H. Res. 273
In the House of Representatives, U. S., 
April 17, 2007.
Whereas personal financial literacy is essential to ensure that 
individuals are prepared to manage money, credit, and 
debt, and become responsible workers, heads of house-
holds, investors, entrepreneurs, business leaders, and citi-
zens; 
Whereas personal financial management skills and lifelong 
habits develop during childhood; 
Whereas a study completed in 2006 by the Jump$tart Coali-
tion for Personal Financial Literacy found that high 
school seniors know less about principles of basic per-
sonal finance than did high school seniors 7 years earlier, 
and the average scores in both years were failing grades; 
Whereas in recent years, the Congress, State legislatures and 
Governors around the country have increasingly recog-
nized the importance and effectiveness of financial edu-
cation, and, as a result, an increasing number of States 
now require financial education during high school, in-
cluding Alabama, Georgia, Idaho, Illinois, Kansas, Ken-
tucky, Louisiana, Missouri, New York, North Carolina, 
Ohio, South Carolina, Texas, Utah, Virginia, and West 
Virginia;
•HRES 273 EH 
Whereas 55 percent of college students acquire their first 
credit card during their first year in college, and 92 per-
cent of college students acquire at least 1 credit card by 
their second year in college, yet only 26 percent of people 
between the ages of 13 and 21 reported that their par-
ents actively taught them how to manage money; 
Whereas 
United 
States 
consumer 
debt 
totaled 
$2,400,000,000,000 in 2006, of which credit card debt 
alone exceeded $825,000,000,000; 
Whereas personal savings as a percentage of income dropped 
to negative 1 percent in 2006, the lowest since the Great 
Depression; 
Whereas, although more than 42,000,000 people in the 
United States participate in qualified cash or deferred ar-
rangements described in section 401(k) of the Internal 
Revenue Code of 1986 (commonly referred to as ‘‘401(k) 
plans’’), a Retirement Confidence Survey conducted in 
2004 found that only 42 percent of workers surveyed 
have calculated how much money they will need to save 
for retirement and 37 percent of workers say that they 
are not currently saving for retirement; 
Whereas the average baby boomer has only $50,000 in sav-
ings apart from equity in their homes; 
Whereas a study by the American Institute of Certified Pub-
lic Accountants found that 55 percent of people between 
the ages of 25 and 34 maintain an interest-bearing ac-
count or other savings instrument, a decrease of 10 per-
cent since 1985; 
Whereas studies show that as many as 10,000,000 house-
holds in the United States are ‘‘unbanked’’ or are with-
out access to mainstream financial products and services;
•HRES 273 EH 
Whereas expanding access to the mainstream financial sys-
tem provides individuals with lower-cost and safer options 
for managing finances and building wealth and is likely 
to lead to increased economic activity and growth; 
Whereas public, consumer, community-based, and private sec-
tor organizations throughout the United States are work-
ing to increase financial literacy rates for Americans of 
all ages and walks of life through a range of outreach ef-
forts, including media campaigns, websites, and one-on-
one counseling for individuals; 
Whereas Members of the United States House of Representa-
tives established the Financial and Economic Literacy 
Caucus (FELC) in February 2005 to (1) provide a forum 
for interested Members of Congress to review, discuss 
and recommend financial and economic literacy policies, 
legislation, and programs, (2) collaborate with the private 
sector, nonprofits, and community-based organizations, 
and (3) organize and promote financial literacy legisla-
tion, seminars, and events, such as ‘‘Financial Literacy 
Month’’ in April 2007 and the annual ‘‘Financial Lit-
eracy Day’’ fair on April 24, 2007; and 
Whereas the National Council on Economic Education, its 
State Councils and Centers for Economic Education, the 
Jump$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—
•HRES 273 EH 
(1) supports the goals and ideals of Financial Lit-
eracy Month, including raising public awareness about 
the importance of financial education in the United 
States and the serious consequences that have resulted 
from a lack of understanding about personal finances; 
and 
(2) requests that the President issue a proclamation 
calling on the Federal Government, States, localities, 
schools, nonprofit organizations, businesses, other enti-
ties, 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.