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Military members in Great Falls met with some financial-literacy advocates on Wednesday.

Holly Petraeus of the newly-established federal Consumer Financial Protection Bureau, along with MT Attorney General Steve Bullock and U.S. Senator Jon Tester (D-MT), held a forum to hear from airmen of Malmstrom Air Force Base and the MT Air National Guard.

Also attending the event were business and civic leaders.

Petraeus says the military overall is a young group, and many are inexperienced with finances and budget.

Bullock noted, "There's often, especially with our younger folks, walking in with substantial debt and some real challenges that we need to make sure they are getting the resources they need."

Petraeus is tasked with educating military people to make better decisions about financial products and services.

But to make a difference, she is hoping to hear firsthand what problems service members are truly facing.

Tester said, "Holly Petraeus is an individual that will be able to listen and develop a plan to bring everyone together so everyone is talking from the same page."

Tester says that he hopes the numerous visits with the nation's military members will help Petraeus develop policies that work, adding, "Not duplicate programs, not add unnecessary regulations, but protect the consumers that need protection."

The CFPB website has more information, including this overview:

Servicemembers, veterans, and their families:

Are an attractive target for both good and bad lenders:

Many lenders know the UCMJ requires you to maintain good finances.
You are easy to find, so lenders are confident they can collect debts you owe.
Your military pay represents a steady income that could be garnished.
Military families often start young, leading to big money management decisions by first-time decision makers.

Face unique risks:

Deployments, change of duty stations, and emergencies lead to unplanned and unique financial difficulties without adequate resources to resolve them.
Your loyalty to your service leads marketers to tie their pitches to the military, a strategy called "affinity marketing."
Frequent relocation can mean unforeseen expenses and a lack of familiarity with the local environment.