[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H. Res. 127 Engrossed in House (EH)]
In the House of Representatives, U.S.,
April 7, 2003.
Whereas the informed use of credit and other financial products and services
benefits individual consumers and promotes economic growth;
Whereas financial literacy encourages greater economic self-sufficiency, higher
levels of homeownership, and enhanced retirement security, particularly
among low- and moderate-income Americans;
Whereas the past decade has seen declining personal savings rates, increased
bankruptcy filings, and rising percentages of family income devoted to
servicing household debt;
Whereas millions of Americans, the ``unbanked'', have never established account
relationships at mainstream, insured depository institutions;
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 45 percent of college students are in credit card debt, with the average
debt being $3,066;
Whereas only 26 percent of 13- to 21-year-olds reported that their parents
actively taught them how to manage money;
Whereas a 2002 study by the Jump$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
seniors did 5 years ago;
Whereas a 2002 survey by the National Council on Economic Education found that a
decreasing number of States include personal finance in their
educational standards for students in Kindergarten through 12th grade;
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 long-lived habits develop
during childhood;
Whereas personal financial education is essential to ensure that our youth are
prepared to manage money, credit, and debt, and become responsible
workers, heads of households, investors, entrepreneurs, business
leaders, and citizens; and
Whereas the Jump$tart Coalition for Personal Financial Literacy, its State
affiliates, and its partner organizations have designated each April as
``Financial Literacy for Youth Month'', the goal of which is to educate
the public about the need for increased financial literacy for youth in
America: Now, therefore, be it
Resolved, That the House of Representatives--
(1) recognizes and supports the goals and ideals of ``Financial
Literacy for Youth Month''; and
(2) requests the President to 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 ``Financial Literacy for Youth Month'' with
appropriate programs and activities.
Attest:
Clerk.