Springfield Standard

Senator Eric Schmitt, along with Senator Patty Murray, U.S. Representative Terri Sewell, and Delegate James Moylan, have introduced the bipartisan Servicemembers Are Ready To (SMART) Save Act. This bill aims to improve the Department of Defense's financial literacy training program for servicemembers and their families, helping them transition more smoothly into civilian life.

In a statement, Senator Schmitt expressed his enthusiasm for the SMART Save Act, stating, “The SMART Save Act is a solid enhancement to an existing program aimed to provide members of the military a critical baseline of financial literacy for a smooth transition back into civilian life. I’m proud to work across the aisle with Senator Murray on this commonsense legislation for our servicemembers.”

Senator Murray emphasized the importance of financial literacy for servicemembers, saying, “Financial literacy is a huge part of that—everything from knowing how to create a budget to getting a mortgage, planning for retirement, doing your taxes, and just having the knowledge and the confidence to make smart decisions with your money. Our bill is straightforward: it will update and improve DoD’s financial literacy training to better prepare servicemembers for the transition to civilian life and set up their families for success.”

Lt. Gen. Brian T. Kelly, USAF (Ret), president and CEO of the Military Officers Association of America (MOAA), highlighted the significance of financial education for military readiness, stating, “MOAA supports the SMART Save Act of 2024 and thanks Senators Murray and Schmitt for their tireless support for those in uniform.”

Shannon Razsadin, President & Executive Director of the Military Family Advisory Network (MFAN), commended Senators Murray and Schmitt for their focus on economic security for military families, stating, “We commend Senators Murray and Schmitt for remaining focused on the economic security of all those who serve and the critical role that family members play in supporting family finances.”

The SMART Save Act of 2024 aims to enhance DoD’s financial literacy training by developing a standard curriculum based on best practices in the financial services industry, prioritizing proficiency in financial literacy, and increasing access to retirement information. The bill also expands financial literacy training requirements for servicemembers ranked E-5 and E-6 and calls for a report on the effectiveness of the training with recommendations for improvement.

Overall, the bipartisan effort to improve financial literacy training for servicemembers through the SMART Save Act seeks to better equip military personnel and their families with the necessary skills and knowledge for a successful transition to civilian life.