III 

109TH CONGRESS 

1ST SESSION S. RES. 88 

Designating April 2005 as ‘‘Financial Literacy Month’’. 

IN THE SENATE OF THE UNITED STATES 

MARCH 17, 2005 

Mr. AKAKA (for himself, Mr. SARBANES, Mr. CORZINE, Mr. BAUCUS, Mr. 

COCHRAN, Mr. CRAPO, Mr. DODD, Mr. DURBIN, Mr. INOUYE, Mr. JOHNSON, Mr. KENNEDY, Mr. KOHL, Ms. LANDRIEU, Mr. LAUTENBERG, Mr. 

LEVIN, Mrs. LINCOLN, Mrs. MURRAY, Mr. PRYOR, Mr. SANTORUM, Mr. 

SCHUMER, Ms. STABENOW, and Mr. THOMAS) submitted the following 

resolution; which was considered and agreed to 

RESOLUTION 

Designating April 2005 as ‘‘Financial Literacy Month’’. 

Whereas at the end of 2004, Americans carried 657,000,000 

bank credit cards, 228,000,000 debit cards, and 

550,000,000 retail credit cards; 

Whereas based on the number of total United States households, there are now 6.3 bank credit cards, 2.2 debit 

cards, and 6.4 retail credit cards per household; 

Whereas Americans consumer credit debt continues to increase, and has reached a level of in excess of 

$2,100,000,000,000 as of year end 2004, of which 

$791,000,000,000 is revolving consumer credit; 
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•SRES 88 ATS

Whereas a United States Public Interest Research Group and 

Consumer Federation of America analysis of Federal Reserve data indicates that the average household with debt 

carries approximately $10,000 to $12,000 in total revolving debt; 

Whereas Americans owe $766,200,000,000 on home equity 

loans and lines of credit, more than twice as much as in 

1998; 

Whereas Americans converted $41,000,000,000 in real estate 

equity into spendable cash in the third quarter of 2004 

alone; 

Whereas the current level of personal savings as a percentage 

of personal income is at one of the lowest levels in history, 2 percent, a decline from 7.5 percent in the early 

1980s; 

Whereas through November 2004, 1,869,343 individuals filed 

for bankruptcy; 

Whereas a 2002 Retirement Confidence Survey found that 

only 32 percent of workers surveyed have calculated how 

much money they will need to save for retirement; 

Whereas only 30 percent of those surveyed in a 2003 Employee Benefit Trend Study are confident in their ability 

to make the right financial decisions for themselves and 

their families, and 25 percent have done no specific financial planning; 

Whereas approximately 10 percent of individual households 

remain unbanked, i.e., not using mainstream, insured financial institutions; 

Whereas expanding access to the mainstream financial system provides individuals with lower cost, safer options for 

managing their finances and building wealth; 
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•SRES 88 ATS

Whereas a greater understanding and familiarity with financial markets and institutions will lead to increased economic activity and growth; 

Whereas financial literacy empowers individuals to make wise 

financial decisions and reduces the confusion of an increasingly complex economy; 

Whereas the Spring 2004 Student Monitor Financial Services 

Survey found that 46 percent of college students have a 

general purpose credit card in their own name and 37 

percent carry over a credit card balance from month to 

month; 

Whereas 45 percent of college students are in credit card 

debt, with the average debt being $3,066; 

Whereas only 26 percent of 13- to 21-year-olds reported that 

their parents actively taught them how to manage money; 

Whereas a 2004 study by the Jump$tart Coalition for Personal Financial Literacy found an increase in high school 

seniors’ scores on an exam about credit cards, retirement 

funds, insurance, and other personal finance basics for 

the first time since 1997; however, 65 percent of students 

still failed the exam; 

Whereas a 2004 survey of States by the National Council on 

Economic Education found that 49 States include economics, and 38 States include personal finance, in their 

elementary and secondary education standards, up from 

48 States and 31 States, respectively, in 2002; 

Whereas personal financial management skills and life-long 

habits develop during childhood; 

Whereas personal financial education is essential to ensure 

that individuals are prepared to manage money, credit, 

and debt, and become responsible workers, heads of 
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•SRES 88 ATS

households, investors, entrepreneurs, business leaders, 

and citizens; and 

Whereas Congress found it important enough to ensure coordination of Federal financial literacy efforts and formulate a national strategy that it established the Financial 

Literacy and Education Commission in 2003 and designated 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 2005 as ‘‘Financial Lit3 eracy Month’’ to raise public awareness about the 

4 importance of financial education in the United 

5 States and the serious consequences that may be as6 sociated with a lack of understanding about personal 

7 finances; and 

8 (2) calls on the Federal Government, States, lo9 calities, schools, nonprofit organizations, businesses, 

10 and the people of the United States to observe the 

11 month with appropriate programs and activities. 

Æ