Financial Literacy



In a March 2006 survey of 1,000 Americans, sponsored by the AICPA 360 Degrees of Financial Literacy campaign, almost half (46%) mistakenly thought Social Security and an employer-subsidized plan will adequately fund their retirement. The poll also found that nearly one in four (23%) respondents had not begun saving for retirement. Carl George, CPA, chair of the AICPA’s National CPA Financial Literacy Commission and CEO of Clifton Gunderson LLP, said, “Americans have to take responsibility today for planning and saving for their retirement. Otherwise, they may have to work far longer—or endure a lower standard of living—than they anticipated.”

Slightly more than one-third of those polled were members of Generation X, born between 1964 and 1980. Most of them were skeptical about government and corporate benefits. Fifty-five percent said they will save and invest to fund their retirement, 65% didn’t expect Social Security to provide retirement benefits and 68% didn’t expect to receive a pension.

Go to the Institute’s Financial Literacy Campaign site ( www.360financialliteracy.org ) for complete poll results and information on how to help your clients overcome the financial challenges inherent in parenthood, home ownership, launching a business, caring for elderly relatives and other milestones in their lives.

SPONSORED REPORT

Revenue recognition: A complex effort

Implementing the new standard requires careful judgment. Learn how to make significant accounting judgments and document them and collaborate with peers for consistent application.

TECHNOLOGY Q&A

How to create maps in Excel 2016

Microsoft Excel 2016 has two new mapping capabilities. J. Carlton Collins, CPA, demonstrates how to make masterful 2D and 3D maps in Excel 2016.

QUIZ

News quiz: Economy and health care changes top CPAs’ list

CPA decision-makers’ economic outlook and the House Republicans’ proposed tax changes as part of replacing the Patient Protection and Affordable Care Act received attention recently. See how much you know with this short quiz.