The SMART Save Act of 2024 aims to improve financial literacy training for active duty military members and their families. The bill requires the Department of Defense to develop a standardized financial literacy curriculum across all military branches focused on helping service members actually build financial skills, based on best practices from the Financial Literacy Education Commission. Training must be delivered primarily through in-person classes with fewer than 100 attendees or one-on-one counseling sessions with qualified financial advisors, with online options only when necessary, and spouses are encouraged to participate through in-person or online programs. The legislation also requires that all financial training materials be written in plain language accessible to enlisted members and include retirement planning information, Thrift Savings Plan details, and contact information for financial counselors. The Secretary of Defense must report to Congress within three years on the effectiveness of these financial services and within six years on any efforts to address identified shortcomings.
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