Chair's corner.

• Author: Voynich, Scott
• Position: Americans not saving money to retire

In 2002, 1.4 million families filed for bankruptcy. In 2003, the number rose to 1.6 million. Many Americans are not saving enough money to retire. Few would deny the existence of these difficulties and the fact that we must address them. But many don't recognize how they relate to a lack of financial knowledge on the part of many Americans.

Clearly, we must increase our country's level of financial literacy, defined as the ability to effectively evaluate and manage one's finances in order to make prudent decisions toward reaching major life goals. If Americans are to navigate the financial challenges facing our country, they must learn the basics of financial planning.

On May 17, I joined with AICPA President and CEO Barry Melancon and U.S. Comptroller General David Walker in announcing the AICPA's new national financial literacy program, "360 Degrees of Financial Literacy" (see page 1). This program is a call to arms and the AICPA is leading the charge.

A poll of AICPA members reflects their concerns about financial literacy. Fully 95% view this as an extremely important or very important issue. In fact, 15% are actively volunteering with clients and reaching out in communities across the country to help raise the level of financial literacy. Of those not currently volunteering, 87% want to take up the cause.

You may wonder, why CPAs? The answer is simple. CPAs have long played a vital public interest role by helping Americans achieve financial well being. They have the knowledge, objectivity and integrity that are essential to help people become financially literate. No group is better qualified to take up this challenge.

As financial professionals we occupy a unique space in the public and private sectors. We serve as trusted advisers in the financial arena and are viewed as a highly credible resource to those who seek a greater understanding in this area.

You will be hearing much in...