Americans Need Financial Literacy More Than Ever

Americans are delaying major life decisions, including buying a home, marriage or retirement in increasing numbers—for financial reasons. According to a recent survey, as many as 51 percent of college students say finances, such as the high cost of student loans, play a major role when making important life choices.

This staggering statistic points to the need to educate and help all Americans make smart financial decisions. As Chair of the AICPA’s National CPA Financial Literacy Commission, I help spread the message about the critical need for financial educational programs. The AICPA, state CPA societies and thousands of CPAs across the country share a common responsibility for leadership and promotion of financial education through the profession’s flagship 360 Degrees of Financial Literacy program and the public service announcement campaign Feed the Pig.

This month is Financial Literacy Month, and while it is a great time to shed light on the need for financial literacy, it’s a topic that must be consistently discussed year round—especially since the total national student loan debt is now over a trillion dollars. Too many people of all ages continue to find themselves in precarious financial situations they’re unable to handle due to a lack of knowledge about topics that seem commonplace to us as CPAs, such as credit cards and loans.

Helping people understand their finances and providing educational opportunities to solve financial problems, such as the increasing student loan debt, is the CPA profession’s social responsibility. As trusted advisers, we have the ability to create better financial futures across the country. Millions of Americans have been assisted by free resources available on the 360 Degrees of Financial Literacy and Feed the Pig websites. These sites include free tips and calculators to help them make sense of student loans, accelerated debt payoff and much more. This is just one part of the profession’s commitment to improving the financial education of Americans.

Financial literacy education is a grassroots effort and CPAs are leading the charge. I encourage you to go out in your communities and speak to neighbors, friends, family and local schools about the importance of financial literacy. As a member, there are a variety of resources available to you, such as prefabricated presentations, hand outs and more. Reach out to Samantha Delgado, the AICPA’s communications manager of consumer education, for more information.

What are some ways that you help people understand their personal finances?

Greg Anton, CPA, CGMA is Chair of the AICPA National CPA Financial Literacy Commission.

Saving for a house courtesy of Shutterstock.