III 

118TH CONGRESS 

2D SESSION S. RES. 658 

Designating April 2024 as ‘‘Financial Literacy Month’’. 

IN THE SENATE OF THE UNITED STATES 

APRIL 20 (legislative day, APRIL 19), 2024 

Mr. REED (for himself, Mr. SCOTT of South Carolina, Mr. BARRASSO, Mr. 

BOOZMAN, Mr. BRAUN, Mr. BUDD, Mrs. CAPITO, Mr. CASSIDY, Ms. COLLINS, Ms. CORTEZ MASTO, Mr. CRAMER, Mr. CRAPO, Mr. DAINES, Mr. 

DURBIN, Ms. HASSAN, Mrs. HYDE-SMITH, Mr. KING, Mr. MANCHIN, Mr. 

RISCH, Mr. ROMNEY, Mr. ROUNDS, Mr. RUBIO, Mr. SCOTT of Florida, 

Mr. WHITEHOUSE, Mr. WICKER, Mr. WYDEN, Mr. YOUNG, Mr. PETERS, 

and Mr. TUBERVILLE) submitted the following resolution; which was considered and agreed to 

RESOLUTION 

Designating April 2024 as ‘‘Financial Literacy Month’’. 

Whereas, according to the report entitled ‘‘Economic WellBeing of U.S. Households in 2022’’ by the Board of Governors of the Federal Reserve System, self-reported financial well-being fell sharply and was among the lowest 

observed since 2016; 

Whereas, according to the 2021 Federal Deposit Insurance 

Corporation National Survey of Unbanked and Underbanked Households— 

(1) approximately 4.5 percent of households, representing 5,900,000 households in the United States, are 


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•SRES 658 ATS 

unbanked and, therefore, have limited or no access to 

savings, lending, and other basic financial services; and 

(2) an estimated 14.1 percent of households, representing 18,700,000 households in the United States, 

are underbanked; 

Whereas, according to a report entitled ‘‘Financial Capability 

of Adults with Disabilities’’ by the National Disability Institute and the Financial Industry Regulatory Authority, 

people with disabilities were more likely to struggle with 

the key components of financial capability, which are 

making ends meet, planning ahead, managing financial 

products, and financial knowledge and decisionmaking, 

and could benefit from targeted financial education; 

Whereas, according to the statistical release of the Federal 

Reserve Bank of New York for the fourth quarter of 

2023 entitled ‘‘Household Debt and Credit Report’’— 

(1) outstanding household debt in the United States 

has increased by $3,350,000,000,000 since the end of 

2019; 

(2) outstanding student loan balances have increased 

steadily during the last decade to nearly 

$1,600,000,000,000; and 

(3) delinquency rates increased for all debt types except student loans; 

Whereas the 2023 Employer Survey of the Employee Benefits 

Research Institute reported that financial wellness benefits, including broad-based financial education, are a tool 

to improve worker satisfaction and productivity; 

Whereas the 2024 Survey of the States conducted biennially 

by the Council for Economic Education showed that, 

compared to the 2022 Survey of the States, 12 more 

States have passed legislation requiring students to take 


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•SRES 658 ATS 

a financial education course, resulting in 10,000,000 

more students gaining access to financial education before graduating from high school; 

Whereas, in 2024, research by Tyton Partners, in conjunction with Next Gen Personal Finance, found a lifetime 

benefit of approximately $100,000 for students who completed personal finance education in high school; 

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 make sound money management decisions 

about credit, debt, insurance, financial transactions, and 

planning for the future; and 

(2) to become responsible workers, heads of household, investors, entrepreneurs, business leaders, and citizens; 

Whereas financial education in schools in the United States 

is critical to a long-term financial inclusion strategy to 

reach students who are not able to get sufficient personal 

finance guidance at home; 

Whereas increased financial literacy— 

(1) empowers individuals to make wise financial decisions; and 

(2) 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; and 


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•SRES 658 ATS 

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 2024 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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