[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.