Financial Literacy

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Why is Financial Literacy important?

Financial literacy is seriously lacking in every income group in America. Family deficits, lack of savings and planning for retirement, college student credit card debt, and students' poor performance on finance-related tests indicate an emerging crisis.

• Americans spend $1.22 for every $1.00 they earn, according to the U.S. Commerce Department of Economic Analysis.
• Fifty-five percent of American workers have no idea how much they will need to save to make their retirement dreams a reality.
• Social Security covers only 40 percent of retirement expenses for the average American.

The statistics for young Americans are just as staggering: 

• Young Americans now have the second highest rate of bankruptcy, just after those aged 35 to 44. (Demos, a public policy research organization)
• The average college student who takes out student loans graduates with $20,000 in debt and with about $2,000 in credit card debt. (Demos)

Alarmed by these statistics, the accounting profession has pledged the support of the country’s CPAs to help Americans become more financially astute. The CSCPA is working in conjunction with the American Institute of CPAs’ financial literacy initiative to improve the financial literacy of Americans.

Resources Available to the Public

Access 360 Degrees of Financial Literacy and find a plethora of information for every phase of your life. Eleven key life stage areas are covered: Childhood, College, Career, Military and Reserves, Couples and Marriage, Parenthood, Home Ownership, Entrepreneurs, Life Crisis, Sandwich Generation, and Retirement and Estate Planning, along with a companion section on financial literacy for women.

Feed The Pig is a Web site for career builders (those between the ages of 25 and 34) to help them plan their financial future. Don’t let your age keep you off this site. There’s plenty of good information for all. Be sure to check out the videos, and sign up to receive the weekly Money Savings Tips. You’ll be surprised how easy it will be to save a little extra money here and there and how it can add up.

The CSCPA Speakers Bureau provides access to CPAs across Colorado who are available and ready to speak to civic and professional groups, students from kindergarten through college, church groups, and any other group interested in learning more about financial literacy. To request a speaker, e-mail Liz Julin or call her at (800) 523-9082, ext. 107, or (303) 741-8607.    

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