Young Americans Urged to "Feed the Pig" in the Year of the Pig

VSCPA Provides Savings Tips For the New Year

With the ringing in of the Chinese Year of the Pig this month, the Virginia Society of Certified Public Accountants (VSCPA), the American Institute of Certified Public Accountants (AICPA), the Ad Council and Benjamin Bankes are urging 25 to 34 year-olds to "feed the pig."

Benjamin Bankes, a pig in a pink suit, is the official icon of Feed the Pig™, a national public service campaign of the CPA profession. The campaign delivers a strong message to career builders — those 25 to 34-years-of-age — about the importance and benefits of saving to build a solid financial future. A study commissioned by the AICPA shows that the median net worth of Americans in this age group is more than 40 percent lower than it was 20 years ago, despite increases in income. A dedicated Web site, www.FeedthePig.org, provides free financial information and tools to help career builders take control of their finances and build long-term financial security.

"2007 ushers in the year of the pig, which represents prosperity and good fortune," said Carl George, Chair of the National CPA Financial Literacy Commission. "Those, of course, are the underlying themes of Feed the Pig. Our goal is to help these young Americans understand that by taking small steps today, they can begin working toward a comfortable retirement."

Here are 10 basic Feed the Pig tips to help consumers get on the road to prosperity in the Year of the Pig:

1. Open up a 401(k). Check to see if your employer matches a percentage of your contribution. A matching contribution is essentially free money.

2. Bank your raise or at least a portion of it. If you don't get used to having the extra money, you won't miss it.

3. If you're carrying student loans, make repaying them a priority over discretionary consumer spending.

4. Keep driving that old car. Also consider carpooling.

5. Consider raising the deductible on your insurance policy. For example, if it's $100, increase it to $200. It will have an impact on your premium payments.

6. Be energy efficient. Turn down the thermostat, and turn off the lights.

7. Always pay your credit card bill in full each month to avoid interest charges. Choose credit cards with cash back rewards and no annual fees. Even consider cutting up a credit card.

8. Dust off your library card and watch DVDs for free. Many libraries also offer free Internet access.

9. Maximize your company's healthcare reimbursement accounts. You contribute pre-tax dollars and reimburse yourself with tax-free dollars.

10. Kick the habit once and for all. Smoking is hard on the wallet and your health.

Through community outreach and education, the VSCPA's award-winning Financial Fitness campaign is part of a national effort of the CPA profession to educate and increase knowledge of Virginians and all Americans — from school children to retirees — on topics related to money management and fiscal responsibility. For more information on the VSCPA Financial Fitness initiative or to request a CPA to speak on financial literacy topics to your organization, please visit www.FinancialFitness.org or contact VSCPA Media & Public Relations Specialist Shawnté Reynolds at sreynolds@vscpa.com or (804) 270-5344.

The Virginia Society of Certified Public Accountants is the leading professional association in the Commonwealth dedicated to enhancing the success of all CPAs. Founded in 1909, the VSCPA has approximately 8,100 members who work in public accounting, industry, government and education. For more information, please visit the Press Room on the VSCPA Web site at www.vscpa.com, e-mail communications@vscpa.com or call (800) 733-8272. To search for a CPA in your geographic region, visit www.FinancialFitness.org and click on "Find a CPA."

The American Institute of Certified Public Accountants (www.aicpa.org) is the national, professional association of CPAs, with approximately 330,000 members, including CPAs in business and industry, public practice, government, and education. It sets ethical standards for the profession and U.S. auditing standards for audits of private companies; federal, state and local governments; and nonprofit organizations. It also develops and grades the Uniform CPA Examination.

The Ad Council (www.adcouncil.org) is a private, nonprofit organization that marshals volunteer talent from the advertising and communications industries, the facilities of the media, and the resources of the business and nonprofit communities to deliver critical messages to the American public. The Ad Council has produced, distributed and promoted thousands of public service campaigns on behalf of nonprofit organizations and government agencies in issue areas of health and safety, community and education.

Feed the Pig is a trademark of the American Institute of Certified Public Accountants.