PRINTER'S NO. 1126
No. 156 Session of 2005
INTRODUCED BY WHEATLEY, BEBKO-JONES, BISHOP, BROWNE,
CALTAGIRONE, CRUZ, FORCIER, FREEMAN, GEIST, GEORGE, GOODMAN,
GRUCELA, HENNESSEY, HERSHEY, JAMES, KIRKLAND, MAHER,
MARKOSEK, McGEEHAN, McILHATTAN, MILLARD, PALLONE, PETRARCA,
PHILLIPS, PISTELLA, READSHAW, ROBERTS, ROSS, SHANER,
B. SMITH, TANGRETTI, THOMAS, TIGUE AND WATERS, MARCH 16, 2005
INTRODUCED AS NONCONTROVERSIAL RESOLUTION UNDER RULE 35,
MARCH 16, 2005
A RESOLUTION
1 Recognizing the month of April 2005 as "Financial Literacy
2 Month" in Pennsylvania.
3 WHEREAS, Throughout the United States, the financial services
4 industry benefits millions of people by providing products and
5 services which allow individuals and families to build homes,
6 buy cars, finance educations and start businesses; and
7 WHEREAS, Personal financial education is essential to ensure
8 that individuals are prepared to manage credit and debt in order
9 to become responsible workers, heads of households, investors,
10 entrepreneurs and business leaders; and
11 WHEREAS, According to the Jump$tart Coalition for Personal
12 Financial Literacy, a 2002 survey conducted by the National
13 Council on Economic Education (NCEE) found that high school
14 seniors knew less about principles of basic personal finance
15 than did high school seniors assessed in a 1998 survey; and
1 WHEREAS, Financial education is linked to lower delinquency
2 rates for mortgage borrowers, higher participation and
3 contribution rates in retirement plans, improved spending and
4 saving habits, higher net worth and positive knowledge, attitude
5 and behavior changes; and
6 WHEREAS, The 2002 NCEE survey found that a decreasing number
7 of states include personal finance in education standards for
8 students in kindergarten through high school; and
9 WHEREAS, During the first year of college, 55% of college
10 students acquire their first credit card, yet only 26% of people
11 between 13 and 21 years of age reported that their parents
12 actively taught them how to manage money; and
13 WHEREAS, A 2002 survey relating to retirement confidence
14 found only 32% of workers have calculated how much money they
15 will need to save for retirement, and 25% of workers have done
16 no specific planning for retirement; and
17 WHEREAS, Financial literacy empowers individuals to make wise
18 financial decisions in an increasingly complex economy; and
19 WHEREAS, Only 30% of those surveyed in a 2003 employee
20 benefit trend study were confident in their ability to make the
21 right financial decisions for themselves and their families; and
22 WHEREAS, Personal savings as a percentage of personal income
23 decreased from 7.5% in the early 1980s to 2.3% in the first
24 three quarters of 2003; and
25 WHEREAS, EconomicsPennsylvania, the largest not-for-profit
26 economic and financial literacy organization in this
27 Commonwealth, is embarking on a sweeping program to teach
28 investing and personal financial skills to 11th and 12th graders
29 in 53 Philadelphia School District high schools with the
30 assistance of a $90,000 grant from Merrill Lynch; and
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1 WHEREAS, The National Council on Economic Education, its
2 state councils and centers for economic education and the
3 Jump$tart Coalition for Personal Financial Literacy, its state
4 affiliates and its partner organizations have designated the
5 month of April as "Financial Literacy Month" to educate the
6 public about the need for increased financial literacy for
7 youths in the United States; and
8 WHEREAS, The Congress of the United States has designated the
9 month of April as "Financial Literacy Month"; therefore be it
10 RESOLVED, That the House of Representatives recognize the
11 month of April 2005 as "Financial Literacy Month" in
12 Pennsylvania in support of the goals and ideals of personal
13 finance and economic independence.
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