Bill Text: MI SR0028 | 2013-2014 | 97th Legislature | Enrolled

Michigan Senate Resolution 28 (Prior Session Legislation)

Bill Title: A resolution designating April 2013 as Michigan Financial Literacy Month.

Spectrum: Moderate Partisan Bill (Republican 23-6)

Status: (Passed) 2013-04-09 - Adopted [SR0028 Detail]

Download: Michigan-2013-SR0028-Enrolled.html

SR-28, As Adopted by Senate, April 9, 2013

Senator Booher offered the following resolution:

Senate Resolution No. 28.

A resolution designating April 2013 as Michigan Financial Literacy Month.

Whereas, According to the Federal Deposit Insurance Corporation (FDIC), at least 25.6 percent of households in the United States, or close to 30 million households with approximately 60 million adults, are unbanked or underbanked and, subsequently, have missed opportunities for savings, lending, and basic financial services. Almost 31 percent of households in Michigan are unbanked or underbanked; and

Whereas, Expanding access to the mainstream financial system will provide individuals with less expensive and more secure options for managing finances and building wealth; and

Whereas, According to the Consumer Financial Literacy Survey Final Report of the National Foundation for Credit Counseling, 41 percent of adults living in the United States gave themselves a grade of C, D, or F on their knowledge of personal finance; and

Whereas, The informed use of credit and other financial products and services benefits individual consumers and promotes economic growth; and

Whereas, The seventh Council for Economic Education biennial Survey of the States 2011 reports that only 12 states require students to take a personal finance course either independently or as part of an economics course as a high school graduation requirement; and

Whereas, According to the Gallup-Operation HOPE Financial Literacy Index, while 69 percent of American students strongly believe that the best time to save money is now, only 57 percent believe that their parents are saving money for the future; and

Whereas, Quality 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; and

Whereas, Michigan banks understand that an educated consumer is the best consumer and that financially savvy customers will use and get the most from banking services and products throughout their lives; and

Whereas, A good money manager is more likely to purchase a home, save for college, and invest in a retirement account; and

Whereas, The FDIC indicates that 53 percent of banks report teaching financial literacy, and 58 percent conduct financial literacy outreach; and

Whereas, Support for Youth Financial Literacy Month highlights the commitment of all Michigan financial institutions to strengthen the financial knowledge of our youth and to prepare them for a fiscally-responsible future; now, therefore, be it

Resolved by the Senate, That April 2013 be hereby designated as Michigan Financial Literacy Month. We encourage raising public awareness about the need for increased financial literacy in our schools and among our children and the serious problems that are associated with a lack of understanding of personal finances; and be it further

Resolved, That we call on each parent, school, business, financial institution, community organization, and unit of government to observe the month with appropriate programs and activities.