Navy budget cuts mean slices to sailors’ personal finance training
News from Pensacola Business Journal:

Defense spending cuts are hitting close to the pocketbook at Pensacola Naval Air Station, where a decade-old program to teach personal finance to young sailors is being sharply trimmed, effective June 30.

The cutbacks are part of a Navy effort to save $ 1.6 million annually at classes in Pensacola, Great Lakes, Il. and Meridian, Ms., according to people close to the program. Instructors in the program have been paid in the range of $ 18 to $ 33 an hour.

“These are very important classes for young people, often right out of boot camp, who benefit from basic instruction on things like handling a checkbook, using credit cards and consumer awareness,” said Joseph Henderson, a Gulf Breeze city councilman who teaches the classes two days a week at the Naval base in Pensacola.

Henderson, who is one of those scheduled to lose his part-time job on June 30, said he has been teaching the classes for a decade.

The experienced civilian instructors, who are required to have a minimum of four years of work experience in a financially related field, and have attended several weeks of classes through San Diego City College in California in order to teach the personal finance curriculum, will be replaced by active duty Navy personnel, said Leo Padilla, dean of military training at the school.

He said 11 current instructors in Pensacola will lose their job…………… continues on Pensacola Business Journal

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