About Financial Literacy

What is Financial Literacy?
Financial literacy is the achievement of skills and knowledge necessary to make informed judgments and effective decisions regarding earning, spending and the management of money and credit. It includes the ability to understand financial issues, plan for the future and respond to life events.

Why Financial Literacy?
Research has shown that as little as 10 hours of personal financial education positively affects students spending and savings habits (National Endowment for Financial Education, 1998).  Those receiving financial education:

• 36 point increase in credit scores
• $14,000 reduction in non-mortgage debt
• 30% increase in homeownership
• 40% increase in saving/investment accounts

Georgetown University & The National Federation
for Credit Counseling (NFCC), January 2003

Financial Literacy Achievements

The WSCPA Financial Literacy Program began in February 2006.  Since its start new resources have been added along with the range of audiences.  More than 500 members have been trained and offered their services through the program. Thanks to their efforts, over 10,000 high school, elementary, and college students, along with adults have received information on ways to manage their money and make it work for them. 

The program has been growing and expanding the resources available to members.  Members now have the opportunity to participate in Junior Achievement, greater resources for high school and college students, and materials to use with adults.  The program staff is continually looking for ideas from members for new directions and resources.

WSCPA Financial Literacy Program

WSCPA members volunteer expertise and time to increase the level of financial literacy in local communities by visiting high schools and elementary schools, and working with non-profits teaching classes to adults. WSCPA members help children and adults learn how to handle their finances, provide for their family needs, avoid costly mistakes and prepare for their futures. Get involved!

“As a CPA and small firm owner in Washington, I am impressed with the WSCPA’s ability to focus on the diverse needs of membership. As CPAs, we have the ability to address the huge challenge of financial literacy. CPAs are enthusiastically taking on this mission at national, state, and local levels. I am proud to be part of the initiative to improve the lives and strengthen the economy through increased understanding of financial issues.”

Adele Bolson, CPA, Sole Practitioner
WSCPA Member Since 1979