[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[S. Res. 410 Agreed to Senate (ATS)]

109th CONGRESS
  2d Session
S. RES. 410

        Designating April 2006 as ``Financial Literacy Month''.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             March 28, 2006

Mr. Akaka (for himself, Mr. Sarbanes, Mr. Cochran, Mr. Lautenberg, Mr. 
 Kohl, Ms. Stabenow, Mr. Talent, Mr. Johnson, Mr. Crapo, Mr. Dodd, Mr. 
  Martinez, Mrs. Lincoln, Mr. Durbin, Mr. Inouye, Mr. DeMint, and Mr. 
 Baucus) submitted the following resolution; which was considered and 
                               agreed to

_______________________________________________________________________

                               RESOLUTION


 
        Designating April 2006 as ``Financial Literacy Month''.

Whereas the personal savings rate of United States citizens in 2005 was negative 
        0.5 percent, marking the first time that the rate has been negative 
        since the Great Depression year of 1933;
Whereas in 2005, only 42 percent of workers or their spouses calculated the 
        amount that they needed to save for retirement, down from 53 percent in 
        2000;
Whereas the 2005 Retirement Confidence Survey found that a majority of workers 
        believe that they are behind schedule on their retirement savings and 
        that their debt is a problem;
Whereas during the third quarter of 2005, the household debt of United States 
        citizens reached $11,000,000,000;
Whereas during the third quarter of 2005, individuals serviced their debt with a 
        record 13.75 percent of after-tax income;
Whereas nearly 1,600,000 individuals filed for bankruptcy in 2004;
Whereas approximately 75,000,000 individuals remain credit-challenged and 
        unbanked, or are not using insured, mainstream financial institutions;
Whereas expanding access to the mainstream financial system will provide 
        individuals with less expensive and more secure options for managing 
        their finances and building wealth;
Whereas a greater understanding of 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 caused by the increasingly complex economy of 
        the United States;
Whereas only 26 percent of individuals who were between the ages of 13 and 21 
        reported that their parents actively taught them how to manage money;
Whereas the majority of college seniors have 4 or more credit cards, and the 
        average college senior carries a balance of $3,000;
Whereas 1 in every 10 college students has more than $7,000 of debt;
Whereas many college students pay more in interest on their credit cards than on 
        their student loans;
Whereas a 2004 Survey of States by the National Council on Economic Education 
        found that 49 States include the subject of economics in their 
        elementary and secondary education standards, and 38 States include 
        personal finance, up from 48 and 31 States, respectively, in 2002;
Whereas a 2004 study by the JumpStart Coalition for Personal Financial Literacy 
        found that high school seniors scored higher than their previous class 
        on an exam about credit cards, retirement funds, insurance, and other 
        personal finance basics for the first time since 1997;
Whereas, in spite of the improvement in test scores, 65 percent of all 
        participating students still failed the exam;
Whereas individuals develop personal financial management skills and lifelong 
        habits during their childhood;
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;
Whereas Congress found it important to coordinate Federal financial literacy 
        efforts and formulate a national strategy; and
Whereas, in light of that finding, Congress established the Financial Literacy 
        and Education Commission in 2003 and designated the Office of Financial 
        Education of the Department of the Treasury to provide support for the 
        Commission: Now, therefore, be it
    Resolved, That the Senate--
            (1) designates April 2006 as ``Financial Literacy Month'' 
        to raise public awareness about--
                    (A) the importance of financial education in the 
                United States; and
                    (B) the serious consequences that may result from a 
                lack of understanding about personal finances; and
            (2) calls on the Federal Government, States, localities, 
        schools, nonprofit organizations, businesses, and the citizens 
        of the United States to observe the month with appropriate 
        programs and activities.
                                 <all>