About Florida’s Financial Fitness Friday
Background
- Florida’s Financial Fitness Friday is a proactive, public-service program conducted by the Florida Institute of CPAs (FICPA) Financial Literacy Committee that provides Florida residents with general financial guidance and encourages them to complete an annual financial “fitness” checkup at least once a year.
- This annual event is a component of the “360 Degrees of Financial Literacy”, a national initiative of the FICPA and the American Institute of CPAs (AICPA) that equips CPAs to take a broad leadership role in educating the public — from schoolchildren to retirees — about sound financial practices.
How it Works
- From 9 a.m. until 5 p.m. on Friday, April 18, FICPA members will offer assistance to fellow Floridians free of charge.
- People with basic financial questions or those in need of general financial guidance can call the FICPA Financial Fitness Hotline at 1-800-342-3197, Ext. 554 or post a question on the FICPA Web site and a CPA volunteer will respond.
Why it’s Important
- Many families in Florida and across the country are struggling with financial decisions, failing to prepare for retirement and gaining high-interest credit card debt in the process.
- According to a 2004 survey of Floridians released by Mason-Dixon Polling & Research, Inc.
- More than one-third of respondents had more debt than savings or investments
- About 25 percent put nothing aside each month for retirement, while another 25 percent waited until they were in their 40s or 50s
- Almost 1 in 5 reported having suffered a financial crisis due to medical expenses, a job loss or a divorce
- More than 80 percent had credit cards and more than 50 percent reported debt levels ranging from $2,000 to $20,000
- By providing access to CPAs free of charge one day a year, CPAs can help people who need financial guidance and reach out to people who otherwise might not have an opportunity to talk with a CPA.
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