AICPA leaders, Head of GAO call on CPAs to help address financial literacy needs of America.

• Position: American Institute of Certified Public Accountants - General Accounting Office - Certified Public Accountant

On May 17, AICPA Chairman of the Board S. Scott Voynich and AICPA President and CEO Barry Melancon announced the inception of "360 Degrees of Financial Literacy," a multi-faceted personal finance education program designed for everyone from school-age children to retirees. Joining them was U.S. Comptroller General David Walker, head of the U.S. General Accounting Office, who himself is a CPA. Together, they called on CPAs to take a leadership role in educating Americans about ways to take control of their financial destiny.

Now more than ever, Americans need the financial literacy expertise that CPAs offer. Rising consumer debt, complicated investment programs, confusing tax laws, and a lack of estate planning are just a few of the factors that cause many people not to reach their personal financial goals. A front-page article in the Feb. issue of The CPA Letter outlined the AICPA's commitment to financial education over the years.

"Financial illiteracy crosses every socioeconomic boundary in America, a fact that surprises many of us," said Voynich. "Regardless of income level, individuals cannot develop the plans to realize the full potential of their lives if they do not have financial knowledge. The message is clear: If you fail to plan, you plan to fail."

"Educating Americans to be financially literate is a life-long process," said Melancon. "It starts when we teach four-year-olds to save and put money in the bank, and continues to when we assist Americans in reaching a secure retirement."

As part of the financial literacy initiative, Melancon announced our agreement with the National Endowment for Financial Education to jointly undertake a national public service announcement campaign, scheduled to launch in early 2005. NEFE specifically requested the Institute invest in and help develop the women's financial literacy education element of the...