IV 

109TH CONGRESS 

1ST SESSION H. RES. 148

Supporting the goals and ideals of Financial Literacy Month, and for other 

purposes. 

IN THE HOUSE OF REPRESENTATIVES 

MARCH 10, 2005

Mrs. BIGGERT (for herself and Mr. HINOJOSA) submitted the following 

resolution; which was referred to the Committee on Government Reform 

RESOLUTION

Supporting the goals and ideals of Financial Literacy Month, 

and for other purposes.

Whereas the financial services industry in the United States 

benefits millions of people in the United States, providing 

products and services that allow individuals and families 

to build homes, buy cars, finance educations, start businesses, and meet everyday needs; 

Whereas personal financial education is essential to ensure 

that individuals are prepared to manage money, credit, 

and debt, and become responsible workers, heads of 

households, investors, entrepreneurs, business leaders, 

and citizens, yet a study completed in 2004 by the 

Jump$tart Coalition for Personal Financial Literacy 

found that high school seniors know less about principles 
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•HRES 148 IH 

of basic personal finance than did high school seniors 7 

years earlier; 

Whereas 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, higher net worth, and positive knowledge, attitude, and behavior changes, yet a 

2004 survey completed by the National Council on Economic Education found that the number of States that 

include personal finance in education standards for students in kindergarten through high school has improved 

since 2002 but still falls below 2000 levels; 

Whereas expanding access to the mainstream financial system provides individuals with lower-cost and safer options 

for managing finances and building wealth and is likely 

to lead to increased economic activity and growth, yet 

studies show that as many as 10 million households in 

the United States are ‘‘unbanked’’ or are without access 

to mainstream bank products and services; 

Whereas personal financial management skills and lifelong 

habits develop during childhood, and 55 percent of college students acquire their first credit card during their 

first year in college, and 92 percent of college students 

acquire at least one credit card by their second year in 

college, yet only 26 percent of people between the ages 

of 13 and 21 reported that their parents actively taught 

them how to manage money; 

Whereas although more than 42,000,000 people in the 

United States participate in qualified cash or deferred arrangements described in section 401(k) of the Internal 

Revenue Code of 1986 (commonly referred to as ‘‘401(k) 

plans’’), a Retirement Confidence Survey conducted in 
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2004 found that only 42 percent of workers surveyed 

have calculated how much money they will need to save 

for retirement and 4 in 10 workers say that they are not 

currently saving for retirement; 

Whereas personal savings as a percentage of personal income 

decreased from 7.5 percent in the early 1980s to 1.1 percent in the last two quarters of 2004; 

Whereas Congress sought to implement a national strategy 

for coordination of Federal financial literacy efforts 

through the establishment of the Financial Literacy and 

Education Commission (FLEC) in 2003, the designation 

of the Office of Financial Education of the Department 

of the Treasury to provide support for the Commission, 

and requirements that the Commission’s materials, 

website, toll-free hotline, and national multimedia campaign be multilingual; 

Whereas Members of the United States House of Representatives established the Financial and Economic Literacy 

Caucus (FELC) in February 2005 to (1) provide a forum 

for interested Members of Congress to work in collaboration with the Financial Literacy and Education Commission, (2) highlight public and private sector best-practices, and (3) organize and promote financial literacy legislation, seminars and events, such as ‘‘Financial Literacy Month’’ in April 2005 and the annual ‘‘Financial 

Literacy Day’’ fair on April 27, 2005; and 

Whereas the National Council on Economic Education, its 

State Councils and Centers for Economic Education, the 

Jump$tart Coalition for Personal Financial Literacy, its 

State affiliates, and its partner organizations have designated April as ‘Financial Literacy Month’ to educate 

the public about the need for increased financial literacy 
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for youth and adults in the United States: Now, therefore, be it

1 Resolved, That the House of Representatives—

2 (1) supports the goals and ideals of Financial 

3 Literacy Month; and 

4 (2) requests that the President issue a procla5 mation calling on the Federal Government, States, 

6 localities, schools, nonprofit organizations, busi7 nesses, other entities, and the people of the United 

8 States to observe the month with appropriate pro9 grams and activities.

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