[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. Res. 193 Agreed to Senate (ATS)]
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119th CONGRESS
1st Session
S. RES. 193
Designating April 2025 as ``Financial Literacy Month''.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
April 30, 2025
Mr. Reed (for himself, Mr. Scott of South Carolina, Mr. King, Mr.
Durbin, Mr. Whitehouse, Mr. Tuberville, Mr. Risch, Mr. Cramer, Ms.
Collins, Mrs. Hyde-Smith, Ms. Hassan, Mr. Wyden, Ms. Cantwell, Mr.
Warnock, Ms. Blunt Rochester, Mr. Kelly, Mr. Rounds, Mrs. Britt, Mr.
Peters, Mrs. Capito, Mr. Barrasso, Ms. Lummis, Mr. Crapo, Mr. Banks,
and Mr. Boozman) submitted the following resolution; which was
considered and agreed to
_______________________________________________________________________
RESOLUTION
Designating April 2025 as ``Financial Literacy Month''.
Whereas, according to the 2023 Federal Deposit Insurance Corporation National
Survey of Unbanked and Underbanked Households--
(1) approximately 4.2 percent of households, representing 5,600,000
households in the United States, remain unbanked and therefore have limited
or no access to savings, lending, or other basic financial services; and
(2) an estimated 14.2 percent of households, representing about
19,000,000 households in the United States, remain underbanked, including
nearly 1 in 4 households without a high school diploma;
Whereas, according to a report entitled ``Financial Capability of Adults with
Disabilities'' by the National Disability Institute and the Financial
Industry Regulatory Authority, people with disabilities are more likely
to struggle with the key components of financial capability, which are
making ends meet, planning ahead, managing financial products, and
financial knowledge and decisionmaking, and could benefit from targeted
financial education;
Whereas, according to the statistical release of the Federal Reserve Bank of New
York for the fourth quarter of 2024 entitled ``Household Debt and Credit
Report''--
(1) outstanding household debt in the United States has increased by
$3,890,000,000,000 since the end of 2019;
(2) outstanding student loan balances have increased steadily during
the last decade to more than $1,600,000,000,000; and
(3) delinquency rates increased for all debt types except for debt
related to student loans;
Whereas the 2023 Employer Survey of the Employee Benefits Research Institute
reported that financial wellness benefits, including broad-based
financial education, are a tool to improve worker satisfaction and
productivity;
Whereas, according to the National Endowment for Financial Education, as of
2025, a total of 27 States have passed legislation requiring students to
complete a financial education course prior to completing high school,
representing more than 50 percent of all students across the United
States;
Whereas, in 2024, survey research conducted by the National Endowment for
Financial Education reports that--
(1) 83 percent of adults in the United States say that their State
should require a semester or year-long course focused on personal finance
education for high school graduation, and 82 percent of adults in the
United States whose high schools did not offer such a course say they wish
they had been required to take one in order to graduate; and
(2) 1 in 4 respondents in multigenerational households who took
financial education in secondary school and found it useful report a
quality of financial life that is better than they expected, compared to 11
percent of those who did not take financial education in secondary school
and a survey-wide average of 16 percent;
Whereas a growing amount of empirical evidence affirms that exposure to
financial education in high school has measurable and substantive
effects on the financial knowledge and financial behavior of young
adults, including studies that show--
(1) requirements for financial education in high school--
G (A) are associated with fewer defaults and higher credit scores
among young adults aged 18 to 21; and
G (B) increase the likelihood that college-bound students will apply
for financial aid; and
(2) individuals exposed to financial education in high school
demonstrate greater financial literacy and, as a result, are more likely to
plan for retirement and less likely to report being financially fragile;
Whereas expanding access to the safe, mainstream financial system will provide
individuals with less expensive and more secure options for managing
finances and building wealth;
Whereas quality personal financial education is essential to ensure that
individuals are prepared to--
(1) make sound money management decisions about credit, debt,
insurance, financial transactions, and planning for the future; and
(2) become responsible workers, heads of household, investors,
entrepreneurs, business leaders, and citizens;
Whereas financial education in schools in the United States is critical to a
long-term financial inclusion strategy to reach students who are not
able to get sufficient personal finance guidance at home;
Whereas increased financial literacy--
(1) empowers individuals to make wise financial decisions; and
(2) reduces the confusion caused by an increasingly complex economy;
Whereas a greater understanding of, and familiarity with, financial markets and
institutions will lead to increased economic activity and growth; and
Whereas, in 2003, Congress--
(1) determined that coordinating Federal financial literacy efforts and
formulating a national strategy is important; and
(2) in light of that determination, passed the Financial Literacy and
Education Improvement Act (20 U.S.C. 9701 et seq.), establishing the
Financial Literacy and Education Commission: Now, therefore, be it
Resolved, That the Senate--
(1) designates April 2025 as ``Financial Literacy Month''
to raise public awareness about--
(A) the importance of personal financial education
in the United States; and
(B) the serious consequences that may result from a
lack of understanding about personal finances; and
(2) calls on the Federal Government, States, localities,
schools, nonprofit organizations, businesses, and the people of
the United States to observe Financial Literacy Month with
appropriate programs and activities.
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