[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[S. Res. 48 Introduced in Senate (IS)]







108th CONGRESS
  1st Session
S. RES. 48

   Designating April 2003 as ``Financial Literacy for Youth Month''.


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                   IN THE SENATE OF THE UNITED STATES

                            February 5, 2003

  Mr. Akaka (for himself, Mr. Cochran, Mr. Corzine, Mr. Johnson, Mr. 
   Sarbanes, Mr. Schumer, and Ms. Stabenow) submitted the following 
    resolution; which was referred to the Committee on the Judiciary

_______________________________________________________________________

                               RESOLUTION


 
   Designating April 2003 as ``Financial Literacy for Youth Month''.

Whereas the percentage of income used for household debt payments, including 
        mortgages, credit cards, and student loans, rose to the highest level in 
        more than a decade in 2001 and remained at 14 percent in 2002;
Whereas consumer bankruptcies in 2001 increased 19 percent over those in the 
        previous year, exceeding the previous high reached in 1998, and the rate 
        of filings did not slacken during the first 9 months of 2002;
Whereas personal savings as a percentage of Gross Domestic Product decreased 
        from 7.5 percent in the early 1980s to 2.4 percent in 2002;
Whereas approximately 40,000,000 Americans, the ``unbanked'', are not using 
        mainstream, insured financial institutions;
Whereas home foreclosures in 2002 reached the highest rate in 30 years;
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 education 
        standards for students in grades K-12;
Whereas a greater understanding and familiarity with financial markets and 
        institutions will lead to increased economic activity and growth;
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 Senate--
            (1) designates April 2003 as ``Financial Literacy for Youth 
        Month'' 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) 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.
                                 <all>