III 

115TH CONGRESS 

2D SESSION S. RES. 490 

Designating April 2018 as ‘‘Financial Literacy Month’’. 

IN THE SENATE OF THE UNITED STATES 

APRIL 26, 2018 

Mr. REED (for himself, Mr. SCOTT, Mr. DONNELLY, Mrs. FEINSTEIN, Mr. 

BLUNT, Mr. KENNEDY, Mr. MANCHIN, Mr. BOOZMAN, Mrs. MURRAY, 

Ms. KLOBUCHAR, Mrs. CAPITO, Mrs. ERNST, Ms. SMITH, Mr. WHITEHOUSE, Mr. COONS, Mr. DURBIN, Mr. CARDIN, Ms. CANTWELL, Mr. 

BOOKER, Mr. MENENDEZ, Mr. CARPER, and Mr. WICKER) submitted the 

following resolution; which was considered and agreed to 

RESOLUTION 

Designating April 2018 as ‘‘Financial Literacy Month’’. 

Whereas, according to the Federal Deposit Insurance Corporation (referred to in this preamble as the ‘‘FDIC’’), 

at least 26.9 percent of households in the United States, 

or nearly 33,500,000 households with approximately 

66,700,000 adults, are unbanked or underbanked and 

therefore have not had an opportunity to access savings, 

lending, and other basic financial services; 

Whereas, according to the FDIC, approximately 30 percent 

of banks reported in 2011 that consumers lacked an understanding of the financial products and services banks 

offered; 


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•SRES 490 ATS 

Whereas, according to the 2017 Consumer Financial Literacy 

Survey final report of the National Foundation for Credit 

Counseling— 

(1) 80 percent of adults in the United States acknowledged that they could benefit from additional advice 

and answers to everyday financial questions from a professional; 

(2) 39 percent of households in the United States 

reported carrying credit card debt from month to month; 

(3) only 40 percent of adults in the United States 

maintain a budget; 

(4) 25 percent of adults in the United States do not 

have any money saved for retirement; and 

(5) 16 percent of adults in the United States identified not having enough ‘‘rainy day’’ savings for an emergency, and 18 percent of adults in the United States 

identified not having enough money set aside for retirement, as the most worrisome area of personal finance; 

Whereas the 2017 Retirement Confidence Survey conducted 

by the Employee Benefit Research Institute found that 

73 percent of workers are not currently saving for retirement; 

Whereas, according to the statistical release of the Board of 

Governors of the Federal Reserve System for the fourth 

quarter of 2017 entitled ‘‘Financial Accounts of the 

United States: Flow of Funds, Balance Sheets, and Integrated Macroeconomic Accounts’’, outstanding household 

debt in the United States was $15,660,000,000,000 at 

the end of the fourth quarter of 2017; 

Whereas, according to the 2018 Survey of the States: Economic and Personal Finance Education in Our Nation’s 


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Schools, a biennial report by the Council for Economic 

Education— 

(1) only 22 States require students to take an economics course as a high school graduation requirement; 

and 

(2) only 17 States require students to take a personal finance course as a high school graduation requirement, either independently or as part of an economics 

course; 

Whereas, according to the Gallup-HOPE Index, only 52 percent of students in the United States have money in a 

bank or credit union account; 

Whereas expanding access to the safe, mainstream financial 

system will provide individuals with less expensive and 

more secure options for managing finances and building 

wealth; 

Whereas quality personal financial education is essential to 

ensure that individuals are prepared— 

(1) to manage money, credit, and debt; and 

(2) to become responsible workers, heads of household, investors, entrepreneurs, business leaders, and citizens; 

Whereas increased financial literacy empowers individuals to 

make wise financial decisions and reduces the confusion 

caused by an increasingly complex economy; 

Whereas a greater understanding of, and familiarity with, financial markets and institutions will lead to increased 

economic activity and growth; and 

Whereas, in 2003, Congress— 


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(1) determined that coordinating Federal financial 

literacy efforts and formulating a national strategy is important; and 

(2) in light of that determination, passed the Financial Literacy and Education Improvement Act (20 U.S.C. 

9701 et seq.), establishing the Financial Literacy and 

Education Commission: Now, therefore, be it 

1 Resolved, That the Senate— 

2 (1) designates April 2018 as ‘‘Financial Lit3 eracy Month’’ to raise public awareness about— 

4 (A) the importance of personal financial 

5 education in the United States; and 

6 (B) the serious consequences that may re7 sult from a lack of understanding about per8 sonal finances; and 

9 (2) calls on the Federal Government, States, lo10 calities, schools, nonprofit organizations, businesses, 

11 and the people of the United States to observe Fi12 nancial Literacy Month with appropriate programs 

13 and activities. 

Æ 


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