[Pages S2474-S2475]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




 SENATE RESOLUTION 410--DESIGNATING APRIL 2006 AS ``FINANCIAL LITERACY 
                                MONTH''

  Mr. AKAKA (for himself, Mr. Sarbanes, Mr. Cochran, Mr. Lautenberg, 
Mr. Kohl, Ms. Stabenow, Mr. Talent, Mr. Johnson, Mr. Crapo, Mr. Dodd, 
Mr. Martinez, Mrs. Lincoln, Mr. Durbin, Mr. Inouye, Mr. DeMint, and Mr. 
Baucus) submitted the following resolution; which was considered and 
agreed to:

                              S. Res. 410

       Whereas the personal savings rate of United States citizens 
     in 2005 was negative 0.5 percent, marking the first time that 
     the rate has been negative since the Great Depression year of 
     1933;
       Whereas in 2005, only 42 percent of workers or their 
     spouses calculated the amount that they needed to save for 
     retirement, down from 53 percent in 2000;
       Whereas the 2005 Retirement Confidence Survey found that a 
     majority of workers believe that they are behind schedule on 
     their retirement savings and that their debt is a problem;

[[Page S2475]]

       Whereas during the third quarter of 2005, the household 
     debt of United States citizens reached $11,000,000,000;
       Whereas during the third quarter of 2005, individuals 
     serviced their debt with a record 13.75 percent of after-tax 
     income;
       Whereas nearly 1,600,000 individuals filed for bankruptcy 
     in 2004;
       Whereas approximately 75,000,000 individuals remain credit-
     challenged and unbanked, or are not using insured, mainstream 
     financial institutions;
       Whereas expanding access to the mainstream financial system 
     will provide individuals with less expensive and more secure 
     options for managing their finances and building wealth;
       Whereas a greater understanding of and familiarity with 
     financial markets and institutions will lead to increased 
     economic activity and growth;
       Whereas financial literacy empowers individuals to make 
     wise financial decisions and reduces the confusion caused by 
     the increasingly complex economy of the United States;
       Whereas only 26 percent of individuals who were between the 
     ages of 13 and 21 reported that their parents actively taught 
     them how to manage money;
       Whereas the majority of college seniors have 4 or more 
     credit cards, and the average college senior carries a 
     balance of $3,000;
       Whereas 1 in every 10 college students has more than $7,000 
     of debt;
       Whereas many college students pay more in interest on their 
     credit cards than on their student loans;
       Whereas a 2004 Survey of States by the National Council on 
     Economic Education found that 49 States include the subject 
     of economics in their elementary and secondary education 
     standards, and 38 States include personal finance, up from 48 
     and 31 States, respectively, in 2002;
       Whereas a 2004 study by the JumpStart Coalition for 
     Personal Financial Literacy found that high school seniors 
     scored higher than their previous class on an exam about 
     credit cards, retirement funds, insurance, and other personal 
     finance basics for the first time since 1997;
       Whereas, in spite of the improvement in test scores, 65 
     percent of all participating students still failed the exam;
       Whereas individuals develop personal financial management 
     skills and lifelong habits during their childhood;
       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;
       Whereas Congress found it important to coordinate Federal 
     financial literacy efforts and formulate a national strategy; 
     and
       Whereas, in light of that finding, Congress established the 
     Financial Literacy and Education Commission in 2003 and 
     designated the Office of Financial Education of the 
     Department of the Treasury to provide support for the 
     Commission: Now, therefore, be it
       Resolved, That the Senate--
       (1) designates April 2006 as ``Financial Literacy Month'' 
     to raise public awareness about--
       (A) the importance of financial education in the United 
     States; and
       (B) the serious consequences that may result from a lack of 
     understanding about personal finances; and
       (2) calls on the Federal Government, States, localities, 
     schools, nonprofit organizations, businesses, and the 
     citizens of the United States to observe the month with 
     appropriate programs and activities.

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