S.Res.316 - A resolution designating April 2004 as "Financial Literacy Month."108th Congress (2003-2004)

Shown Here:
Agreed to Senate (03/09/2004)

[Congressional Bills 108th Congress]
[From the U.S. Government Printing Office]
[S. Res. 316 Agreed to Senate (ATS)]







108th CONGRESS
  2d Session
S. RES. 316

        Designating April 2004 as ``Financial Literacy Month''.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             March 9, 2004

   Mr. Akaka (for himself, Mr. Allen, Mr. Sarbanes, Mr. Corzine, Mr. 
Santorum, Mr. Kohl, Mr. Thomas, Mr. Johnson, Mr. Kennedy, Mr. Schumer, 
 Mr. Levin, Mr. Lautenberg, Mrs. Murray, Ms. Landrieu, Mr. Durbin, Mr. 
 Inouye, and Mr. Crapo) submitted the following resolution; which was 
                        considered and agreed to

_______________________________________________________________________

                               RESOLUTION


 
        Designating April 2004 as ``Financial Literacy Month''.

Whereas only 26 percent of 13- to 21-year olds reported that their parents 
        actively taught them how to manage money;
Whereas a 2002 survey by the National Council on Economic Education found that a 
        decreasing number of States include personal finance in their education 
        standards for students in kindergarten through grade 12;
Whereas a 2002 study by the Jump$tart Coalition for Personal Financial Literacy 
        found that high school seniors know even less about credit cards, 
        retirement funds, insurance, and other personal finance basics than high 
        school seniors did 5 years ago;
Whereas 55 percent of college students acquire their first credit card during 
        their first year in college, and 83 percent of college students have at 
        least 1 credit card;
Whereas personal savings as a percentage of personal income decreased from 7.5 
        percent in the early 1980s to 2.3 percent in the first 3 quarters of 
        2003;
Whereas today more than 42,000,000 people in the United States participate in 
        401(k) plans;
Whereas a 2002 Retirement Confidence Survey found that only 32 percent of 
        workers surveyed have calculated how much money they will need to save 
        for retirement;
Whereas only 30 percent of those surveyed in a 2003 Employee Benefit Trend Study 
        are confident in their ability to make the right financial decisions for 
        themselves and their families, and 25 percent have done no specific 
        financial planning;
Whereas between 25,000,000 and 56,000,000 adults are unbanked, i.e., not using 
        mainstream, insured financial institutions;
Whereas millions of people in the United States derive great benefits from the 
        wide variety of products and services offered by the financial services 
        industry in the United States, and such financial products and services 
        allow individuals and families to build homes, start businesses, finance 
        educations, buy cars, and meet the everyday needs of everyday life;
Whereas expanding access to the mainstream financial system provides individuals 
        with lower cost, safer options for managing their finances and building 
        wealth;
Whereas a greater understanding and familiarity with financial markets and 
        institutions will lead to increased economic activity and growth;
Whereas financial education has been linked to lower delinquency rates for 
        mortgage borrowers, higher participation and contribution rates in 
        retirement plans, improved spending and saving habits, higher net worth, 
        and positive knowledge, attitude, and behavior changes;
Whereas financial literacy empowers individuals to make wise financial decisions 
        and reduces the confusion of an increasingly complex economy;
Whereas personal financial management skills and life-long habits develop during 
        childhood;
Whereas personal financial education is essential to ensure that individuals are 
        prepared to manage money, credit, and debt, and become responsible 
        workers, heads of households, investors, entrepreneurs, business 
        leaders, and citizens; and
Whereas Congress found it important enough to ensure coordination of Federal 
        financial literacy efforts and formulate a national strategy that it 
        established the Financial Literacy and Education Commission in 2003 and 
        designated the Office of Financial Education of the Department of the 
        Treasury to provide support for the Commission: Now, therefore, be it
    Resolved, That the Senate--
            (1) designates April 2004 as ``Financial Literacy Month'' 
        to raise public awareness about the importance of financial 
        education in the United States and the serious consequences 
        that may be associated with a lack of understanding about 
        personal finances; and
            (2) requests that the President issue a proclamation 
        calling on the Federal Government, States, localities, schools, 
        nonprofit organizations, businesses, other entities, and the 
        people of the United States to observe the month with 
        appropriate programs and activities.
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