Bill Text: CA SCR105 | 2013-2014 | Regular Session | Chaptered

California Senate Concurrent Resolution 105 (Prior Session Legislation)

Bill Title: Financial Aid and Literacy Month.

Sponsorship: Partisan Bill (Democrat 1)

Status: (Passed) 2014-07-09 - Chaptered by Secretary of State. Res. Chapter 91, Statutes of 2014. [SCR105 Detail]

Download: California-2013-SCR105-Chaptered.html

BILL NUMBER: SCR 105	CHAPTERED
	BILL TEXT

	RESOLUTION CHAPTER  91
	FILED WITH SECRETARY OF STATE  JULY 9, 2014
	ADOPTED IN SENATE  APRIL 21, 2014
	ADOPTED IN ASSEMBLY  JULY 3, 2014

INTRODUCED BY   Senator Lieu

                        APRIL 1, 2014

   Relative to Financial Aid and Literacy Month.


	LEGISLATIVE COUNSEL'S DIGEST


   SCR 105, Lieu. Financial Aid and Literacy Month.
   This measure would declare the month of April 2014 as Financial
Aid and Literacy Month to raise public awareness about the continuing
need for increased financial literacy.



   WHEREAS, The final report of the President's Advisory Council on
Financial Capability issued on February 19, 2013, urges the
integration of personal finance into the teaching of math and English
language arts Common Core State Standards for K-12 education as well
as other subjects; and
   WHEREAS, Assembly Bill 166 (Chapter 135 of the Statutes of 2013)
requires that financial education, including budgeting, managing
credit, student loans, consumer debt, and identity theft security, is
included in the next revision of the social sciences, health, and
mathematics curricula; and
   WHEREAS, A 2013 Junior Achievement/Allstate Foundation study found
that 52 percent of teenagers think students are borrowing too much
to pay for college, yet only 9 percent report they are currently
saving money for college; and
   WHEREAS, A 2013 College Savings Foundation survey of teenagers
found that 51 percent wished that their current high school offered
financial literacy instruction for them and their families to prepare
for college costs; and
   WHEREAS, Only 27 percent of parents who are saving for college use
a 529 college savings plan, according to a 2013 Sallie Mae/Ipsos
study; and
   WHEREAS, According to a NerdWallet analysis, American consumers
owe collectively $11.36 trillion, including $856.9 billion in credit
card debt, and more than $1 billion in student loan debt as of
January 2014; and
   WHEREAS, The Javelin Strategy & Research's 2014 Identity Fraud
Report notes that 13.1 million Americans were victims of identity
theft in 2013; and
   WHEREAS, According to a 2013 MetLife Mature Market Institute
study, only one-quarter of the oldest Baby Boomers own private
long-term care insurance; and
   WHEREAS, A 2013 survey by the National Foundation for Credit
Counseling and the Network Branded Prepaid Card Association found
that only 40 percent of American adults say they have a budget and
are keeping close track of their spending, yet 43 percent of
Americans (100 million people) say they do not have enough money
saved for emergencies, and 38 percent are worried that they will not
have enough savings for retirement; and
   WHEREAS, That study also found that 78 percent of United States
adults believe they could benefit from professional advice regarding
their financial questions; and
   WHEREAS, The United States ranks fourth among 28 nations in having
the most financially literate people, according to the 2012 Global
Financial Literacy Barometer; and
   WHEREAS, Only 33 percent of parents say they talk to their
children about money more than once a week, and 49 percent of
teenagers have not developed a budget with their parents regarding
the saving or spending of their own money, according to a 2012
Capital One survey; and
   WHEREAS, According to the 2012 Visa International Financial
Literacy Barometer, families in the United States talk to their
children about finances only 25.8 days per year; and
   WHEREAS, Forty percent of American adults gave themselves a grade
of C or less regarding their knowledge of personal finance according
to a 2013 study conducted on behalf of the National Foundation for
Credit Counseling; and
   WHEREAS, Approximately 61 million Americans are worried about
paying off their debt commitments, while 65 percent have not reviewed
their credit report, according to the study conducted on behalf of
the National Foundation for Credit Counseling; and
   WHEREAS, A 2012 College Savings Foundation study noted that recent
graduates are at least 50 percent more likely to put off life
choices often associated with financial independence than those who
graduated seven or more years ago; and
   WHEREAS, Similar resolutions have been introduced and passed with
strong bipartisan support to increase awareness of the need for
financial literacy for California citizens; now, therefore, be it
   Resolved by the Senate of the State of California, the Assembly
thereof concurring, That the Legislature hereby declares the month of
April 2014 as Financial Aid and Literacy Month to raise public
awareness about the continuing need for increased financial literacy;
and be it further
   Resolved, That legislators, employers, schools, service groups,
community organizations, libraries, financial institutions, and the
media shall be encouraged to provide opportunities for financial
literacy education for all Californians through a variety of means
and to collaborate with members of the California Society of
Certified Public Accountants, the California Jump$tart Coalition, and
others as they provide outreach and education; and be it further
   Resolved, That the Secretary of the Senate transmit copies of this
resolution to the author for appropriate distribution.