country.

“If the financial piece is right, then they can have some emotional peace and that’s what this is about,” says Donnelly.

Holly Petraeus, the Assistant Director for Servicemember Affairs at the at the Consumer Financial Protection Bureau, says members of the military—and their families—have unique financial situations.

“There were some challenges. One was you had a lot of young spouses that weren’t really experienced with managing money,” Petraeus says. “We saw issues of identity theft while the service members were deployed and we saw some that were eligible to receive benefits because of their low income who actually saw those recalculated during deployment and loss of money because there were supposedly one less person in the household.”

Petraeus says she plans to use the information she learned to better assist veterans through social media campaigns, online Q&As and the bureau’s financial assistance phone line.

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