By Lois Whitehead, Public Relations Manager

Thousands of CPAs throughout the country have volunteered for 360 Degrees of Financial Literacy, the profession’s nationwide effort to help Americans get their financial houses in order.

The need for a comprehensive financial literacy program and involvement by the CPA profession to help educate the public about their finances is extremely important. American families carry an average credit card debt of over $6,000, millions of Baby Boomers are doubtful of their ability to retire, and college students are leaving school because of personal debt rather than poor grades, according to information provided by the American Institute of CPAs (AICPA).

“This is a great program and CPAs are best suited to bring it to the public,” said Michael Schulman, chair of the Subco-mmittee on 360 Degrees of Financial Literacy for the Society’s Personal Financial Planning Committee. “It’s also a great way for CPAs and the Society to get the CPA brand out to the public.”

Other members of the subcommittee include Frank Federmann, Michael Goodman and Frank DeCandido.

The program also offers a number of unique services to CPAs and their clients. By joining this AICPA–sponsored program, you can become part of a national effort by CPAs to help educate the country on financial topics important to each stage of life.

Register at volunteers.aicpa.org/financialliteracy. Registered CPAs receive a newsletter and invitations to financial literacy events.

Unique Approach Distinguishes Program

While there already are a variety of resources consumers can tap to improve their financial situation and understanding, 360 Degrees of Financial Literacy has all the tools and expertise gathered together in one place. The program is separated into identifiable categories, focusing on common life stages that trigger major financial issues and considerations: childhood, college, career, military and reserves, couples and marriage, parenthood, home ownership, entrepreneurs, life crisis, sandwich generation (simultaneously caring for parents and children), and retirement.

The structure of the program allows consumers to get information specific to their particular financial issues, while, at the same time, giving CPAs the opportunity to provide volunteer assistance in areas that they are most acquainted with.

A Wealth of Resources for CPAs

360 Degrees of Financial Literacy offers a variety of resources to help CPAs maximize their volunteer efforts:

CPA Financial Literacy Resource Center: The online center, www.aicpa.org/financialliteracy, is a “one-stop shop” that includes content on basic financial issues as well as toolkits, updates and links to other financial literacy websites and state CPA society resources.

Free CPE Program: To ensure CPAs are successful financial literacy volunteers in their communities, the AICPA offers a free CPE course covering the major financial literacy topics.

CPA Mobilization Kits: All the tools a CPA needs to engage in community discussions on financial literacy are included in these kits. Created by the AICPA and the California Society of CPAs, each kit focuses on a particular life event and includes a PowerPoint presentation with notes and fact sheets of pertinent financial issues. Kits for four life stages—high school, college, parenthood and small business—currently are available through the Resource Center. Seven additional toolkits will be launched in February.

Consumer Website: The 360 Degrees of Financial Literacy consumer website, located at www.360financialliteracy.org, provides a comprehensive set of resources for those who need them most. Organized by common 1ife stages, the site is flexible and user friendly and includes articles, planning tools, exercises and links to other helpful sites. CPAs can use the site to support their own volunteer efforts or to help consumers access the kind of information that leads to more-informed financial choices.

Society members can also find timely consumer tips under the “Sound Advice” section on the Society’s website at www.nysscpa.org. The latest information includes 10 year-end tax tips.