Bill Text: TX HCR111 | 2013-2014 | 83rd Legislature | Enrolled
Bill Title: Designating April as Texas Personal Financial Literacy Month for a 10-year period beginning in 2013.
Sponsorship: Slight Partisan Bill (Democrat 2-1)
Status: (Passed) 2013-06-14 - Signed by the Governor [HCR111 Detail]
Download: Texas-2013-HCR111-Enrolled.html
| H.C.R. No. 111 | ||
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| WHEREAS, Personal financial literacy is essential in making | ||
| the decisions required of all individuals in everyday life and is a | ||
| crucial part of becoming a responsible worker, business leader, | ||
| head of household, and citizen; and | ||
| WHEREAS, The ability to manage money effectively is a | ||
| lifelong skill that develops at a young age; however, this vital | ||
| subject often goes unaddressed in the classroom, as fewer than | ||
| one-third of all states mandate a course on personal finance to be | ||
| offered in high schools; and | ||
| WHEREAS, In 2008, the National Jump$tart Coalition tested | ||
| nearly 7,000 12th-grade students on their level of financial | ||
| literacy, resulting in a mean score of 48.3 percent, the lowest | ||
| recorded in the history of the survey; this represented a drop of 10 | ||
| percent from the baseline survey of 1997-1998; and | ||
| WHEREAS, A lack of adequate financial education can have | ||
| far-reaching effects on a young person's future, particularly as he | ||
| or she enters college; according to a 2009 survey of multiple | ||
| university campuses, students ranked poorly in financial knowledge | ||
| along such metrics as budgeting, retirement planning, and credit | ||
| use, despite the fact that the majority used credit cards; this | ||
| problem is especially acute when considering the alarming rate of | ||
| credit card debt among college students, with the average student | ||
| claiming $4,100 in debt in 2009, compared to just under $950 in | ||
| 2004; and | ||
| WHEREAS, Personal financial literacy continues to be a | ||
| component of success and well-being in adulthood, yet studies show | ||
| that American adults are often ill-prepared for long-te | ||
| rm monetary | ||
| concerns; the national personal savings rate fell sharply in the | ||
| years spanning 1980 to 2007 and remains low to this day, at 4.6 | ||
| percent of disposable income; in addition, the 2013 Retirement | ||
| Confidence Survey found that only 66 percent of Americans reported | ||
| saving funds for retirement, down from 75 percent in 2009; and | ||
| WHEREAS, Research has shown a link between financial literacy | ||
| and higher net worth, improved spending and saving habits, lower | ||
| delinquency rates for mortgage borrowers, and higher participation | ||
| rates in retirement plans; moreover, students from states with a | ||
| required financial education course were found to more often | ||
| display behaviors conducive to healthy money management; compared | ||
| to other young adults, they are more likely to save, pay off their | ||
| credit cards in full each month, and take modest financial risks, | ||
| and they are less likely to reach the maximum limit on their credit | ||
| cards, make late payments, and engage in compulsive buying; and | ||
| WHEREAS, Public, community, and private sector organizations | ||
| around the country are working to increase financial literacy rates | ||
| for Americans of all ages through media campaigns, websites, and | ||
| one-on-one counseling; as part of this outreach effort, a number of | ||
| agencies and groups have designated the month of April as Financial | ||
| Literacy Month to highlight the importance of personal finance | ||
| education and to encourage Americans to establish and maintain good | ||
| saving and spending habits; and | ||
| WHEREAS, Far from being issues of individual responsibility, | ||
| personal financial knowledge and awareness have broad implications | ||
| for the economic welfare of our state and nation; the observance of | ||
| Financial Literacy Month is a timely reminder of the right and | ||
| obligation of all Texans to build on their understanding of fiscal | ||
| matters in order to safeguard the future of their families and of | ||
| society at large; now, therefore, be it | ||
| RESOLVED, That the 83rd Legislature of the State of Texas | ||
| hereby designate April as Texas Personal Financial Literacy Month; | ||
| and, be it further | ||
| RESOLVED, That in accordance with the provisions of Section | ||
| 391.004(d), Government Code, this designation remains in effect | ||
| until the 10th anniversary of the date this resolution is passed. | ||
| Farney | ||
| ______________________________ | ______________________________ | |
| President of the Senate | Speaker of the House | |
| I certify that H.C.R. No. 111 was adopted by the House on May | ||
| 8, 2013, by the following vote: Yeas 147, Nays 0, 2 present, not | ||
| voting. | ||
| ______________________________ | ||
| Chief Clerk of the House | ||
| I certify that H.C.R. No. 111 was adopted by the Senate on May | ||
| 22, 2013, by the following vote: Yeas 31, Nays 0. | ||
| ______________________________ | ||
| Secretary of the Senate | ||
| APPROVED: __________________ | ||
| Date | ||
| __________________ | ||
| Governor | ||
