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A Savings Revolution to Instill Hope in Young Americans
(ARA) – You’re busy establishing yourself in your career and your life. You want to buy a home, get married and have children. There’s only one problem: you can’t even think about these things because all your money is going toward paying off student loans and credit card debt. And, oh yes -- you have your eye on that plasma big-screen TV.
Sound familiar? You’re not alone.
According to a survey commissioned by the American Institute of Certified Public Accountants (AICPA), 54 percent of adults aged 18 to 34 believe they can’t afford to buy a home. Moreover, a quarter of them are considering a second or part-time job to cover their current expenses.
To help these overburdened young adults get on the track of financial well-being, the AICPA, in partnership with the Ad Council, created Feed the Pig (www.feedthepig.org), a national financial literacy campaign designed to teach them how to take control of their finances and make saving money a part of their lifestyle.
“Our goal is to create a savings revolution,” says Carl George, chair of the National CPA Financial Literacy Commission. “Even at their stage of life, it’s very important that young people know how to prepare for retirement. They won’t be able to rely on Social Security benefits and pensions to see them into the golden years.”
The symbol of the savings revolution is Benjamin Bankes -- a humanized “piggy bank” many may remember from childhood. He’s all grown up and has a message to share: there is hope and there are little things you can do today that eventually will add up to significant savings tomorrow. Some examples of small steps you can take: stick to a monthly budget, cut up a credit card, use your neighborhood library instead of renting movies or buying books.
“We recognize young Americans face financial hardships,” says Barry Melancon, president and CEO of AICPA. “But if they don’t begin taking control of their finances now, they may find themselves working longer than they had intended. Even worse, they may not be able to retire at all.”
“Most importantly, make paying off debt a priority over discretionary spending,” says George. “Smart money management now helps build a solid financial foundation for the future.”
Feedthepig.org offers calculators, resources and award winning podcasts of interviews to help teach the art of finance management. Sign up to receive weekly tips and check out a related site, www.360financialliteracy.org, which helps Americans manage their finances through every stage of life.
Remember, if you feel you can’t afford to save, remember that you can’t afford not to.
Courtesy of ARAcontent
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