III 

110TH CONGRESS 

2D SESSION S. RES. 495 

Designating April 2008 as ‘‘Financial Literacy Month’’. 

IN THE SENATE OF THE UNITED STATES 

APRIL 1 (legislative day, MARCH 13), 2008 

Mr. AKAKA (for himself, Mr. DODD, Mr. ENZI, Ms. STABENOW, Mr. LEVIN, 

Mr. SCHUMER, Mr. INOUYE, Mr. MENENDEZ, Mr. CRAPO, Mr. JOHNSON, 

Mr. CARDIN, Mrs. LINCOLN, Mr. COCHRAN, Mr. MARTINEZ, Mrs. MURRAY, Mr. ALLARD, Mr. DURBIN, Mr. BAUCUS, and Mrs. FEINSTEIN) submitted the following resolution; which was considered and agreed to 

RESOLUTION 

Designating April 2008 as ‘‘Financial Literacy Month’’. 

Whereas the personal savings rate of people in the United 

States declined from negative 0.5 percent in 2005 to negative 1.0 percent in 2006, making 2005 and 2006 the 

only years since the Great Depression years of 1932 and 

1933 when the savings rate has been negative, and the 

decline continued in the first month of 2008; 

Whereas, in April 2007, a survey on personal finances reported that 25 percent of workers in the United States 

responded as having ‘‘no savings’’; 

Whereas the 2007 Retirement Confidence Survey conducted 

by the Employee Benefit Research Institute found that 

only 43 percent of workers or their spouses calculated 


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•SRES 495 ATS 

how much they need to save for retirement, down from 

53 percent in 2000; 

Whereas consumer debt exceeded $2,500,000,000,000 in 

2007, an increase of 33 percent since 2001; 

Whereas household debt reached a record 

$13,750,000,000,000 in 2007; 

Whereas, during 2007, a near-record high of more than 14 

percent of disposable personal income went to paying the 

interest on personal debt; 

Whereas people in the United States are now facing record 

numbers of homes in foreclosure, and for the first time 

in history, they have more total debt than equity in their 

homes; 

Whereas approximately 800,000 families filed for bankruptcy 

in 2007; 

Whereas nearly half of adults in the United States are not 

aware that they can access their credit reports for free, 

and 1 in 4 reported having never checked their credit 

score; 

Whereas, in a 2006 survey, the Jump$tart Coalition for Personal Financial Literacy found that high school seniors 

scored an average of only 52.4 percent on an exam testing knowledge of basic personal finance; 

Whereas approximately 10,000,000 households in the United 

States do not have accounts at mainstream financial institutions such as banks or credit unions; 

Whereas expanding access to the mainstream financial system will provide individuals with less expensive and more 

secure options for managing their finances and building 

wealth; 


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•SRES 495 ATS 

Whereas the 2007 Survey of the States compiled by the National Council on Economic Education found that only 22 

States require testing of economics as a high school graduation requirement, 3 fewer States than did so in 2004; 

Whereas quality personal financial education is essential to 

ensure that individuals are prepared to manage money, 

credit, and debt, and to become responsible workers, 

heads of households, investors, entrepreneurs, business 

leaders, and citizens; 

Whereas increased financial literacy empowers individuals to 

make wise financial decisions and reduces the confusion 

caused by the increasingly complex economy of the 

United States; 

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

economic activity and growth; 

Whereas, in 2003, Congress found it important to coordinate 

Federal financial literacy efforts and formulate a national 

strategy; and 

Whereas, in light of that finding, Congress passed the Financial Literacy and Education Improvement Act of 2003 

(Public Law 108–159; 117 Stat. 2003) establishing the 

Financial Literacy and Education Commission and designating the Office of Financial Education of the Department of the Treasury to provide support for the Commission: Now, therefore, be it 

1 Resolved, That the Senate— 

2 (1) designates April 2008 as ‘‘Financial Lit3 eracy Month’’ to raise public awareness about— 


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1 (A) the importance of personal financial 

2 education in the United States; and 

3 (B) the serious consequences that may re4 sult from a lack of understanding about per5 sonal finances; and 

6 (2) calls on the Federal Government, States, lo7 calities, schools, nonprofit organizations, businesses, 

8 and the people of the United States to observe the 

9 month with appropriate programs and activities. 

Æ 


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