House Committee Supports Financial Literacy Month - Women's Congressional Policy Institute

On April 1, the House Government Reform Committee approved, by unanimous consent, a resolution (H. Res. 578) supporting the goals and ideals of Financial Literacy Month. The Senate approved a resolution (S. Res. 316) designating April 2004 as “Financial Literacy Month” on March 9 (see The Source, 3/12/04).

Sponsored by Rep. Judy Biggert (R-IL), the resolution contains a number of findings, including:

Personal financial education is essential to ensure that individuals are prepared to manage money, credit, and debt, and become responsible workers, heads of household, investors, entrepreneurs, business leaders, and citizens;
Financial education has been linked to lower delinquency rates for mortgage borrowers, higher participation and contribution rates in retirement plans, improved spending and saving habits, higher net worth, and positive knowledge, attitude, and behavior changes;
Personal financial management skills and lifelong habits develop during childhood; and Financial literacy empowers individuals to make wise financial decisions in an increasingly complex economy.