We go to our medical doctor for yearly check-ups of our physical health, but what about our financial health?
In response to concern for the economic security of all Service Members by Secretary of Defense Llyod Austin, the Financial Well-Being Assessment (FWBA) was created. Secretary Austin cites economic challenges related to the COVID-19 pandemic and increasingly competitive housing markets as the force for creating the FWBA.
Available to all Marines, Sailors, and family members, the FWBA was developed and distributed in collaboration between the Office of Financial Readiness and Personal Financial Management. The FWBA guides Service Members through a “checkup” of their financial health. The easy-to-use self-assessment, consisting of 12 simple questions, provides a score and suggests resources that enable Marines to evaluate and improve their current financial well-being and plan for the future.
Service members are encouraged to take the assessment once per year or whenever their financial situation changes. Answers are anonymous and the assessment does not track data. Upon completing the self-assessment, Marines can contact their PFM/CFS to develop strategies to manage their financial matters.
Marines can access the assessment through their local installation Professional Financial Managers (PFM), their unit Command Financial Specialists (CFS), or the FWBA website.