VIENNA, Va.--(BUSINESS WIRE)--Navy Federal Credit Union today announced the launch of a new partnership with the USO. The $9 million investment from the credit union will be used to implement existing USO programming and establish new, signature initiatives designed to address the unique needs of America’s military community. Specifically, by leveraging the respective strengths of the USO and of Navy Federal, the partnership will aim to provide comprehensive financial wellness education and resources in support of early-career servicemembers and their spouses.
Last Thursday, members of Navy Federal’s leadership team joined the USO at a ribbon-cutting of its newest ship-based Center aboard the USS Truman, which is currently docked in Norfolk, Va. Among those representing Navy Federal were its President and CEO, Dietrich Kuhlmann, and its Chief Operating Officer, Kara Cardona.
“It was a privilege to visit the USS Truman last week, where we were reminded of the USO’s commitment to being there for Americans in uniform, no matter where they are in the world,” said Kuhlmann. “Combining the strengths and shared commitments of our two institutions, Navy Federal Credit Union is thrilled to partner with the USO in such a tangible, meaningful way, both to amplify the USO’s current work and to ensure Active Duty families have access to the financial education critical to their long-term success and stability. Together, I know our organizations will be a stronger, more effective force for our nation’s military community in every corner of the world.”
Financial wellness, both during active service and when transitioning out of the military, can be a significant stressor for servicemembers and their families. The National Foundation for Credit Counseling’s most recent Financial Literacy and Preparedness Survey found military households “more likely to report financial difficulties” than their civilian counterparts. The May 2024 report specifically noted that military families are disproportionately forced to use savings to cover daily expenses, while they miss credit card payments and transfer debt between cards at a higher rate than the general population.
Recognizing the financial challenges faced by many young servicemembers and their families, Navy Federal and the USO have concentrated their joint efforts on enhancing and creating resources designed to improve their collective financial well-being.
“I am incredibly excited about this new partnership with Navy Federal Credit Union and their commitment to supporting those who serve,” said USO CEO and President J.D. Crouch. “We look forward to collaborating closely with Navy Federal on these initiatives. Together, we will work to drive meaningful impact that strengthens the overall well-being of servicemembers and their families, which is the heart of the USO mission.”
Navy Federal currently offers various financial education resources to its members at no cost, including its online education center, MakingCents, and a digital Mortgage Learning Center, which supports members as they navigate the home-buying process. Similarly, the USO provides regular programming designed to alleviate financial stressors, empowering servicemembers and their spouses to feel more in control of their futures and worry less about their financial well-being. Navy Federal’s investment in the USO will help to advance these ongoing efforts.
About Navy Federal Credit Union:
Established in 1933 with only 7 members, Navy Federal now has the distinct honor of serving more than 13 million members globally and is the world’s largest credit union. As a member-owned and not-for-profit organization, Navy Federal always puts the financial needs of its members first. Membership is open to all Department of Defense and Coast Guard Active Duty, Veterans, civilian and contractor personnel, and their families. Navy Federal employs a workforce of 24,000 and has a global network of more than 360 branches. For more information about Navy Federal Credit Union, visit navyfederal.org. Federally insured by NCUA. Equal Opportunity Employer.
About the USO:
The USO is the leading nonprofit dedicated to the well-being of all people serving in the U.S. military and their families. Since 1941, the USO has been by the side of servicemembers throughout their military service. Impactful support is provided through our 250+ locations around the world, a robust care package delivery program, global entertainment, military spouse and youth programming, and much more, all made possible by dedicated donors, corporate partners, volunteers and staff. To learn more and support our critical mission around the globe, please visit USO.org or follow us on Facebook, Twitter/X, Instagram and LinkedIn.