FINRA Foundation Supports Seniors and Military Families
In 2008, the FINRA Investor Education Foundation focused on helping two vulnerable groups. These groups included America’s seniors and U.S. military service members. Both faced growing financial risks during the economic crisis.
The Foundation works closely with FINRA, the Financial Industry Regulatory Authority. Together, they provide education, tools, and protection to underserved investors.
Protecting Seniors From Investment Fraud
The FINRA Foundation launched a major fraud-prevention campaign in April 2008. The campaign ran in Florida and Washington State. Its goal was to help seniors recognize and resist common fraud tactics.
The center of this effort was a 90-minute workshop called Outsmarting Investment Fraud. Follow-up surveys showed strong results. Seniors who attended were more than 50% less likely to respond to fraud offers.
The Foundation partnered with AARP and state financial regulators to deliver these workshops. Due to its success, FINRA expanded the program to three more states in 2009.
Fighting Fraud During Economic Uncertainty
Fraudsters often target people during times of financial stress. Economic uncertainty creates new opportunities for scams.
John Gannon, President of the FINRA Foundation, emphasized the importance of education. He stated that FINRA remains committed to protecting seniors from fraud and helping military members avoid predatory lending.
Funding and Foundation Impact
In 2008, FINRA donated $5 million to support the Foundation’s work. Since 2004, FINRA has contributed $30 million in direct funding.
The Foundation has also received:
$7.2 million from enforcement settlements
$55 million from the Global Research Analyst Settlement
Since its launch, the Foundation has approved over $16 million in grants. It has also invested $23 million in direct education programs.
Financial Education for Military Families
The FINRA Foundation held 21 financial education forums in 2008. These took place at military installations across the U.S.
Topics included:
Managing credit responsibly
Avoiding predatory loans
Saving for the future
Since 2006, more than 16,000 service members and families have attended these forums. In 2008 alone, over 8,000 uniformed personnel participated.
Fellowships for Military Spouses
The Foundation awarded 189 fellowships to military spouses. These fellowships helped them earn the Accredited Financial Counselor® designation.
Recipients commit to working or volunteering for up to two years. Many use their personal experience to guide other military families. This program also supports flexible career growth.
Free Credit Tools for Service Members
The Foundation provided free access to BrightScore®, an online credit tool. More than 45,000 military members and spouses used the service.
BrightScore® offers:
Credit score analysis
Personalized improvement plans
Nearly 75% of users with low scores improved their credit after follow-up checks.
Financial Education Through Libraries
In 2008, the Foundation launched SmartInvesting@yourlibrary®. This grant program helps public libraries offer financial education.
Participating libraries serve urban and rural communities alike. In the coming year, 25 library systems will reach more than 8 million people.
Online Resources at SaveAndInvest.org
The Foundation maintains educational resources at SaveAndInvest.org. The site includes dedicated pages for seniors and military families.
These pages help users:
Budget wisely
Save for retirement
Avoid financial scams
The website receives nearly 23,000 visitors each month.
Investor Alerts and Fund Analysis Tools
FINRA issued multiple Investor Alerts during the financial crisis. These alerts helped investors make informed decisions during market uncertainty.
In late 2008, FINRA also launched the Fund Analyzer. This tool allows users to compare investment costs and fees across multiple funds.
About FINRA
FINRA is the largest non-government securities regulator in the United States. It oversees brokerage firms and market activity.
Source: knowledgeplex
