Financial Literacy Quiz Answers and Tips for Improving Literacy
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The document provides information on the state of financial literacy in South Carolina based on survey results. Key points: - A 2008 survey of 16 SC high schools found that 79% of students failed a financial literacy test, with only 2.3% scoring a C or better. - The survey revealed many students lacked understanding of topics like personal finance, credit, insurance, and retirement. For example, over 50% did not know they could check their credit history annually for free. - The document calls for efforts to improve financial literacy in South Carolina through presentations, partnerships with schools and organizations, and resources provided by groups like the SCACPA financial literacy task force.
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Financial Literacy Quiz Answers and Tips for Improving Literacy
- 23. State of Financial Literacy in South Carolina
- 42. 360 Degrees of Financial Literacy: www.360financialliteracy.org
- 43. Life Crisis Section: Bankruptcy to Disaster Recovery
- 44. Feed the Pig.org
Notas do Editor
- Housekeeping Announcements www.scacpa.org | (888) 557-4814 SCACPA 2008 Professional Issues Update Series: Financial Literacy
- "unbanked" or "underbanked" -- they do not have accounts at banks and other mainstream financial institutions. Unfortunately, as a result, these cash consumers pay excessive fees for basic financial services, are susceptible to high-cost predatory lenders, or have difficulties buying a home or otherwise acquiring assets. 2006 US Census Total households = 11,617,402, 2.61 average size Total families = 74,564,066, 3.20 average size www.scacpa.org | (888) 557-4814 SCACPA 2008 Professional Issues Update Series: Financial Literacy
- SCACPA 2008 Professional Issues Update Series: Financial Literacy www.scacpa.org | (888) 557-4814
- SCACPA 2008 Professional Issues Update Series: Financial Literacy www.scacpa.org | (888) 557-4814
- US Census July 1, 2007 301,621,157 Americans SCACPA 2008 Professional Issues Update Series: Financial Literacy www.scacpa.org | (888) 557-4814
- Working Americans, ages 20-70 189,818,639 Nearly 200 million working adults SCACPA 2008 Professional Issues Update Series: Financial Literacy www.scacpa.org | (888) 557-4814
- According to 2006 US Census Report there are 21 million tweens and teens ages 10-14 and 22 million teens ages 15-19 100,000 margin of error Google search, Fortune Magazine.com article says 6% of teens own an iPhone (1.32 million). There were a lot of challenges to the report, including asking the researching if they asked to actually see the “owned” iPhone. LOL SCACPA 2008 Professional Issues Update Series: Financial Literacy www.scacpa.org | (888) 557-4814
- SCACPA 2008 Professional Issues Update Series: Financial Literacy www.scacpa.org | (888) 557-4814
- 2006 US Census Total households 111,617,402 2.61 average size Total families 74,564,066 3.20 average size SCACPA 2008 Professional Issues Update Series: Financial Literacy www.scacpa.org | (888) 557-4814
- July 1, 2007 301,621,157 Americans SCACPA 2008 Professional Issues Update Series: Financial Literacy www.scacpa.org | (888) 557-4814
- 9 credit cards SCACPA 2008 Professional Issues Update Series: Financial Literacy www.scacpa.org | (888) 557-4814
- The numbers are staggering. South Carolinians are not alone. In this time of economic hardships, it is more important than ever that we increase the level of financial literacy in Americans. Financial Empowerment is a service of California Society of Public Accountants, the sister association of CPAs to SCACPA in California. Founded in 1909, CalCPA has more than 33,000 members and 14 chapters and special interest groups across the state. The MoneyTalks video, produced by the California CPA Education Foundation, uses man-on-the-street interviews to uncover first-hand, just how Californians really manage their finances. Let’s watch! SCACPA 2008 Professional Issues Update Series: Financial Literacy www.scacpa.org | (888) 557-4814
- ANYONE WANT TO CHANGE THEIR ANSWERS? SIC will hand out prizes for those of you with high scores Total households = 111,617,402 2.61 average size 22,323,480 MILLION HOUSEHOLDS The Fed originally estimated 10 million www.scacpa.org | (888) 557-4814 SCACPA 2008 Professional Issues Update Series: Financial Literacy
- ONLY 1/3! SCACPA 2008 Professional Issues Update Series: Financial Literacy www.scacpa.org | (888) 557-4814
- Only 1/3! SCACPA 2008 Professional Issues Update Series: Financial Literacy www.scacpa.org | (888) 557-4814
- SCACPA 2008 Professional Issues Update Series: Financial Literacy www.scacpa.org | (888) 557-4814
- Working Americans, ages 20-70 189,818,639 Nearly 200 million working adults 47 million + admit they spend more SCACPA 2008 Professional Issues Update Series: Financial Literacy www.scacpa.org | (888) 557-4814
- 43 million tweens and teens = $4,200 each 22 million teens alone = $8,100 each SCACPA 2008 Professional Issues Update Series: Financial Literacy www.scacpa.org | (888) 557-4814
- South Carolina is not one of those states SCACPA 2008 Professional Issues Update Series: Financial Literacy www.scacpa.org | (888) 557-4814
- SCACPA 2008 Professional Issues Update Series: Financial Literacy www.scacpa.org | (888) 557-4814
- SCACPA 2008 Professional Issues Update Series: Financial Literacy www.scacpa.org | (888) 557-4814
- SCACPA 2008 Professional Issues Update Series: Financial Literacy www.scacpa.org | (888) 557-4814
- www.scacpa.org | (888) 557-4814 SCACPA 2008 Professional Issues Update Series: Financial Literacy
- SCACPA 2008 Professional Issues Update Series: Financial Literacy www.scacpa.org | (888) 557-4814
- Action words in this definition SCACPA 2008 Professional Issues Update Series: Financial Literacy www.scacpa.org | (888) 557-4814
- The South Carolina Council on Economic Education (SCCEE) is a non-profit business-education partnership dedicated to providing teachers with continuing education in economics and personal finance. SCCEE was established in 1975 to help ensure that all South Carolina students leave high school with a sound foundation in economic principles, an understanding of our economy and how it works, and a strong appreciation for the American free enterprise system. SCCEE’s mission is to help South Carolina’s young people learn to think, choose, and function successfully in a changing and challenging global economy. The council believes that the most effective way to make a difference in the lives of young people is by teaching their teachers how to make economic and personal financial decision-making skills come alive in the classroom, and to equip those teachers with excellent standards-based materials. SCCEE and its six Centers for Economic Education are affiliated with the National Council on Economic Education. The South Carolina Jump$tart Coalition is comprised of leaders from community organizations, government agencies, financial institutions, and corporations. Working together we are able to join forces to improve the personal financial literacy of South Carolina's youth. The South Carolina Jump$tart Coalition is a proud affiliate of the National Jump$tart Coalition for Personal Financial Literacy. The National Jump$tart Coalition, based in Washington, D.C., was first convened in 1995 and consists of over 200 organizations committed to improving the financial literacy of America's youth. SCACPA 2008 Professional Issues Update Series: Financial Literacy www.scacpa.org | (888) 557-4814
- SCACPA 2008 Professional Issues Update Series: Financial Literacy www.scacpa.org | (888) 557-4814
- SCACPA 2008 Professional Issues Update Series: Financial Literacy www.scacpa.org | (888) 557-4814
- such as home ownership SCACPA 2008 Professional Issues Update Series: Financial Literacy www.scacpa.org | (888) 557-4814
- Now more than ever, the general public needs to learn how to meet their everyday financial needs and successfully plan for their future. Achieving financial literacy begins in K-12, but it doesn’t stop there. It is a lifelong process that evolves as your life evolves. We may not have the power to change the economy directly, but we do have the power to help improve the financial habits of the people in our community. This is where SCACPA’s Financial Literacy Task Force comes into play. SCACPA 2008 Professional Issues Update Series: Financial Literacy www.scacpa.org | (888) 557-4814
- This fall, the Financial Literacy Task Force plans to provide financial education to adult GED programs. Task Force members met with a representative of the SC Department of Education to learn more about the adult GED programs in South Carolina and to get things started. Task force members are working with the community directors of the GED programs to determine the most appropriate curriculum to use for the learning level of the students. The sessions will focus on bank accounts, savings accounts, payday loans, title loans, insurance policies, secured and unsecured debt, budgeting and expenses. Earlier this year, Allison Ford, chair of the Task Force, made a presentation to principals and educators at a State Department of Education conference where she discussed the SCACPA resources available to help educators teach their students the financial basics. That presentation generated a call from a Bamberg School District One representative requesting literature and “Feed the Pig” giveaways to handout at a meeting for their teachers in August. SCACPA 2008 Professional Issues Update Series: Financial Literacy www.scacpa.org | (888) 557-4814
- We hope that our participation will generate more calls for information or even requests for CPAs to speak on financial literacy. Other things SCACPA is doing include providing a financial literacy message on the back cover of the South Carolina Council on Economic Education newsletter For What it’s Worth, a quarterly newsletter mailed to more than 7,000 educators, business leaders and elected officials throughout the state. SCACPA recently supplied the Council with 50 copies of AICPA’s “Feed the Pig” DVD and Budget Bizz curriculum guide along with the SCACPA Financial Literacy Resources flyer. These materials are being advertised in the Council’s newsletter and offered free to teachers on a first-come first-served basis. This is another opportunity for CPAs to be called upon to speak on financial literacy. SCACPA 2008 Professional Issues Update Series: Financial Literacy www.scacpa.org | (888) 557-4814
- SCACPA 2008 Professional Issues Update Series: Financial Literacy www.scacpa.org | (888) 557-4814
- SCACPA 2008 Professional Issues Update Series: Financial Literacy www.scacpa.org | (888) 557-4814
- SCACPA 2008 Professional Issues Update Series: Financial Literacy www.scacpa.org | (888) 557-4814
- SCACPA 2008 Professional Issues Update Series: Financial Literacy www.scacpa.org | (888) 557-4814
- SCACPA 2008 Professional Issues Update Series: Financial Literacy www.scacpa.org | (888) 557-4814
- SCACPA 2008 Professional Issues Update Series: Financial Literacy www.scacpa.org | (888) 557-4814
- BACKGROUND: The AICPA and the state CPA societies, partnering with the Ad Council, are taking the accounting profession’s highly successful “360 Degrees of Financial Literacy” initiative to the next level by launching a national PSA campaign, Feed the Pig. The campaign draws upon a traditional savings symbol, the piggy bank, to encourage 25-34 year olds to find the benefits of saving for every stage of life. Until now, no unified, national effort dedicated to changing and improving financial behaviors of young Americans has ever been implemented. CAMPAIGN OBJECTIVE: • To show 25-34 year olds how to use easy, basic steps to proactively manage their money and get unstuck. • To motivate them to visit the campaign Web site, www.feedthepig.org, and take the first step toward improving their personal finances and long-term financial security. SCACPA 2008 Professional Issues Update Series: Financial Literacy www.scacpa.org | (888) 557-4814
- TARGET AUDIENCE: The campaign targets Americans between the ages of 25 and 34, known as career builders. Statistics indicate that career builders’ financial behaviors, while less established, tend toward debt accumulation. More working time before retirement means that their current financial decisions have a greater impact (positive or negative) on their long-term financial security. Also, this group is often experiencing milestone events such as marriage, parenting and caring for aging parents. SCACPA 2008 Professional Issues Update Series: Financial Literacy www.scacpa.org | (888) 557-4814
- DID YOU KNOW: • Among young adult households with incomes below $50,000 (2/3 of young households), nearly 1 in 5 with credit card debt is in debt hardship—spending over 40% of their income servicing debt, including mortgages and student loans. • Young Americans now have the second highest rate of bankruptcy, just after those aged 35 to 44. • The average credit card indebted young adult household now spends nearly 24% of its income on debt payments, four percentage points more, on average, than young adults did in 1992. • The average college student who takes out student loans graduates $20,000 in debt and with about $2,000 in credit card debt. SCACPA 2008 Professional Issues Update Series: Financial Literacy www.scacpa.org | (888) 557-4814
- SCACPA 2008 Professional Issues Update Series: Financial Literacy www.scacpa.org | (888) 557-4814
- SCACPA 2008 Professional Issues Update Series: Financial Literacy www.scacpa.org | (888) 557-4814
- U.S. consumers will buy 31 million digital televisions this year, boosting cumulative sales to about 116 million, as more households prepare for the switchover to all-digital broadcasts next February. SCACPA 2008 Professional Issues Update Series: Financial Literacy www.scacpa.org | (888) 557-4814
- If you are already providing such a service in your community, please let SCACPA staff know so these efforts can be tracked and promoted. This afternoon or tomorrow morning, you’ll have the opportunity to join the SCACPA Speaker’s Bureau by completing the survey you’ll find in your e-mail in box when you get back to your desk. You can also write “Speaker’s Bureau” on your attendance form. Once you join the Speaker’s Bureau SCACPA will connect you with speaking opportunities in your area. SCACPA can also connect you with Ambassadors in your area to help you fine-tune your presentation or provide you a test audience. You may also consider joining you local Toastmasters club to gain additional experience speaking to groups. There are so many ways to get involved. We promise the experience will be not only a low time commitment and investment but also a large reward for you, our membership, our profession and the community. I urge you to seize the opportunity and join our speaker’s bureau today. The SCACPA staff and I are here this afternoon to answer any additional questions you may have. SCACPA 2008 Professional Issues Update Series: Financial Literacy www.scacpa.org | (888) 557-4814