27% of Military Families Are Doing This With Their Money and Why It’s Risky – with Bruce McClary of NFCC

Welcome to Season 2 Episode 4 of the "Militarily Speaking" podcast with Tom McLean and Jodi Vickery In this episode of Militarily Speaking, we talk with Bruce McClary, Senior Vice President of Media Relations and Membership for the National Foundation for Credit Counseling (NFCC). Financial readiness is an essential part of life for military families, who often face unique financial challenges due to deployments, relocations, and transitions between duty stations. Together with hosts Tom McLean and Jodi Vickery, they explore the latest trends, tools, and financial resources for service members designed to promote military financial wellness and education. “Militarily Speaking” is a podcast produced by Armed Forces Bank that is dedicated to the military lifestyle and all the things that makes the military community who they are. 27% of Military Families Are Doing This With Their Money and Why It’s Risky – with Bruce McClary of NFCC Returning as the first-ever repeat guest on Militarily Speaking, Bruce McClary shares his extensive experience helping service members and veterans achieve financial stability. Through his work with the NFCC, Bruce champions veteran financial education and financial counseling programs that help military families reduce debt, improve credit, and build stronger money management habits. His work directly supports financial readiness for the military community, empowering service members to make informed decisions about their financial futures. Cryptocurrency and Military Financial Decisions One of the most eye-opening discussions centers around cryptocurrency and its growing role in military financial behavior. Surveys reveal that over a quarter of active-duty service members and military spouses have invested in cryptocurrency – double the national average. Bruce warns of the volatility and limited consumer protections in this market, emphasizing that financial education for service members must now include guidance on emerging investment trends. Programs like the NFCC’s financial counseling services play a crucial role in helping military members understand these risks and build responsible investment strategies. Bridging the Financial Communication Gap in Military Households Military families often face emotional and logistical challenges when it comes to managing money. Despite frequent financial discussions, more than half of military couples report that money management is a source of conflict. Bruce explains that improving financial literacy in military households requires practical tools—like budgeting checklists and step-by-step resources—to support better communication. Strengthening military financial readiness starts with helping families have productive, informed conversations about money. Addressing Payday Loans and Hidden Financial Traps Another major concern discussed is the continued use of payday loans and “buy now, pay later” services among service members. These short-term solutions can easily spiral into debt traps that undermine financial wellness for military families. Bruce urges the community to take advantage of trusted military banking partners and veteran financial assistance programs instead of predatory lenders. Resources like those provided by the NFCC and Armed Forces Bank can help service members avoid costly mistakes and build long-term financial security. Strengthening Financial Education for Service Members Bruce emphasizes the importance of collaboration between military banks, nonprofit organizations, and educators to expand access to financial education for veterans and service members. This partnership-driven approach ensures that every military family has the tools and knowledge to handle challenges such as debt management, savings strategies, and home or business financing. Improving military financial readiness not only strengthens individual families but also enhances overall community resilience. Get Support from the NFCC If you’re a service member, veteran, or military spouse seeking financial guidance, the NFCC offers certified financial counselors who specialize in veteran financial education and support. Visit www.nfcc.org or call 1-800-388-2227 to access free or low-cost counseling that helps with budgeting, debt reduction, and credit improvement. This episode of Militarily Speaking highlights the ongoing need for financial readiness in the military community. By increasing awareness, improving access to reliable resources, and prioritizing financial education for service members, families can take proactive steps toward a more secure and confident financial future. Military MinuteThe Military Minute giveaway offers listeners like you a chance to show off your military and life knowledge. Winners receive $50 for themselves and a charity of their choice!For giveaway details or to enter, visit the Militarily Speaking Podcast Facebook page and find this episodes’ Military Minute post! After a winning selection, Military Minute participants are eligible for another selection after 12 months. ·      Last episode’s Military Minute: In what year was the Veterans Business Outreach Center created?·      Answer: 1999·      This week’s Military Minute question(s): What was the original name of Old Dominion University?·      Watch for this weeks’ Military Minute post on the Militarily Speaking Facebook page.·      Answer with the correct answer and you plus a charity of your choice can each win $50.·      After a winning selection, Military Minute participants are eligible for another selection after 12 months. Tom closes the episode by asking listeners to go to www.afbank.com and subscribe to the show, as well as leave a rating and comment on your favorite podcast platform such as Apple Podcasts or Spotify. Join us to hear how to better navigate your finances, military life, and the crossroads of the two. Visit www.afbank.com