First Command Donates $250,000 for Financial Literacy

Gift Supports National Expansion of First Command Educational Foundation’s “Money Matters” Program

FORT WORTH, Texas--(BUSINESS WIRE)--First Command Financial Services, Inc., has awarded $250,000 to First Command Educational Foundation’s financial literacy program for Texas high school students, paving the way for a national expansion.

“Through our sponsorship of Money Matters, we are reaffirming our long-standing commitment to foster financial literacy and responsibility in American families”

Called Money Matters, the free program provides educators with a complete financial literacy curriculum approved by the Texas State Board of Education. It meets all the requirements of the unfunded mandate from the State of Texas (House Bill 492) to educate high school students in financial literacy before graduation.

“We are pleased to announce that First Command Financial Services, Inc., has stepped up as the lead sponsor of this important initiative,” said Vickie Mauldin, CEO of First Command Educational Foundation. “Money Matters is already being used by 20,000 students in classrooms across North Texas. This significant gift is designed to greatly extend our reach in Texas and take the program nationwide.”

By the 2010-2011 school year, the First Command Educational Foundation plans to serve more than 185,000 Texas high school students with a goal of expanding the program nationwide beginning in August 2012.

Money Matters is an ideal fit for First Command Financial Services, which has a long-standing commitment to fostering financial literacy and responsibility in children. In the company’s “Teaching Our Children About Money” program, First Command Financial Advisors share the various approaches they take when discussing money with their minor and adult offspring.

“Through our sponsorship of Money Matters, we are reaffirming our long-standing commitment to foster financial literacy and responsibility in American families,” said Scott Spiker, CEO of First Command. “Our decision to fund a national expansion of this educational program is particularly important in light of the recent economic turmoil. In our role as financial coaches, we are seeing a new generation learn and commit to sound financial management behaviors and discover the value of a more frugal way of life.”

The Foundation recently kicked off its Money Matters expansion effort when it presented First Command Financial Services with a Wave of Excellence award for being lead title sponsor. More than 130 guests attended the presentation, which featured a letter of congratulations from U.S. Rep. Kay Granger, R-Fort Worth, and recognition of almost $300,000 in cash and pledges. Other major donors include:

• Platinum ($10,000)
  • Atmos Energy
  • Branch Smith Printing
  • Jay Novacek and Associates
  • Consumer Service Alliance of Texas
• Gold ($5,000)
  • National Direct Media
  • Enterprise
  • Venetian Custom Homes
  • Dr. Nancy Spiker
• Silver ($1,000)
  • Andres Construction
  • Vickie Mauldin
  • Rick and Sue McManus
  • Dick and Doris Terrell
  • LTCI Partners, LLC
  • CompEdge
  • American Independent Marketing and GoldenCare USA
  • Steve and Denise McCune (McConstruction)

Mauldin said the need for financial education at the high school level is underscored by recent reports pointing to a number of alarming trends among young people ages 18 to 24 years old in the United States.

• More students will file for bankruptcy than will graduate from college.
• Young adults between the ages of 20 – 24 years old represent the fastest growing segment of bankruptcy filings.
• Based on a national survey of high school seniors, Jump$tart Coalition reported students consistently scored a failing grade in basic financial literacy.
• 41 percent of financial literacy teachers believe one of the major obstacles preventing them from teaching financial literacy is a lack in materials, according to a Networks Financial Institute Survey.

“Much more help is needed to make financial literacy a reality for all our nation’s youth,” Mauldin said. “Even in this tough economy we remain dedicated to seeking corporate sponsorships to underwrite this vital educational effort.”

About First Command Educational Foundation

First Command Educational Foundation has been proudly supporting the citizens of Texas and their families since 1983. FCEF is a 501(c)(3) public charity, and has worked tirelessly to promote their mission to provide and promote education as the foundation of a productive society through scholarships and financial literacy education. To that end, FCEF has awarded almost $4 million in scholarship grants to help offset the costs of higher education, and has educated many thousands of individuals on numerous financial literacy topics. www.fcef.com

About First Command Financial Services

First Command Financial Services and its subsidiaries, including First Command Bank and First Command Financial Planning, assist American families in their efforts to build wealth, reduce debt and pursue their lifetime financial goals and dreams—focusing on consumer behavior as the first and most powerful determinant of results. Through personalized financial plans that emphasize accumulating wealth while reducing risk, First Command Financial Advisors have established lasting relationships with hundreds of thousands of client families since 1958.