IV 
108TH CONGRESS 
2D SESSION 
H. RES. 578
Supporting the goals and ideals of Financial Literacy Month, and for other 
purposes. 
IN THE HOUSE OF REPRESENTATIVES 
MARCH 25, 2004
Mrs. BIGGERT (for herself, Mr. HINOJOSA, Mr. DREIER, Mr. BAKER, Mr. 
KANJORSKI, Mr. ROSS, Mr. JONES of North Carolina, Mr. FORD, Mr. 
LATOURETTE, Ms. CARSON of Indiana, Mr. KENNEDY of Minnesota, Mr. 
CLAY, Mr. CASTLE, Mr. FROST, Mr. ISAKSON, Mr. SCOTT of Georgia, 
Mr. INSLEE, Mr. ORTIZ, Mr. ISRAEL, Mr. FRANK of Massachusetts, and 
Mr. GREENWOOD) submitted the following resolution; which was referred 
to the Committee on Government Reform 
RESOLUTION 
Supporting the goals and ideals of Financial Literacy Month, 
and for other purposes.
Whereas the financial services industry in the United States 
benefits millions of people in the United States, providing 
products and services that allow individuals and families 
to build homes, buy cars, finance educations, start busi-
nesses, and meet everyday needs; 
Whereas personal financial education is essential to ensure 
that individuals are prepared to manage money, credit, 
and debt, and become responsible workers, heads of 
households, investors, entrepreneurs, business leaders, 
and citizens, yet a study completed in 2002 by the
•HRES 578 IH 
Jump$tart Coalition for Personal Financial Literacy 
found that high school seniors knew less about principles 
of basic personal finance than did high school seniors 5 
years earlier; 
Whereas financial education has been linked to lower delin-
quency rates for mortgage borrowers, higher participation 
and contribution rates in retirement plans, improved 
spending and saving habits, higher net worth, and posi-
tive knowledge, attitude, and behavior changes, yet a sur-
vey completed in 2002 by the National Council on Eco-
nomic Education found that a decreasing number of 
States include personal finance in education standards 
for students in kindergarten through high school; 
Whereas expanding access to the mainstream financial sys-
tem provides individuals with lower cost, safer options for 
managing finances and building wealth and is likely to 
lead to increased economic activity and growth, yet be-
tween 25,000,000 and 56,000,000 people over the age of 
18 do not use mainstream, insured financial institutions 
and are considered ‘‘unbanked’’; 
Whereas personal financial management skills and lifelong 
habits develop during childhood, and 55 percent of col-
lege students acquire their first credit card during their 
first year in college, yet only 26 percent of people be-
tween the ages of 13 and 21 reported that their parents 
actively taught them how to manage money; 
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 
2002 found that only 32 percent of workers surveyed
•HRES 578 IH 
have calculated how much money they will need to save 
for retirement, and 25 percent of workers have done no 
specific planning for retirement; 
Whereas financial literacy empowers individuals to make wise 
financial decisions in an increasingly complex economy, 
and only 30 percent of those surveyed in an Employee 
Benefit Trend Study conducted in 2003 are confident in 
their ability to make the right financial decisions for 
themselves and their families; 
Whereas personal savings as a percentage of personal income 
decreased from 7.5 percent in the early 1980s to 2.3 per-
cent in the first 3 quarters of 2003; 
Whereas Congress sought to implement a national strategy 
for coordination of Federal financial literacy efforts 
through the establishment of the Financial Literacy and 
Education Commission in 2003, the designation of the 
Office of Financial Education of the Department of the 
Treasury to provide support for the Commission, and re-
quirements that the Commission’s materials, website, toll-
free hotline, and national multimedia campaign be multi-
lingual; 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 have des-
ignated April as ‘‘Financial Literacy Month’’ to educate 
the public about the need for increased financial literacy 
for youth in the United States: Now, therefore, be it
Resolved, That the House of Representatives—
(1) supports the goals and ideals of Financial 
Literacy Month; and
•HRES 578 IH 
(2) requests that the President issue a procla-
mation calling on the Federal Government, States, 
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.
Æ