ACADEMICS

RISCPA Brings Personal Finance Literacy to High Schools

It’s never too early to gain an understanding of personal finance, according to two RISCPA committees working together to educate high school students about managing their money.

The effort, named CASH for Success (Colleges and Schools Headed for Success), will be led by Elizabeth Cannata, CPA, and Leigea Landry, CPA, chairs of the Cooperation with Education Institutions Committee and the Personal Financial Planning & Literacy Committee, respectively.

The plan is to connect college students with CPAs in the community who can go out in teams to high schools and speak with students. This will be the first year of the program, and it will start with outreach to the 10 high schools already involved in the Rhode Island Jump$tart Coalition for Personal Financial Literacy. Some of the specific details are still being worked out.

Teaching personal finance literacy at the college level can oftentimes be too late, according to Cannata, a professor at Johnson & Wales University. By college, students might already have credit card debt or poor spending habits, she said. Reaching students at the high school level could be a good form of early intervention, helping at least some young people to avoid costly mistakes.

A variety of topics will be covered through CASH for Success, all with a focus on what interests the average high school student. That might include information about savings accounts, investments, budgeting basics, credit cards, car loans and career planning. Most high school students have some sort of cash flow, and the sooner they learn how to manage it, the better, according to Landry, a Tax Manager at Lefkowitz Garfinkel Champi & DeRienzo, PC (LGC&D).

The program will also be an opportunity to promote the accounting profession to high school students who might not know a lot about it at that age, Cannata said.

Not only will the high school students benefit from the sessions, but in working with the volunteer CPAs from the program to prepare the lessons, college students would also solidify their personal finance knowledge. In working alongside professionals to hone their own skills, participating college students might also use this as an opportunity to network with people who might help them after graduation.

“It’s a win, win, win all around,” Landry said.

The college students will come from Rhode Island colleges and universities that have accounting programs. Currently, CASH for Success is looking for college students as well as CPA volunteers who are interested in participating.

“Employers are looking for so much more than the book smart person,” Cannata said. “To see this component of community service on behalf of college students will make them much more marketable.”

The goal is to get this year’s program started for April, which is financial literacy month. This is the pilot year and will be improved upon and expanded for upcoming years down the road.

“We’re looking at the pilot year as a start that gives everyone a good feeling about it. The synergy of the high schools, non-profits, and CPAs involved in this initiative has been extremely motivating. If the enthusiasm of the group is any indication of the program’s success, we are certain to achieve excellent results.” Landry said.

For more information contact Leigea or Elizabeth.

Elizabeth Cannata, left, and Leigea Landry, right, review "Credit 101" slides prepared by Providence College students for the CASH for Success financial literacy program (Photo by Tracy Tavares)