[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H. Res. 578 Engrossed in House (EH)]
In the House of Representatives, U.S.,
April 27, 2004.
Whereas the financial services industry in the United States benefits millions
of people in the United States, providing products and services that
allow individuals and families to build homes, buy cars, finance
educations, start businesses, and meet everyday needs;
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, yet a study completed in 2002 by the Jump$tart
Coalition for Personal Financial Literacy found that high school seniors
knew less about principles of basic personal finance than did high
school seniors 5 years earlier;
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, yet a survey
completed in 2002 by the National Council on Economic Education found
that a decreasing number of States include personal finance in education
standards for students in kindergarten through high school;
Whereas expanding access to the mainstream financial system provides individuals
with lower cost, safer options for managing finances and building wealth
and is likely to lead to increased economic activity and growth, yet
between 25,000,000 and 56,000,000 people over the age of 18 do not use
mainstream, insured financial institutions and are considered
``unbanked'';
Whereas personal financial management skills and lifelong habits develop during
childhood, and 55 percent of college students acquire their first credit
card during their first year in college, yet only 26 percent of people
between the ages of 13 and 21 reported that their parents actively
taught them how to manage money;
Whereas although more than 42,000,000 people in the United States participate in
qualified cash or deferred arrangements described in section 401(k) of
the Internal Revenue Code of 1986 (commonly referred to as ``401(k)
plans''), a Retirement Confidence Survey conducted in 2002 found that
only 32 percent of workers surveyed have calculated how much money they
will need to save for retirement, and 25 percent of workers have done no
specific planning for retirement;
Whereas financial literacy empowers individuals to make wise financial decisions
in an increasingly complex economy, and only 30 percent of those
surveyed in an Employee Benefit Trend Study conducted in 2003 are
confident in their ability to make the right financial decisions for
themselves and their families;
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 Congress sought to implement a national strategy for coordination of
Federal financial literacy efforts through the establishment of the
Financial Literacy and Education Commission in 2003, the designation of
the Office of Financial Education of the Department of the Treasury to
provide support for the Commission, and requirements that the
Commission's materials, website, toll-free hotline, and national
multimedia campaign be multilingual; and
Whereas the National Council on Economic Education, its State Councils and
Centers for Economic Education, the Jump$tart Coalition for Personal
Financial Literacy, its State affiliates, and its partner organizations
have designated April as ``Financial Literacy Month'' to educate the
public about the need for increased financial literacy for youth in the
United States: Now, therefore, be it
Resolved, That the House of Representatives--
(1) supports the goals and ideals of Financial Literacy Month; 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.
Attest:
Clerk.