WASHINGTON- CUNA, NAFCU and other CU groups are not alone in their quest to improve consumers' financial health. Last week, the Consumer Federation of America (CFA) and the Financial Planning Association (FPA) unveiled a new program to help middle- and low-income Americans manage their individual finances. The two groups have paired up to offer free financial advice to consumers from a certified financial planner. Approximately 500 financial planners from FPA have volunteered for the job. The introduction was in conjunction with a study performed by the Opinion Research Corporation International in March for CFA and FPA, which found that 55% of Americans believe financial planning is more important to them currently than one year ago. Only 5% said it was less important. Fifty-three percent believe it is even more important in the wake of the September 11 terrorist attacks. Young adults and African-Americans were the groups of people most likely to believe that financial planning had become more important to them personally and that free phone or e-mail consultations with a financial planner were valuable to them personally. "People who don't have a lot of money don't have a lot of room to make mistakes," FPA President Bob Barry said of the importance of financial planning. In the next year, thousands of Americans are expected to qualify as American Savers (a previously existing CFA program) by developing a simple but specific saving and wealth-building plan. These Savers can then receive free advice, by phone or e-mail, on topics ranging from budgeting to debt management to investments to retirement planning through the FPA's National Financial Planning Support Center to American Savers. "We believe, and we have quite a bit of research to back it up, that most low-income people can begin to accumulate wealth," CFA Executive Director Steve Brobeck said. The free session with a financial planner can help to get these people over the first hurdle Barry added. Financial planning is not entirely about saving, Brobeck emphasized, but also about paying off obligations. "We look at debt as a component of wealth," he explained. Other key findings of the survey include: 92% of Americans consider financial planning to be important to them, and 65% consider it "very important." Even higher percentages of those in moderate-income ($35,000-50,000 annual income) households (73%) and African-Americans (77%) believe financial planning to be very important. 70% of young adults aged 18-34 and 76% of African-Americans believe financial planning is more important today than a year ago. Only 17% of Americans believe that, as a result of the terrorist attacks, it is personally more important to have a financial plan. Those aged 25-34 (61%) and African-Americans (72%) are especially likely to say that September 11 had increased the importance of financial planning. FPA also conducted a survey of its financial planner members with consistent findings. A full 60% of the 100 participants said that their clients were more worried than one year ago about their financial futures. The planner survey also found that 35% of the planners said that a higher percentage of clients had adjusted their financial plan in the past six months than in earlier periods. In most cases, the financial planner will be from the same area as the Saver so there will be no long-distance phone charge. When the planner and Saver live in different areas, the Saver must cover the cost of the long-distance phone call. Though the planner's work is voluntary, they are still held to basic regulatory and ethical standards. In addition, these planners must agree to provide the advice free of charge and not pursue a continued business relationship unless requested. CFA is a non-profit association of 300 groups established in 1968, which has sought to advance consumer interests through advocacy and education. FPA is the membership organization for the financial planning community. [email protected]