AICPA, SHRM recognize successful financial literacy programs

The American Institute of Certified Public Accountants (AICPA) and the Society for Human Resource Management (SHRM) are creating a national award that recognizes employers for financial education programs for staff.

The AICPA announced the creation of the Workplace Financial Education Award at the spring meeting of its governing council last month. Jordan Amin, CPA, chair of the AICPA National CPA Financial Literacy Commission, and Carl George, CPA, immediate past chair, made the announcement during their presentation on the Institute’s financial literacy programs.
“In a time of economic stress, a comprehensive financial education program is an employee benefit,” Amin said. “The AICPA and SHRM want to honor those employers who have implemented interesting and creative programs. We hope this effort will encourage more employers to offer their staff financial education.”
The AICPA and SHRM will begin accepting applications for the award later in 2010. All employers – corporate, not-for-profit, government, and academic – will be eligible for a Workplace Financial Education Award.
Research shows that a substantial percentage of financially distressed employees spend time at their jobs worrying about personal finance issues instead of working. The National Federation of Independent Business found in a 2008 survey that just over 10 percent of small and medium-size businesses offer workplace financial education.
The partnership between the AICPA and SHRM, which represents 250,000 human resources professionals in 140 countries, stems from a recommendation by the Subcommittee on Workplace Financial Education of the President’s Advisory Council on Financial Literacy. The subcommittee, led by Janet Parker, immediate past chair of SHRM, suggested creating an award for employers who successfully provide financial education to their employees.
To help address the need for greater financial literacy, the AICPA, with the support of state CPA societies, launched the 360 Degrees of Financial Literacy effort in 2004. Based on the premise that financial education is a lifelong endeavor, the program provides guidance in making informed financial decisions critical at various stages of life. It combines grassroots state-driven financial literacy activities, free resources for the public on the dedicated Web site, and tools that CPAs can use locally to educate Americans of all ages on financial topics.
In 2006, the AICPA and the Ad Council introduced a companion campaign, Feed the Pig, to help 25-to-34-year-olds prepare for long-term financial security. Feed the Pig has ranked consistently as one of the Ad Council’s top 10 public service campaigns.
Both programs are guided by the National CPA Financial Literacy Commission, an 11-member body of volunteer CPAs.
Related articles:

You may like these other stories...

Accountants who specialize in forensic and valuation services point to electronic data analysis, or big data, as the most pressing issue they’ll face in the coming months, according to results of a new survey released...
Renaissance avoided more than $6 billion tax, report saysThe Senate Permanent Subcommittee on Investigations said on Monday that a Renaissance Technologies LLC hedge fund’s investors probably avoided more than $6...
Your 15-year-old may be tech-savvy enough to debug your computer, back-up data on your mobile devices, and help you stream episodes of Game of Thrones, but chances are you can’t expect them to display the same level of...

Upcoming CPE Webinars

Jul 24
In this presentation Excel expert David Ringstrom, CPA revisits the Excel feature you should be using, but probably aren't. The Table feature offers the ability to both boost the integrity of your spreadsheets, but reduce maintenance as well.
Jul 31
In this session Excel expert David Ringstrom helps beginners get up to speed in Microsoft Excel. However, even experienced Excel users will learn some new tricks, particularly when David discusses under-utilized aspects of Excel.
Aug 5
This webcast will focus on accounting and disclosure policies for various types of consolidations and business combinations.