IV 

108TH CONGRESS 

1ST SESSION H. RES. 127

Expressing the sense of the House of Representatives that a month should 

be designated as ‘‘Financial Literacy for Youth Month’’. 

IN THE HOUSE OF REPRESENTATIVES 

MARCH 5, 2003

Mr. DREIER (for himself, Mrs. BIGGERT, Mr. FORD, Mr. OXLEY, Mr. PETRI, 

Mr. POMEROY, and Mr. ROSS) submitted the following resolution; which 

was referred to the Committee on Government Reform 

RESOLUTION

Expressing the sense of the House of Representatives that 

a month should be designated as ‘‘Financial Literacy 

for Youth Month’’.

Whereas the informed use of credit and other financial products and services benefits individual consumers and promotes economic growth; 

Whereas financial literacy encourages greater economic selfsufficiency, higher levels of homeownership, and enhanced 

retirement security, particularly among low- and moderate-income Americans; 

Whereas the past decade has seen declining personal savings 

rates, increased bankruptcy filings, and rising percentages of family income devoted to servicing household 

debt; 
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•HRES 127 IH 

Whereas millions of Americans, the ‘‘unbanked’’, have never 

established account relationships at mainstream, insured 

depository institutions; 

Whereas 55 percent of college students acquire their first 

credit card during their first year in college, and 83 percent of college students have at least 1 credit card; 

Whereas 45 percent of college students are in credit card 

debt, with the average debt being $3,066; 

Whereas only 26 percent of 13- to 21-year-olds reported that 

their parents actively taught them how to manage money; 

Whereas a 2002 study by the Jump$tart Coalition for Personal Financial Literacy found that high school seniors 

know even less about credit cards, retirement funds, insurance, and other personal finance basics than seniors 

did 5 years ago; 

Whereas a 2002 survey by the National Council on Economic 

Education found that a decreasing number of States include personal finance in their educational standards for 

students in Kindergarten through 12th grade; 

Whereas financial literacy empowers individuals to make wise 

financial decisions and reduces the confusion of an increasingly complex economy; 

Whereas personal financial management skills and long-lived 

habits develop during childhood; 

Whereas personal financial education is essential to ensure 

that our youth are prepared to manage money, credit, 

and debt, and become responsible workers, heads of 

households, investors, entrepreneurs, business leaders, 

and citizens; and 
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•HRES 127 IH 

Whereas the Jump$tart Coalition for Personal Financial Literacy, its State affiliates, and its partner organizations 

have designated each April as ‘‘Financial Literacy for 

Youth Month’’, the goal of which is to educate the public 

about the need for increased financial literacy for youth 

in America: Now, therefore, be it

1 Resolved, That it is the sense of the House of Rep2 resentatives that—

3 (1) a ‘‘Financial Literacy for Youth Month’’ 

4 should be designated to raise public awareness about 

5 the need for increased financial literacy in our 

6 schools and the serious problems that may be associ7 ated with a lack of understanding about personal fi8 nances; and 

9 (2) the President should issue a proclamation 

10 calling on the Federal Government, States, localities, 

11 schools, nonprofit organizations, businesses, other 

12 entities, and the people of the United States to ob13 serve the month with appropriate programs and ac14 tivities.

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