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

States look to unclaimed property for revenue

This free report outlines the escheat process, common types of AUP, how different states are handling it and how companies can plan for potential audits and liabilities.

PODCAST

Using drones to enhance audits

Hermann Sidhu, CPA, global assurance digital leader at EY, walks us through EY’s exciting new project to use drones to help audit large warehouses and outdoor inventories.