Financial Literacy Skills 2021-07-05
2021-07-05
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Response quality
Questions & Answers
Q1
Partial Answer
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Context
The question arises from the need to address financial issues faced by members of the armed forces, particularly those transitioning to civilian life.
What steps his Department is taking to help ensure that all members of the armed forces are equipped with financial literacy skills. I am concerned about the financial challenges faced by service personnel and their transition into civilian life.
The Ministry of Defence is working to raise awareness of financial issues and planning among service personnel across all three services, because we recognise that financial literacy is a critical life skill.
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Assessment & feedback
Specific measures or timelines were not provided
Response accuracy
Q2
Partial Answer
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Context
The question is prompted by the tragic death of Danny Butcher, a former soldier who fell victim to an unscrupulous money-making scheme after leaving the armed forces. The MP seeks measures to prevent such occurrences and ensure proper financial literacy.
Following a surgery with Ms Jones, I had the pleasure of discussing with the previous Minister for Defence People and Veterans, my hon. Friend the Member for Plymouth, Moor View (Johnny Mercer), what could be done to provide members of the armed services who are about to be discharged with some financial education. In light of Danny Butcher's death, what steps is the Minister's Department currently taking to ensure that all those departing the forces have adequate financial literacy skills, so that they know how to spend their money wisely and become integrated fully in civilian life?
My thoughts are with the family of Danny Butcher. Every veteran suicide is an absolute tragedy and we must seek to learn lessons from this. We are working to ensure that all service leavers have adequate financial educational awareness, and we want to ensure that is the case across all three services, specifically with regard to debt, household financial management and mortgages.
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Assessment & feedback
Specific measures or timelines were not provided
Response accuracy