III
106TH CONGRESS
1ST SESSION
H. CON. RES. 213
IN THE SENATE OF THE UNITED STATES
NOVEMBER 3, 1999
Received
NOVEMBER 19, 1999
Referred to the Committee on Health, Education, Labor, and Pensions
CONCURRENT RESOLUTION
Encouraging the Secretary of Education to promote, and
State and local educational agencies to incorporate in
their education programs, financial literacy training.
Whereas in order to succeed in our dynamic American econ-
omy, young people must obtain the skills, knowledge, and
experience necessary to manage their personal finances
and obtain general financial literacy;
Whereas all young adults should have the educational tools
necessary to make informed financial decisions;
HCON 213 RFS
Whereas despite the critical importance of financial literacy
to young people, the average student who graduates from
high school lacks basic skills in the management of per-
sonal financial affairs;
Whereas a nationwide survey conducted in 1997 by the
Jump$tart Coalition for Personal Financial Literacy ex-
amined the financial knowledge of 1,509 12th graders;
Whereas on average, survey respondents answered only 57
percent of the questions correctly, and only 5 percent of
the respondents received a ‘C’ grade or better;
Whereas an evaluation by the National Endowment for Fi-
nancial Education High School Financial Planning Pro-
gram undertaken jointly with the United States Depart-
ment of Agriculture Cooperative State Research, Edu-
cation, and Extension Service demonstrates that as little
as 10 hours of classroom instruction can impart substan-
tial knowledge and affect significant change in how teens
handle their money;
Whereas State educational leaders have recognized the impor-
tance of providing a basic financial education to students
in grades kindergarten through 12 by integrating finan-
cial education into State educational standards, but by
1999 only 14 States required schools to implement per-
sonal finance standards into the academic curriculum;
Whereas teacher training and professional development are
critical to achieving youth financial literacy;
Whereas teachers confirm the need for professional develop-
ment in personal finance education;
Whereas in a survey by the National Institute for Consumer
Education, 77 percent of a State’s economics teachers re-
HCON 213 RFS
vealed that they had never had a college course in per-
sonal finance;
Whereas personal financial education helps prepare students
for the workforce and for financial independence by de-
veloping their sense of individual responsibility, improving
their life skills, and providing them with a thorough un-
derstanding of consumer economics that will benefit them
for their entire lives;
Whereas financial education integrates instruction in valuable
life skills with instruction in economics, including income
and taxes, money management, investment and spending,
and the importance of personal savings;
Whereas the consumers and investors of tomorrow are in our
schools today; and
Whereas the teaching of personal finance should be encour-
aged at all levels of our Nation’s educational system,
from kindergarten through grade 12: Now, therefore, be
it
Resolved by the House of Representatives (the Senate
concurring), That Congress encourages—
(1) the Secretary of Education to use funds
available in the Fund for the Improvement of Edu-
cation (part A of title X of the Elementary and Sec-
ondary Education Act of 1965) to promote personal
financial literacy programs; and
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(2) State and local educational agencies to in-
corporate personal financial management curricu-
lums into their education programs.
Passed the House of Representatives November 2,
1999.
Attest:
JEFF TRANDAHL,
Clerk.