[Congressional Record (Bound Edition), Volume 151 (2005), Part 5]
[House]
[Pages 7071-7072]
[From the U.S. Government Publishing Office, www.gpo.gov]




                           FINANCIAL LITERACY

  (Mr. PRICE of Georgia asked and was given permission to address the 
House for 1 minute.)
  Mr. PRICE of Georgia. Mr. Speaker, balancing a checkbook and 
principles such as saving and investing seem like a foreign language to 
much of our Nation's youth. Sadly, many of our high school graduates 
lack the basic skills to handle their own finances. Combine that with 
the spending power of teenagers, $150 billion annually, and it should 
come as no surprise that when

[[Page 7072]]

they go off to college, credit card companies cannot hand out the 
plastic fast enough to these new customers who have no credit history, 
no income and no job. In fact, in 2001, more young people filed for 
bankruptcy than graduated from college.
  With April being Financial Literacy Month, it is time to show that 
finance and economic lessons simply do not end in the classroom. The 
earlier students learn about dollars and cents, the better equipped 
they will be to enter the world with knowledge about how to save, how 
to earn and how to spend.
  Mr. Speaker, studies have shown financial education has been linked 
to lower delinquency rates for mortgage borrowers, higher participation 
and contribution rates in retirement plans, improved spending and 
saving habits and higher net worth.
  The need for financial education in our classrooms and at home has 
never been more apparent. Increasing financial literacy is key to 
helping our next generation reach their full potential.

                          ____________________