April is Financial Literacy Month
Financial Literacy is necessary knowledge to make financially responsible decisions that are integral to our everyday lives.
The ability to manage personal finances is an essential skill for survival in an increasingly complex financial world where individuals are responsible for their own financial decisions on retirement planning, money management, major purchases, financing, health care, insurance and savings choices. Consequences of poor financial choices are not limited to the individual, family, or company facing financial troubles; their financial problems impact entire communities.
A few examples resulting in financial difficulties are the lack of “rainy day” savings, not making wise money choices and too much debt. Financial problems create stress and anxiety, which may lead to poor health, performance and distractions at home, school and work.
A recent January 11, 2019 Forbes article recapping a survey found:
- 78 percent are living paycheck to paycheck, including one in ten employees making six figure incomes.
- About 25 percent of employees do not save monthly
- 75 percent are in debt and believe they will always be in debt.
Financial Literacy teaches individuals how to make better choices, avoid bad financial practices and provides resources to get back on course when problems arise.
Georgians are fortunate to have the Georgia Consortium for Personal Financial Literacy (GCPFL) to help address these concerns locally. GCPFL serves as a coordinating group to the incredible variety of organizations offering personal financial literacy training.GSCPA is proud to be a sponsor and a host for GCPFL. The GCPFL’s seeks to raise public awareness, develop an educational network of businesses and public agencies, track and present research findings, recognize best practices in a variety of arenas and serve as a type of clearinghouse through which individuals and organizations can have access to resources, services, speakers, research results and programs.
A CPA’s education, experience and reputation as a trusted advisor makes us a natural resource to educate our communities and the public on financial literacy. As CPAs, our knowledge of financial topics puts us in an excellent position to discuss best practices, planning, risk management, retirement, elder care, health care, savings, investing and tax planning within our communities.
In collaboration with GSCPA staff, the GSCPA Financial Literacy Task Force created a presentation titled, “Mature Over 55 Senior Citizen,” featuring financial best practices, planning, ways to reduce the risk of becoming a financial scam victim and a list of resources for our older population. The presentation may be downloaded from the GSCPA website and used to reach out locally. Please take a moment and share our presentation with community organizations, senior centers and your own family members who could benefit from the information.
Visit GSCPA's Financial Literacy Page to learn more.
Special thanks to the Georgia Consortium on Financial Literacy and Georgia Consortium Executive Director Nancy Swartzmiller. It has been my honor to serve as the Financial Literacy Task Force chair while our dedicated committee and GSCPA staff worked on this new public service presentation.
Denise W. Grove, CPA, CGMA shares her knowledge gained in over 35 years combined experience with international accounting firm KPMG, Fortune 500s and private organizations to improve her consulting client’s financial literacy, profitability and overall results. She’s a QuickBooks Pro, Profit First Professional and LivePlan Business Plan Expert Advisor.