Army / Military personnel (this includes navy, airforce, border security forces, etc.) guard our country. However do they undergo any training in personal finance? The answer, is obviously, no.

In an interaction with a few young army / ex army people, I have come to the following conclusion:

1. Like the rest of the population, army people know how to do their work. However they have no clue on how to manage their personal finances.

2. There is surprisingly no dedicated bank for military personnel. Surprising that life insurance and fund management bodies have been created, but no banks dedicated to army personnel.

3. Banks have been let loose on the young army boys – who have happily bought a lot of ULIP, taken expensive loans, done all kinds of stupid things as dictated by the banker.

4. There are too many schemes aiming and targeting the hapless army staff.

5. Many frauds in which military personnel have lost money

6. There should be some kind of a ceiling on the charges that the manufacturer can charge a military person – a very good way of protecting oneself.

7. Army people go through a lot of transfers, staying without the family, etc.  The wife is lucky if  the husband is not transferred every 2-3 years!

…will continue..