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[Page S2581]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
SENATE RESOLUTION 161--DESIGNATING APRIL 2015 AS ``FINANCIAL LITERACY
MONTH''
Mr. REED of Rhode Island (for himself, Mr. Donnelly, Mr. Scott, Mr.
Kirk, Mr. Carper, Mr. Enzi, Mr. Udall, Mr. Coons, Ms. Hirono, Mrs.
Murray, Mr. Franken, Mr. Menendez, Mr. Moran, Ms. Heitkamp, Mr. Schatz,
Mr. Durbin, Mr. Cardin, and Mr. Cochran) submitted the following
resolution; which was considered and agreed to:
S. Res. 161
Whereas according to the Federal Deposit Insurance
Corporation (referred to in this preamble as the ``FDIC''),
at least 27.7 percent of households in the United States, or
nearly 34,400,000 households with approximately 67,600,000
adults, are unbanked or underbanked and therefore have not
had the opportunity to access savings, lending, and other
basic financial services;
Whereas according to the FDIC, approximately 30 percent of
banks reported in 2011 that consumers lacked understanding of
the financial products and services banks offered;
Whereas according to the 2014 Consumer Financial Literacy
Survey Final Report of the National Foundation for Credit
Counseling--
(1) approximately 41 percent of adults in the United States
gave themselves a grade of C, D, or F on their knowledge of
personal finance, and 73 percent of adults acknowledged that
they could benefit from additional advice and answers to
everyday financial questions from a professional;
(2) 24 percent of adults in the United States, or
approximately 56,300,000 individuals, admitted to not paying
their bills on time;
(3) only 39 percent of adults in the United States reported
keeping close track of their spending, a percentage that has
held steady since 2007; and
(4) 16 percent of adults in the United States, or over
37,500,000 individuals, said not having enough ``rainy day''
savings for an emergency is their greatest financial concern,
while the same percentage said that their greatest financial
concern is not having enough money set aside for retirement;
Whereas the 2014 Retirement Confidence Survey conducted by
the Employee Benefit Research Institute found that only 18
percent of workers were ``very confident'' about having
enough money for a comfortable retirement, which is a sharp
decline in worker confidence from the 27 percent of workers
who were ``very confident'' in 2007, while approximately 56
percent of workers say they or their spouses have not
calculated the amount of money they need to save for
retirement;
Whereas according to a 2015 ``Flow of Funds'' report by the
Board of Governors of the Federal Reserve System, outstanding
household debt in the United States was $13,500,000,000,000
at the end of the fourth quarter of 2014;
Whereas according to the 2014 Survey of the States:
Economic and Personal Finance Education in Our Nation's
Schools, a biennial report by the Council for Economic
Education--
(1) only 24 States require students to take an economics
course as a high school graduation requirement; and
(2) only 17 States require students to take a personal
finance course either independently or as part of an
economics course as a high school graduation requirement;
Whereas according to the Gallup-Operation HOPE Financial
Literacy Index, only 58 percent of students in the United
States have money in a bank or credit union account;
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 manage money,
credit, and debt, and to become responsible workers, heads of
household, investors, entrepreneurs, business leaders, and
citizens;
Whereas increased financial literacy empowers individuals
to make wise financial decisions and 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;
Whereas in 2003, Congress determined that coordinating
Federal financial literacy efforts and formulating a national
strategy is important; and
Whereas in light of that determination, Congress 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 2015 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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