The SMART Save Act of 2024 requires the Department of Defense to improve financial literacy training for military members and their families. The bill raises the rank at which service members must receive mandatory financial training from E-4 to E-6 and establishes new standards for how this training is delivered, including requiring in-person classes with fewer than 100 attendees or one-on-one counseling sessions whenever practicable, with computer-based training only as a last resort. The legislation also expands training to cover retirement planning information and the Thrift Savings Plan, ensures spouses have access to training either in person or online, and mandates that all training materials be written in plain language accessible to average enlisted members. The Department of Defense must report back to Congress within three years on the effectiveness of these programs using actual military data, and again within six years on any improvements made to address identified gaps. This bill affects all active-duty service members and their families across all military branches.
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