H. Res. 357 

In the House of Representatives, U. S., 

April 29, 2009. 

Whereas personal financial literacy is essential to ensure that 

individuals are prepared to make informed financial 

choices, as well as manage money, credit, debt, and risk 

and become responsible workers, heads of households, investors, entrepreneurs, business leaders, and citizens; 

Whereas personal financial management skills and lifelong 

habits begin to develop during childhood, making it all 

the more important to support youth financial education; 

Whereas a 2008 survey of high school seniors conducted by 

the Jump$tart Coalition for Personal Financial Literacy 

revealed that students in 2008 answered correctly only 

48.3 percent of the survey’s questions, a decline from 

those posted by students in 2006, who correctly answered 

52.4 percent of the questions; 

Whereas 84 percent of undergraduates had at least one credit 

card in 2008, up from 76 percent in 2004, with the average number of cards increasing to 4.6 according to Sallie 

Mae’s National Study of Usage Rates and Trends 2009 

entitled ‘‘How Undergraduate Students Use Credit 

Cards’’; 

Whereas personal saving as a percentage of disposable personal income was 4.2 percent in February, compared 
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with 4.4 percent in January, and up from a 12-month average of 1.7 percent in 2008, according to the Bureau of 

Economic Analysis; 

Whereas the average baby boomer has only $50,000 in savings apart from equity in their homes, according to the 

Federal Reserve Board’s Survey of Consumer Finances 

for 2007; 

Whereas studies show that as many as 10,000,000 households in the United States are ‘‘unbanked’’ or are without access to mainstream financial products and services; 

Whereas public, community-based, and private sector organizations throughout the United States are working to increase financial literacy rates for Americans of all ages 

and walks of life through a range of outreach efforts, including media campaigns, websites, and one-on-one financial counseling for individuals; 

Whereas bankers across the United States taught savings 

skills to young people on April 21, 2009, during Teach 

Children to Save Day, which was started by the American Bankers Association Education Foundation in April 

of 1997 and has now helped more than 72,000 bankers 

teach savings skills to nearly 3,200,000 young people; 

Whereas staff from America’s credit unions are making presentations to young people at local schools on financial 

topics such as student loans, balancing a checkbook, and 

auto loans during National Credit Union Youth Week, 

April 19–25, 2009; 

Whereas more than 100 Federal agencies have collaborated 

on a website, www.consumer.gov, which helps consumers 

shop for a mortgage or auto loan, understand and reconcile credit card statements and utility bills, choose sav-
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ings and retirement plans, compare health insurance policies, and understand their credit report and how it affects their ability to get credit and on what terms; 

Whereas Members of the United States House of Representatives established the Financial and Economic Literacy 

Caucus (FELC) in February 2005 to provide a forum for 

interested Members of Congress to review, discuss and 

recommend financial and economic literacy policies, legislation, and programs, collaborate with the private sector, 

and nonprofit and community-based organizations, and 

organize and promote financial literacy legislation, seminars, and events, such as ‘‘Financial Literacy Month’’ in 

April, 2009, and the annual ‘‘Financial Literacy Day 

Fair’’ on April 30, 2009; and 

Whereas the Council for Economic Education, its State 

Councils and Centers for Economic Education, the 

Jump$tart Coalition for Personal Financial Literacy, its 

State affiliates, and its partner organizations, and JA 

Worldwide have designated April as Financial Literacy 

Month to educate the public about the need for increased 

financial literacy for youth and adults in the United 

States: Now, therefore, be it 

Resolved, That the House of Representatives— 

(1) supports the goals and ideals of Financial Literacy Month, including raising public awareness about 

financial education; 

(2) recognizes the importance of managing personal 

finances, increasing personal savings, and reducing personal debt in the United States; and 
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(3) requests that the President issue a proclamation 

calling on the Federal Government, States, localities, 

schools, nonprofit organizations, businesses, other entities, and the people of the United States to observe the 

month with appropriate programs and activities with the 

goal of increasing financial literacy rates for individuals 

of all ages and walks of life. 

Attest: 

Clerk.