III 

114TH CONGRESS 

2D SESSION S. RES. 427 

Designating April 2016 as ‘‘Financial Literacy Month’’. 

IN THE SENATE OF THE UNITED STATES 

APRIL 14, 2016 

Mr. REED (for himself, Mr. SCOTT, Mr. DONNELLY, Mr. KIRK, Mr. DURBIN, 

Mr. COTTON, Mr. COCHRAN, Mr. ENZI, Ms. KLOBUCHAR, Mr. BLUNT, 

Mr. BARRASSO, Mr. BROWN, Mr. FRANKEN, Mr. CARDIN, Mr. CARPER, 

Mr. CRAPO, Mr. MORAN, Mrs. MURRAY, Mrs. FEINSTEIN, Mr. BOOZMAN, 

Mrs. BOXER, Ms. HEITKAMP, Mr. PETERS, Mr. DAINES, Mr. INHOFE, 

Mr. SCHATZ, Mr. MENENDEZ, Mr. WICKER, and Mr. COONS) submitted 

the following resolution; which was considered and agreed to 

RESOLUTION 

Designating April 2016 as ‘‘Financial Literacy Month’’. 

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

at least 27.7 percent of households in the United States, 

or nearly 34,400,000 households with approximately 

67,600,000 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 427 ATS 

Whereas according to the 2015 Consumer Financial Literacy 

Survey final report of the National Foundation for Credit 

Counseling— 

(1) approximately 41 percent of adults in the United 

States gave themselves a grade of ‘‘C’’, ‘‘D’’, or ‘‘F’’ on 

their knowledge of personal finance; 

(2) 75 percent of adults in the United States acknowledged that they could benefit from additional advice 

and answers to everyday financial questions from a professional; 

(3) 24 percent of adults in the United States, or approximately 56,300,000 individuals, admitted to not paying bills on time; 

(4) 1 in 3 households reported carrying credit card 

debt from month to month; 

(5) only 39 percent of adults in the United States 

reported keeping close track of their spending, a percentage that held steady since 2007; and 

(6) 13 percent of adults in the United States identified not having enough ‘‘rainy day’’ savings for an emergency, and 15 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 2015 Retirement Confidence Survey conducted 

by the Employee Benefit Research Institute found that 

24 percent of workers were ‘‘not at all confident’’ that 

they had enough money to retire; 

Whereas according to the statistical release of the Board of 

Governors of the Federal Reserve System for the fourth 

quarter of 2015 entitled ‘‘Financial Accounts of the 

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


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debt in the United States was $14,200,000,000,000 at 

the end of the fourth quarter of 2015; 

Whereas according to the 2016 Survey of the States: Economic and Personal Finance Education in Our Nation’s 

Schools, a biennial report by the Council for Economic 

Education— 

(1) only 20 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; 


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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— 

(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 2016 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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