H.Res. 128 (eh) [Engrossed in House] ...

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108th CONGRESS
  1st Session
H. RES. 127

   Expressing the sense of the House of Representatives that a month 
    should be designated as ``Financial Literacy for Youth Month''.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 5, 2003

Mr. Dreier (for himself, Mrs. Biggert, Mr. Ford, Mr. Oxley, Mr. Petri, 
 Mr. Pomeroy, and Mr. Ross) submitted the following resolution; which 
           was referred to the Committee on Government Reform

_______________________________________________________________________

                               RESOLUTION


 
   Expressing the sense of the House of Representatives that a month 
    should be designated as ``Financial Literacy for Youth Month''.

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 it is the sense of the House of Representatives 
that--
            (1) a ``Financial Literacy for Youth Month'' should be 
        designated to raise public awareness about the need for 
        increased financial literacy in our schools and the serious 
        problems that may be associated with a lack of understanding 
        about personal finances; and
            (2) the President should 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.
                                 <all>

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