IV 
110TH CONGRESS 
2D SESSION 
H. RES. 1079 
Supporting the goals and ideals of Financial Literacy Month 2008, and 
for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
APRIL 3, 2008 
Mr. HINOJOSA (for himself and Mrs. BIGGERT) submitted the following 
resolution; which was referred to the Committee on Financial Services 
RESOLUTION 
Supporting the goals and ideals of Financial Literacy Month 
2008, and for other purposes. 
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, in-
vestors, entrepreneurs, business leaders, and citizens; 
Whereas personal financial management skills and lifelong 
habits begin to 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; 
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•HRES 1079 IH 
Whereas the 2007 Survey of the States by the National 
Council on Economic Education found that 49 States in-
clude the subject of economics and 40 States include the 
subject of personal finance in their elementary and sec-
ondary education standards, up from 48 and 31 States, 
respectively, in 2002; 
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 the personal savings rate in the United States was 
zero percent at the end of the fourth quarter of 2007, 
which puts it among the lowest since the government 
began collecting the data in 1959; 
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-
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•HRES 1079 IH 
count or other savings instrument, a decrease of 10 per-
cent since 1985; 
Whereas the April 2007 National Foundation for Credit 
Counseling consumer financial literacy survey found that 
only 39 percent of American consumers keep close track 
of their expenses; less than half have ordered their credit 
report; and one-third do not know where to go for finan-
cial advice; 
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; 
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, community-based, and private sector organi-
zations throughout the United States are working to in-
crease financial literacy rates for Americans of all ages 
and walks of life through a range of outreach efforts, in-
cluding media campaigns, websites, and one-on-one coun-
seling for individuals; 
Whereas at least 6,500 bankers will teach savings skills to 
young people on April 29, 2008, during Teach Children 
to Save Day, which was started by the American Bankers 
Association Education Foundation in April of 1997 and 
has helped more than 45,000 bankers teach savings skills 
to nearly 2,300,000 young people; 
Whereas staff from America’s credit unions will make presen-
tations to young people at local schools on financial top-
ics such as student loans, balancing a checkbook, and 
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•HRES 1079 IH 
auto loans during National Credit Union Youth Week, 
which will be held April 20–26, 2008; 
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, and nonprofit and community-based organiza-
tions, and (3) organize and promote financial literacy leg-
islation, seminars, and events, such as ‘‘Financial Lit-
eracy Month’’ in April, 2008, and the annual ‘‘Financial 
Literacy Day’’ fair on April 28, 2008; 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— 
(1) supports the goals and ideals of Financial 
Literacy Month, including raising public awareness 
about financial education; 
(2) recognizes the importance of managing per-
sonal finances, increasing personal savings and re-
ducing indebtedness in the United States; and 
(3) requests that the President issue a procla-
mation calling on the Federal Government, States, 
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•HRES 1079 IH 
localities, schools, nonprofit organizations, busi-
nesses, other entities, and the people of the United 
States to observe the month with appropriate pro-
grams and activities with the goal of increasing fi-
nancial literacy rates for individuals of all ages and 
walks of life. 
Æ 
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