Money $mart: bringing financial literacy to California classrooms.

• Author: Turner, Crystil

now later or never?

CPAs understand better than most the financial illiteracy epidemic. In fact, it would be challenging to find a California CPA who was surprised that:

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* Average credit card debt among young adults (age 25-34) increased by 55 percent in the past decade, to $4,088, and average credit card debt among 18- to 24-year-olds increased 104 percent;

* The 2006 Retirement Confidence Survey found that a large majority of workers who have not put money aside for retirement have little in savings at all;

* The savings rate for American consumers continues to run into negative numbers;

* Almost 24 percent of undergraduate students reported using credit

cards for tuition; or

* In 2006, 1.3 billion credit card holding Americans claimed bankruptcy.

For these reasons, among many others, CalCPA and CalCPA Institute have delved headfirst into tackling financial illiteracy and delivering personal finance education.

While the epidemic is far from eradicated, as CalCPA's financial literacy initiative approaches its four-year anniversary, CalCPA member volunteers have reached more than 20,000 Californians--including 10,000 in 2006. Venues for financial literacy outreach and education have ranged from senior centers and legislator townhalls, to the streets of Los Angeles and the Sacramento Convention Center.

By far, the most effective place to spread the word is California's high school classrooms. In 2006, CalCPA member volunteers presented personal finance lessons to almost 7,000 students. "CPAs who volunteer in schools provide an incredibly valuable service," says John McWilliams, CalCPA Financial Literacy Committee chair and accounting professor at San Francisco State University. "Helping young people prepare to take care of themselves and their families is a public service with the potential for significant primary and secondary benefit."

OUT OF THE OFFICE AND INTO THE CLASSROOM

It's the CPAs who volunteer their precious time that make the financial literacy program a success--and national model. As of February, CalCPA had more than 800 volunteer members.

"The hard work of members and staff of CalCPA has resulted in incredible progress in connection with high school students," says McWilliams.

Each volunteer is trained prior to any high school visit in three areas of personal finance--budgeting, credit and saving and investing. In addition to one-on-one training, CalCPA provides semi-monthly training for all volunteers. The training creates a forum for volunteers to share experiences and ideas from their visits. Volunteers are provided with the basic curriculum and offered ideas for instruction, but are encouraged to personalize each presentation and keep it relevant to their audience.

"I find the students show more interest if you use examples," says volunteer Jennifer Riva-Kirk...