IV 

113TH CONGRESS 

2D SESSION H. RES. 535 

Supporting the goals and ideals of ‘‘Financial Literacy Month’’. 

IN THE HOUSE OF REPRESENTATIVES 

APRIL 2, 2014 

Mr. HINOJOSA (for himself and Mr. STIVERS) submitted the following resolution; which was referred to the Committee on Oversight and Government 

Reform 

RESOLUTION 

Supporting the goals and ideals of ‘‘Financial Literacy 

Month’’. 

Whereas personal financial literacy is essential to ensure that 

individuals are prepared to make informed financial 

choices so that they can become successful heads of 

household, investors, entrepreneurs, and business leaders; 

Whereas financial education is the first line of defense 

against financial fraud and securing a prosperous future; 

Whereas according to the Federal Deposit Insurance Corporation, at least 28.2 percent of households in the 

United States are unbanked or underbanked and, subsequently, have missed opportunities for savings, lending, 

and basic financial services; 


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•HRES 535 IH 

Whereas almost 55.3 percent of Black households, and 48.6 

percent of Hispanic households are either unbanked or 

underbanked; 

Whereas according to the 2013 Consumer Financial Literacy 

Survey Final Report of the National Foundation for 

Credit Counseling, 40 percent of adults in the United 

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

knowledge of personal finance; 

Whereas the 2014 Retirement Confidence Survey conducted 

by the Employee Benefit Research Institute found that 

only 18 percent of workers were ‘‘very confident’’ about 

having enough money for a comfortable retirement, up by 

5 percent points from the previous year, but a sharp decline in worker confidence from the 27 percent of workers 

who were ‘‘very confident’’ in 2007; 

Whereas according to the 2014 Retirement Confidence Survey conducted by the Employee Benefit Research Institute, less than half of workers (44 percent) in the United 

States have tried to calculate how much they need to save 

for retirement; 

Whereas the 2014 Retirement Confidence Survey conducted 

by the Employee Benefit Research Institute found that 

58 percent of workers and 44 percent of retirees report 

having a problem with their level of debt; 

Whereas according to a 2014 ‘‘Flow of Funds’’ report by the 

Board of Governors of the Federal Reserve System, 

household debt stood at $13,100,000,000,000 at the end 

of the fourth quarter of 2013; 

Whereas according to the 2013 Consumer Financial Literacy 

Survey Final Report of the National Foundation for 

Credit Counseling, 26 percent, or more than 61,000,000 


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adults, admit to not paying all of their bills on time, a 

decrease from 33 percent or 77,000,000 adults in 2012; 

Whereas according to the 2013 Consumer Financial Literacy 

Survey Final Report of the National Foundation for 

Credit Counseling, only 40 percent of adults keep close 

track of their spending; 

Whereas according to the 2013 Consumer Financial Literacy 

Survey Final Report of the National Foundation for 

Credit Counseling, 31 percent of adults in the United 

States report that they have no savings, and 43 percent 

of United States adults say they are saving less in 2013 

than the year before; 

Whereas according to the seventh Council for Economic Education biennial Survey of the States 2014: Economic, 

Personal Finance, and Entrepreneurship Education in 

Our Nation’s Schools, only 22 States require students to 

take an economics course as a high school graduation requirement, and only 16 States require the testing of student knowledge in economics, down from 25 in 1998; 

Whereas according to the seventh Council for Economic Education biennial Survey of the States 2014: Economic, 

Personal Finance, and Entrepreneurship Education in 

Our Nation’s Schools, only 17 States require students to 

take a personal finance course either independently or as 

part of an economics course as a high school graduation 

requirement; 

Whereas according to the 2013 Girl Scout Research Institute’s report, ‘‘Having It All: Girls & Financial Literacy’’, 90 percent of girls say it is important to learn 

how to manage money but just 12 percent say they feel 

confident in making financial decisions; 


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Whereas expanding access to the 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 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 an increasingly complex economy; 

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, establishing the Financial Literacy and Education Commission: Now, therefore, be it 

1 Resolved, That the House of Representatives— 

2 (1) supports the goals and ideals of ‘‘Financial 

3 Literacy Month’’, to raise public awareness about— 

4 (A) the importance of personal financial 

5 education in the United States; and 


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1 (B) the serious consequences that may re2 sult from a lack of understanding about per3 sonal finances; and 

4 (2) calls on the Federal Government, States, lo5 calities, schools, nonprofit organizations, businesses, 

6 and the people of the United States to support the 

7 goals and ideals of ‘‘Financial Literacy Month’’ with 

8 appropriate programs and activities. 

Æ 


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