H. Res. 327 

In the House of Representatives, U. S., 

April 30, 2019. 

Whereas personal financial literacy is essential to ensuring 

that individuals are prepared to make informed decisions 

about budgeting, financial planning, wealth accumulation, 

higher education loans, 529 savings plans, managing 

credit cards, and managing other debt; 

Whereas often young people are ill-equipped to handle major 

financial decisions in an increasingly complex financial 

marketplace; 

Whereas personal financial management skills begin to develop during childhood; 

Whereas, according to the report of the Girl Scout Research 

Institute entitled ‘‘Having it All: Girls and Financial Literacy’’, only 12 percent of girls feel very confident about 

making financial decisions; 

Whereas the move away from traditional pensions and toward 

defined contribution plans requires more financial education, so workers need to be equipped with the financial 

aptitude to not only save and accumulate assets, but also 

to turn those assets into lifetime income; 

Whereas the Council for Economic Education found that only 

22 States require high schools to offer some type of per-
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sonal finance course and only 17 States require that 

course for high school graduation; 

Whereas a longitudinal research study by the University of 

Arizona found that high school and college students who 

have been exposed to ongoing financial education show an 

increase in financial knowledge; 

Whereas the 2015 National Financial Capability Study, developed in consultation with the Department of the 

Treasury and President’s Advisory Council on Financial 

Capability, updates key measures from the 2009 National 

Financial Capability Study of American adults and 

deepens the exploration of topics that are highly relevant 

today, including student loans and medical debt; 

Whereas the Federal Reserve System offers publications in 

English and Spanish that provide consumers tips on a 

broad range of topics, from avoiding mortgage foreclosure 

scams to managing a checking account; 

Whereas a study conducted by Daniel Fernandes, John G. 

Lynch, Jr., and Richard Netemeyer entitled ‘‘Financial 

Literacy, Financial Education and Downstream Financial 

Behaviors’’ found that it ‘‘is best to provide assistance 

just before a decision is made in what is known as ‘justin-time education’ ’’; and 

Whereas on September 6, 2018, the U.S. House of Representatives passed, by a vote of 406 to 4, H.R. 1635, 

the Empowering Students Through Enhanced Financial 

Counseling Act, which helps improve financial aid counseling for students receiving a Pell Grant or a Federal 

loan: Now, therefore, be it 

Resolved, That the House of Representatives— 
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(1) emphasizes the importance of raising awareness 

of individual financial capability by providing relevant information, financial workshops, and other decision-making tools to consumers of all ages; 

(2) supports the efforts of Federal financial agencies to partner with organizations that are focused on 

developing opportunities for minorities and women to 

place talented young minorities and women in industry 

internships, summer employment, and full-time positions; 

(3) supports the efforts of the Federal financial 

agencies to provide consumers with relevant information 

and decision-making tools regarding important financial 

decisions; and 

(4) urges the Department of the Treasury to consult with the Financial Industry Regulatory Authority 

and implement future national financial capability studies. 

Attest: 

Clerk.