[Congressional Record Volume 153, Number 61 (Tuesday, April 17, 2007)]
[Extensions of Remarks]
[Page E752]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




      SUPPORTING THE GOALS AND IDEALS OF FINANCIAL LITERACY MONTH

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                       HON. EDDIE BERNICE JOHNSON

                                of texas

                    in the house of representatives

                        Tuesday, April 17, 2007

  Ms. EDDIE BERNICE JOHNSON of Texas. Mr. Speaker, I rise today in 
complete support of the Financial Literacy Month Resolution which 
addresses the public's lack of knowledge of basic financial principles 
and aims to lessen our Nation's already enormous consumer debt.
  According to recent studies, many young Americans seem to be lacking 
personal financial management skills. The facts indicate that for 
nearly a decade now, high school seniors have possessed an insufficient 
knowledge of personal finance. Attempting to address this gap in 
knowledge and to prevent future financial blunders, 16 states are 
requiring basic financial education in their high schools. I strongly 
believe that, as a result of such efforts, many young citizens will 
become financially responsible. This will not only enlighten their 
personal lives, but ultimately combat our growing consumer debt.
  Along with America's youth, many adults are also seemingly incapable 
of properly managing their finances. It is my understanding that, three 
years ago, a Retirement Confidence Survey found that 42 percent of 
workers surveyed had not calculated how much money they will need for 
retirement; and additionally, 37 percent of the workers said that they 
were not saving for retirement. From these statistics and with the 
current status of Social Security, I feel that it would be beneficial 
for many Americans to be educated on financial opportunities; 
including, but not limited to, qualified cash and deferred 
arrangements. Thus, we must promote nation-wide financial literacy 
programs to help citizens seize such opportunities.
  In closing, our Nation's expanding consumer balance and the economic 
fears of many Americans can both be assuaged through H.R. 273. I am 
delighted that many of my fellow members are already in favor of this 
resolution, and I encourage my other colleagues to follow suit.

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