Chair's Message

Mark Landy, CPA

My oldest daughter, Kelly, graduated from college in June. During a conversation a few weeks prior to the commencement ceremony, I asked her, “What three courses in your undergraduate career do you think will have the most impact on your future?” Kelly graduated with a major in human biology, so I assumed her response would consist solely of courses in the sciences. To my surprise, one of the courses Kelly included in her response to my question was a course in financial literacy, offered by an administrator in the Financial Aid Department. Even though both her mother and father are CPAs, Kelly decided that she would enroll in a financial literacy course during her last quarter in college. Had Kelly’s mother and I failed to prepare her for the financial realities of life after graduation, or had our daughter learned that perhaps her parents didn’t have all the answers?

Either way, Kelly’s selection of a course in financial literacy and her ultimate conclusion of its impact on her future sold me on the AICPA’s 360 Degrees of Financial Literacy program.

The AICPA’s 360 Degrees of Financial Literacy program, which began less than a year ago, is the profession’s collective effort to improve Americans’ understanding of finance. This innovative program encourages CPAs to take a leadership role in volunteering to educate the public on financial topics. The program provides a comprehensive approach to financial education focusing on the information needed at each stage of life from childhood to retirement.

The success of the AICPA’s 360 Degrees of Financial Literacy program, and the success of other programs with similar goals, is tantamount to ensuring a strong viable economic future for America. Programs like the AICPA’s 360 Degrees of Financial Literacy have the potential to create positive changes and unique economic opportunities for many Americans. The United States currently has the lowest national savings rate in the industrial world. Forty-three percent of U.S. families spend more than they earn. In 2001, more young adults filed for bankruptcy than graduated from college. These are just a few of the troubling statistics that highlight the importance of a successful financial literacy program.

In addition, this program holds great potential for our profession. With the implementation of the 360 Degrees of Financial Literacy Initiative, the recognition the profession will receive is sure to be invaluable. The AICPA has developed CPA mobilization kits that include helpful tools such as PowerPoint presentations, talking points, statistics, sample publicity materials, and outlines for planning financial literacy events. These materials will aid us in reaching out to the community with this valuable information about financial literacy. Information and materials can be obtained at www.aicpa.org/financial literacy.

State Societies throughout the United States are supporting the 360 Degrees of Financial Literacy Initiative. In March, KNXV-TV in Phoenix aired a two-hour personal financial planning/tax call-in with CPAs. Approximately nine CPAs served on the panel during the 5:00 to 7:00 p.m. newscast. This is yet another way that our profession can serve as active participants in our communities, using our knowledge and expertise for the benefit of others.

^{As an individual CPA, you can make a difference and provide goodwill for your profession by participating in the 360 Degrees of Financial Literacy program. After meeting certain requirements, you can qualify for a Certificate for Volunteer Financial Literacy Service. Let us all remember that “America Counts on CPAs” and, just as important, “}^{Arizona Counts on CPAs.” For more information on the 360 Degrees of Financial Literacy Initiative, please visit www.aicpa.org/financiialliteracy at your convenience.}