[Congressional Record Volume 158, Number 52 (Thursday, March 29, 2012)]
[Senate]
[Pages S2234-S2235]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
FINANCIAL LITERACY MONTH
Mr. AKAKA. Mr. President, my friend and colleague from Wyoming,
Senator Enzi, and I have once again submitted a resolution to designate
April as ``Financial Literacy Month'' to raise public awareness of this
important issue. I would like to first thank the cosponsors of the
resolution, Senators Baucus, Blunt, Brown of Ohio, Cardin, Carper,
Cochran, Coons, Crapo, Durbin, Hagan, Inouye, Johnson of South Dakota,
Kohl, Landrieu, Lautenberg, Menendez, Murray, and Wicker. I appreciate
their hard work and support in working to increase the level of
financial literacy for people of all ages across America. I also thank
the Senate for taking up this resolution and passing it with unanimous
consent last night.
This is the tenth and final year that I have introduced this
resolution, which highlights our Nation's need for investments in
financial literacy, commends current efforts and initiatives to promote
financial education, and encourages the administration and private
institutions to continue to work toward creating a more financially
literate public.
Financial literacy empowers individuals to be able to appropriately
evaluate credit opportunities, successfully
[[Page S2235]]
save and invest for long-term financial goals in an increasingly
intricate marketplace, and responsibly manage their personal,
professional, and family finances. It is essential that we continue to
make strides toward improving education and consumer protection, while
giving individuals the necessary tools to build more financially stable
families, businesses, and communities. As we continue along the path to
economic recovery, it is imperative that the basics of economics,
credit, and personal finance become a fundamental fixture in the
American school system.
The Council for Economic Education recently released their 2011
``Survey of the States: Economic and Personal Finance Education in Our
Nation's Schools.'' According to this survey, there have been great
improvements in financial literacy since the first survey in 1998.
However, troublingly, in the past 2 years, progress has slowed and in
some cases even reversed. Specifically, only 22 States require students
to take an economics course as a high school graduation requirement,
and only 16 States require the testing of student knowledge in
economics. In addition, only 12 States require students to take a
personal finance course either independently or as part of an economics
course as a high school graduation requirement.
Also, alarmingly, according to the Gallup-Operation HOPE Financial
Literacy Index, while 69 percent of American students strongly believe
that the best time to save money is now, only 57 percent believe that
their parents are saving money for the future. Despite clear progress
in this area over the past 15 years, these most recent trends are
disturbing.
There is no better time than now to invest in a better-educated, more
financially savvy public. With the increased complexity of and access
to today's financial products, the unscrupulous nature of predatory
lenders as they enticed millions of families into complicated loans
they could not afford nor understand, and people having to make
important life decisions at a younger and younger age, it is critical
that we ensure that students are empowered by a sound financial
education by the time they graduate from high school. Our Nation cannot
afford another housing crisis, and the best way to safeguard against
that risk is education and promotion spreading knowledge.
I would like to thank the various organizations and individuals who
are doing their part to ensure the education of personal finance
reaches as many Americans as possible. Teachers, parents, financial
institutions, nonprofit organizations, Governors, legislators, and
other decision makers must be leaders on this issue just as all of us
owe it to ourselves and our country to have adequate knowledge of
personal finance.
As policymakers, we must champion these issues year round, not just
in the month of April. However, focusing on Financial Literacy Month in
April allows us to have a designated month when we can focus our
efforts, take stock of what has been working, and improve on our work
for the coming year. I thank my colleagues again for passing this
resolution.
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