106TH CONGRESS
1ST SESSION
H. CON. RES. 213
CONCURRENT RESOLUTION
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;
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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 EH
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:
Clerk.