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 ).

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Get your clients ready for tax season

These year-end tax planning strategies address recent tax law changes enacted to help taxpayers deal with the pandemic, such as tax credits for sick leave and family leave and new rules for retirement plan distributions, as well as techniques for putting your clients in the best possible tax position.

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