Financial Literacy


A survey by the AICPA and Weekly Reader Corp., an educational publisher, found that many “tweenagers”—children aged 9 to 12—have surprisingly prudent fiscal habits. Of the more than 1,200 youngsters polled in the January 2006 study, 56% earned a weekly allowance, but only 18% spent it all. More than half (53%) had savings accounts, and nearly as many (47%) did rudimentary budgeting. And almost a third (31%) said their parents discussed personal finance with them—a positive influence actively promoted by the Institute’s 360 Degrees of Financial Literacy campaign, which stresses the advantages of grasping economic fundamentals at an early age ( www.360financialliteracy.org/life+stages/childhood ). The AICPA and Weekly Reader have created a free educational program, Budget Buzz: Be Smart About Saving, to introduce financial concepts to fourth-grade students ( www.aicpa.org/financialliteracy/childhood.asp ).

SPONSORED REPORT

Year-end tax planning and what’s new for 2016

Practitioners need to consider several tax planning opportunities to review with their clients before the end of the year. This report offers strategies for individuals and businesses, as well as recent federal tax law changes affecting this year’s tax returns.

QUIZ

News quiz: IRS warning on cyberattacks and a change in pension rules

Once again, the IRS sounds the alarm about a threat from cyberthieves. See how much you know about this and other recent news with this short quiz.

CHECKLIST

Bolster your data defenses

As you weather the dog days of summer, it’s a good time to make sure your cybersecurity structure can stand up to the heat of external and internal threats. Here are six steps to help shore up your systems.