[Congressional Record Volume 153, Number 63 (Thursday, April 19, 2007)]
[Extensions of Remarks]
[Page E793]
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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                               speech of

                           HON. SCOTT GARRETT

                             of new jersey

                    in the house of representatives

                         Monday, April 16, 2007

  Mr. GARRETT of New Jersey. Mr. Speaker, I rise to support the goals 
and ideals of Financial Literacy Month.
  Due to the growing complexity of financial products being offered 
throughout this country and the rapidly increasing number of young 
adults and seniors using these various products, it is essential that 
everyone educate themselves so they fully understand how their 
activities may affect their financial standing and future.
  As a member of the Financial Literacy Caucus, I believe the private 
financial sector and local, state, and Federal government officials 
should continue to further expand and promote financial literacy and 
education. Whether it is buying a home, opening a bank account, or 
acquiring a credit card, consumers are faced with a myriad of complex 
decisions requiring a broad knowledge of our nation's financial system.
  According to a July 2005 survey of 1,000 parents of high school 
students by Visa, parents rank developing good personal financial 
skills and being able to handle their money (74 percent) ahead of both 
following the wrong crowd (58 percent) and drugs/alcohol use (56 
percent) in terms of their concerns they have for their children's 
futures. Only personal safety ranked higher (89 percent). This 
illustrates how valuable the American public considers financial 
literacy.
  Mr. Speaker, I stand in support of the goals and ideals of financial 
literacy month and I encourage my colleagues to do the same.




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