State CPA Leader Testifies on Financial Education
Texas Society of CPAs Supports Legislation Requiring
Personal Finance Curriculum in High Schools

AUSTIN — Citing research on the lack of basic financial knowledge among American students and adults, Edward Polansky, CPA, chairman of the Texas Society of Certified Public Accountants, testified before the Texas Legislature’s Public Education Committee yesterday in support of House Bill 492.

Introduced by Rep. Beverly Woolley (R-Houston), HB 492 (.PDF) would require personal finance education for high school graduation. According to the National Council on Economic Education, such requirements already exist in seven states: Alabama, Georgia, Idaho, Illinois, Kentucky, New York, and Utah.

In his remarks, Polansky pointed to statewide research conducted by TSCPA showing that only 20 percent of Texans pay their credit card debt in full each month. Fifty percent of respondents say they didn’t learn about the need for financial planning and the importance of savings until they were in their 30s.

TSCPA’s research also found 26 percent of Texans say they aren’t saving any money for retirement. Texas CPAs believe teaching money management principles to high school students better prepare them for sound financial decision-making as adults.

Polansky said TSCPA is prepared to help school districts comply with the bill by continuing to make available its multi-lesson curriculum guide developed by the American Institute of Certified Public Accountants.

For a complete written transcript of Polansky’s testimony, visit the news section of www.tscpa.org.

TSCPA’s statewide financial literacy initiative includes an informational bilingual Web site at www.ValueYourMoney.org. The Web site features special sections for kids, youth, young adults, adults, and military personnel. While online, consumers may register for a free monthly electronic newsletter with articles on saving for retirement, identity theft protection, budgeting, tax planning, and more.

ABOUT TSCPA

TSCPA (http://www.tscpa.org) is a nonprofit, voluntary, professional organization representing Texas CPAs. The society has 20 local chapters statewide and has 27,000 members, one of the largest in-state memberships of any state CPA society in the United States. TSCPA is committed to serving the public interest with programs that advance the highest standards of ethics and practice within the CPA profession.