AICPA launches program to improve America's Financial Literacy.

• Position: National

The AICPA has announced a new program targeting financial illiteracy in America. The program--360 Degrees of Financial Literacy--is a multi-faceted education program designed for everyone from school-age children to retirees. A recent Roper Poll commissioned by the AICPA revealed that many Americans lack a basic understanding of how to prepare for their short- and long-term financial needs. For example:

* Nearly two-thirds of Americans 65 and older do not feel fully confident they have the knowledge they need for adequate retirement planning.

* Nearly half of all Americans are unfamiliar with the impact a 401(k) plan can have.

* Income replacement (retirement funds or other money needed to replace a current salary) is an unknown concept for 61 percent of Americans.

* A quarter of Americans said they would file for bankruptcy if faced with an unmanageable financial emergency.

During the press conference announcing the new program, Comptroller General of the U.S. and Head of the General Accounting Office, David Walker, CPA, called on his professional colleagues to take a leadership role in educating Americans about the need to take control of their financial destiny.

"By virtue of their experience and knowledge, CPAs are the right individuals for this task," Walker said. "Every time CPAs improve a client's financial condition, they are by extension contributing to the economic well-being of our nation."

"Too...