Financial Fitness Ohio: CPAs advance Ohio financial literacy efforts.

• Author: West, Karen
• Position: Cover story

A staggering number of Ohioans are at the breaking point with their personal finances. In light of this crucial need, The Ohio Society introduces Financial Fitness Ohio, a statewide initiative to leverage the financial skills of Ohio CPAs to help improve financial literacy in Ohio.

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The Ohio Society of CPAs launched Financial Fitness Ohio on Nov. 17, 2005, to help position Ohio CPAs as leaders in advancing financial literacy by helping improve the financial awareness and understanding of Ohioans.

CPAs have the financial skills and business knowledge to help Ohioans become financially fit through sharing their knowledge and expertise.

In a recent Statewide Business Poll conducted by The Ohio Society of 7,500 of its members, about 75 percent of CPAs responding said that it is important for CPAs to help advance financial literacy efforts. Almost 90 percent said financial literacy was a problem for Ohioans, and nearly two-thirds predicted that record-high household debt would affect Ohio's economy.

"Too many Ohioans lack a basic understanding of how to attain financial fitness," said Janice L. Culver, CPA, chair of The Ohio Society Executive Board. "This lack of financial fitness relates directly to the economic strength of our society. These survey responses underscore the need and desire of our members to become involved in financial literacy efforts."

Financial Fitness Ohio hits the ground running

The Society announced the Financial Fitness Ohio initiative in Columbus with The Ohio Society Executive Board, Ohio Society members, business and community leaders, government officials and Ohio Society student ambassadors in attendance.

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"Financial literacy isn't just for Ohioans. It's for Ohio, too. Financial illiteracy is a huge problem, affecting individuals and businesses--and ultimately the Ohio economy," said State Rep. Arlene Setzer, chair of the House Education Committee, during the initiative's kick-off event.

"Ohioans today face a growing list of personal financial challenges," said Culver during the presentation.

"Bankruptcy and credit card debt are at all time highs," Culver added. "Many consumers are not saving enough money to retire and have no reserve funds to help them through an unexpected financial or medical emergency. Simply put, Ohioans are not adequately prepared to meet current and future financial needs."

Culver also called on her professional colleagues to take a leadership role in educating Ohioans about the need to take control of their financial destinies.

The challenging path

Consider these statistics:

* In 2004, the personal savings rate was 1.4...