On April 7, the House agreed, 380-1, to a resolution (H. Res. 127) in support of the Jump$tart Coalition for Personal Literacy’s move to designate April as “Financial Literacy Month for Youth,” in an effort to raise public awareness about the need to educate young people.
Eighty-three percent of American college students have at least one credit card; 45 percent of those students have an average credit card debt of over $3,000. Yet fewer than 30 percent of high school students are given the opportunity to take money management or personal finance classes in school.
“I believe that the whole idea of individual initiative and responsibility for one’s actions is very important. … But one of the things that we found, tragically, is that with the proliferation of credit cards, and the issue of just trying to balance a checkbook, we have young people who do not have an understanding of the basics of what it takes to meet one’s financial obligations,” said Rep. David Dreier (R-CA), who sponsored the bill.
Rep. Sheila Jackson Lee (D-TX) echoed Rep. Dreier’s concerns, and praised efforts to promote financial literacy among young people. “A college freshman is inundated with credit card offers, promising more wealth and responsibilities than they have ever had before. Without proper financial skills, a credit card can lead to student debt, creating more burdens and hardships than necessary.”
