Long Island Accounting Firm Diapoules & Feinstein, CPAs P.C., Responds to Bill Requiring Personal Finance Education

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Finance educators are pushing for a bill that would require Arizona high school students to take and pass courses on personal finance before graduating. Long Island accounting firm Diapoules & Feinstein, CPAs P.C., responds to the proposal.

On March 11, Long Island accounting firm Diapoules & Feinstein, CPAs P.C., issues a response to an article from the East Valley Tribune about the possible passing of a bill in Arizona that would require all students in the state to take a financial education course.

“Our children are not leaving school with an understanding that as they take on debt and use credit, it will impact their cash flow and increase their expenses,” said accountant Sharon Lechter in the article. Lechter decided to devote her career to educating people – especially young students – on the importance of financial responsibility after her son went into credit card debt soon after graduating high school.

“I realized when my own child had that kind of problem, what about the kids that aren’t getting any financial education?” she said.

She began the organization Pay Your Family First in 2007, which is now the main group pushing to pass the Arizona bill supporting financial education for high school students. As of now, Utah, Tennessee, Missouri and Virginia require similar finance course for their students. The Senate Education Committee has already unanimously endorsed the proposal.

With the nation facing its own debt problems, proponents of the bill say that teaching kids to manage their own finances will help them succeed in life.

Jim Diapoules of the Long Island accounting firm Diapoules & Feinstein, CPAs P.C., responded to the article. “When I was in grade school, our teachers encouraged us to open up savings accounts. So we learned the power of compounding. Back then if we wanted a toy or pack of baseball cards we worked and saved up the money to buy it. Maybe the fault lies in the way we parent our children.”

Diapoules & Feinstein have been providing accounting, auditing and tax services to the Greater New York City area since 1989. D&F provides our clients with great personal attention and years of professional experience in order to see them succeed and help them to feel confident.

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