Feed The Pig Podcasts From CPA Profession Offer Money Saving Tips For Young Americans

Feed the Pig, the award-winning national public service campaign of the American Institute of CPAs (AICPA), Virginia Society of CPAs (VSCPA) and state CPA societies in partnership with the Ad Council, is launching a free podcast series to help young adults take control of their finances.

In each episode, a young CPA provides basic tips to help a career builder struggling with a financial issue. To listen to the first episode, "Managing Your Student Loans," and to subscribe to future episodes visit www.feedthepig.podomatic.com. Future podcasts cover "Buying Your First Home," "Paying down Debt vs. Saving for the Future," "Filing Your Taxes" and "Compulsive Spending."

Financial illiteracy is a national crisis. Americans spend $1.22 for every $1.00 they earn, according to the U.S. Commerce Department. The statistics for young Americans are just as staggering. An AICPA-commissioned study found:

• The median net worth of Americans 25- to 34-year-olds is significantly lower than it was 20 years ago, despite increases in income. In 1985, it was $6,788; in 2004, it was $3,746.
• There is an increased willingness among Americans in this age group to acquire unsecured debt. The average level of debt in 1985 was $3,118, whereas in 2004, it climbed to $4,733.
• On average, net worth for 25- to 34-year-olds was 99 percent of income in 1985; by 2004 it was 92 percent.

Feed the Pig offers free financial information to help young adults work toward long-term financial security. The target audience can find free resources to make positive changes at www.feedthepig.org.

The VSCPA participates in Feed the Pig as part of its award-winning Financial Fitness campaign to improve the financial health of all Virginians. Through community outreach and education, the CPA profession aims 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 or to request a Virginia CPA for interview or speaking engagement, e-mail financialfitness@vscpa.com or call (800) 733-8272.