Bill Text: TX HR402 | 2021-2022 | 87th Legislature | Introduced
Bill Title: Recognizing April 2021 as Financial Literacy Month.
Sponsorship: Partisan Bill (Democrat 1)
Status: (Introduced - Dead) 2021-03-19 - Referred to Public Education [HR402 Detail]
Download: Texas-2021-HR402-Introduced.html
| 87R14647 BHH-D | ||
| By: Goodwin | H.R. No. 402 | |
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| WHEREAS, The observance of Financial Literacy Month in April | ||
| 2021 provides a fitting opportunity to call attention to the | ||
| essential role that personal financial literacy plays in everyday | ||
| life for all individuals; and | ||
| WHEREAS, In the past year, citizens in Texas and beyond have | ||
| faced a changing financial landscape; the COVID-19 pandemic has | ||
| further increased dependence on digital systems for everyday | ||
| transactions, altering the way we work, save, shop, and pay for | ||
| goods and services; even as online financial transactions have | ||
| become more common, many Texans are excluded from digital services | ||
| like ATMs, direct deposit of wages, and online payment | ||
| applications, such as PayPal and Square; as a result, these | ||
| individuals have been presented with new challenges in overseeing | ||
| their financial resources and obligations; and | ||
| WHEREAS, The development of effective money management | ||
| skills is rarely addressed in the classroom, and only 17 states | ||
| mandate that students take a personal finance course as a high | ||
| school graduation requirement; research has shown that students | ||
| from states with a required financial education course 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, or engage in compulsive buying; and | ||
| WHEREAS, Personal financial literacy continues to be an | ||
| important factor throughout adulthood; studies show that more than | ||
| 40 percent of American adults cannot cover an unexpected expense of | ||
| $250; in addition, the 2020 Consumer Financial Literacy Survey | ||
| reported that a majority of adults in the U.S. lived in credit card | ||
| debt during the yearlong study and that only 47 percent maintained a | ||
| budget; 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, Personal financial knowledge and awareness have | ||
| broad implications for the economic welfare of our state and | ||
| nation, and the observance of Financial Literacy Month is a timely | ||
| reminder of the right and responsibility of all Texans to build on | ||
| their understanding of money management; now, therefore, be it | ||
| RESOLVED, That the House of Representatives of the 87th Texas | ||
| Legislature hereby recognize April 2021 as Financial Literacy | ||
| Month. | ||
