Support the Enlisted Project Partners with Experian to Support the Military Community
November 11 2022 - 8:03AM
Business Wire
Financial literacy and credit education
resources will help active duty and veteran families to be
mission-ready in their financial lives
"To help service members navigate the financial strain that can
come with the commitment to serving in the military, nonprofit
Support The Enlisted Project (STEP) has partnered with leading
information services company Experian for financial literacy and
credit education support. The partnership will bolster STEP’s
Emergency Financial Assistance (EFA) program, a financial behavior
intervention which melds five social work modalities and a change
management process that helps young military members move from a
financial crisis toward a lifetime of financial
self-sufficiency.
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Military service members and their families represent a
cross-section of America, where 150,000 18–24-year-olds join the
military each year. Recruits come from all classes, demographics,
identities, and population segments, representing a rainbow of
diversity from their ethnicities, socioeconomic backgrounds,
marital status, education, and expertise, and beyond. A vast
majority of the service population qualifies as having low to
moderate income for the area in which they live, and their
diversity reflects many underserved populations. Additionally, 52%
of the military, at a minimum, earn a low-income wage per Housing
and Urban Development (HUD) standards. STEP serves all E1-E6
military and veteran families in crisis requesting support,
regardless of any identification.
“We created STEP to support young military families during times
of financial crisis, but more importantly, to make it their last
crisis. Bringing awareness of our program to the transient military
population has been a much larger challenge than we expected. We’re
thrilled our partnership with Experian will help us bring financial
self-sufficiency to more of our families,” said Tony Teravainen,
STEP chief executive officer and co-founder.
Experian’s Military, Veterans and Patriots (MVP) employee
resource group has supported STEP since 2019 by coordinating baby
supply drives and volunteering in its San Diego warehouse.
“I’m a proud military Mom and I know firsthand the sacrifices
our armed forces members and families make to protect our country.
I’m excited that Experian can support this community by helping our
enlisted members as they begin their military service so they can
support their loved ones while serving, and after, their active
duty. We want to see the women and men serving our country feel
more empowered when it comes to their financial health, whether it
be staying on top of their finances, learning how to pay off debt,
budget or save,” said Abigail Lovell, global chief sustainability
officer for Experian.
Experian’s mission is financial inclusion and empowerment for
all. Its commitment to the military community includes resources,
and its weekly Twitter #Creditchat addresses topics such as
Financial Tips for Military Families. The partnership with STEP is
part of Experian’s United for Financial Health initiative, which
aims to empower and protect consumers to improve their financial
health through education and action.
Over the past ten years, STEP has managed 6,400 families through
its program, where 90% of program graduates become financially
self-sufficient. The program utilizes social workers who have
experienced military life and are certified financial counselors,
who help families get their arms around their unique financial
situations, requirements, debts, and goals. Client families receive
education, empowerment, mentoring, and advocacy as they create
their own budgets, goals and plans. STEP has also issued $2.2
million in financial grants to approximately 50% of its families to
restore or retain basic necessities; 94% have not needed additional
grant funding.
About Support The Enlisted Project (STEP)
Support The Enlisted Project (STEP) is a 501(c)3 nonprofit
assisting active-duty enlisted members and recently discharged
veterans and their families facing financial crisis achieve
long-term financial self-sufficiency through counseling, education
and grants. STEP has been serving the military community for 10
years and has offices in San Diego and Orange County, CA, as well
as in Tacoma, Washington. Further information can be found at
TeamSTEPusa.org and @TeamSTEPusa on social media platforms.
About Experian
Experian is the world’s leading global information services
company. During life’s big moments – from buying a home or a car,
to sending a child to college, to growing a business by connecting
with new customers – we empower consumers and our clients to manage
their data with confidence. We help individuals to take financial
control and access financial services, businesses to make smarter
decisions and thrive, lenders to lend more responsibly, and
organizations to prevent identity fraud and crime.
We have 20,600 people operating across 43 countries and every
day we’re investing in new technologies, talented people, and
innovation to help all our clients maximize every opportunity. We
are listed on the London Stock Exchange (EXPN) and are a
constituent of the FTSE 100 Index.
Learn more at www.experianplc.com or visit our global content
hub at our global news blog for the latest news and insights from
the Group.
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version on businesswire.com: https://www.businesswire.com/news/home/20221111005149/en/
STEP Tony Teravainen, tony.teravainen@teamstepusa.org
Experian Victoria Lim, victoria.lim@experian.com
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