A resolution designating April 2025 as "Financial Literacy Month".

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. Res. 193 Agreed to Senate (ATS)]

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119th CONGRESS
  1st Session
S. RES. 193

        Designating April 2025 as ``Financial Literacy Month''.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             April 30, 2025

   Mr. Reed (for himself, Mr. Scott of South Carolina, Mr. King, Mr. 
  Durbin, Mr. Whitehouse, Mr. Tuberville, Mr. Risch, Mr. Cramer, Ms. 
  Collins, Mrs. Hyde-Smith, Ms. Hassan, Mr. Wyden, Ms. Cantwell, Mr. 
 Warnock, Ms. Blunt Rochester, Mr. Kelly, Mr. Rounds, Mrs. Britt, Mr. 
 Peters, Mrs. Capito, Mr. Barrasso, Ms. Lummis, Mr. Crapo, Mr. Banks, 
    and Mr. Boozman) submitted the following resolution; which was 
                        considered and agreed to

_______________________________________________________________________

                               RESOLUTION


 
        Designating April 2025 as ``Financial Literacy Month''.

Whereas, according to the 2023 Federal Deposit Insurance Corporation National 
        Survey of Unbanked and Underbanked Households--

    (1) approximately 4.2 percent of households, representing 5,600,000 
households in the United States, remain unbanked and therefore have limited 
or no access to savings, lending, or other basic financial services; and

    (2) an estimated 14.2 percent of households, representing about 
19,000,000 households in the United States, remain underbanked, including 
nearly 1 in 4 households without a high school diploma;

Whereas, according to a report entitled ``Financial Capability of Adults with 
        Disabilities'' by the National Disability Institute and the Financial 
        Industry Regulatory Authority, people with disabilities are more likely 
        to struggle with the key components of financial capability, which are 
        making ends meet, planning ahead, managing financial products, and 
        financial knowledge and decisionmaking, and could benefit from targeted 
        financial education;
Whereas, according to the statistical release of the Federal Reserve Bank of New 
        York for the fourth quarter of 2024 entitled ``Household Debt and Credit 
        Report''--

    (1) outstanding household debt in the United States has increased by 
$3,890,000,000,000 since the end of 2019;

    (2) outstanding student loan balances have increased steadily during 
the last decade to more than $1,600,000,000,000; and

    (3) delinquency rates increased for all debt types except for debt 
related to student loans;

Whereas the 2023 Employer Survey of the Employee Benefits Research Institute 
        reported that financial wellness benefits, including broad-based 
        financial education, are a tool to improve worker satisfaction and 
        productivity;
Whereas, according to the National Endowment for Financial Education, as of 
        2025, a total of 27 States have passed legislation requiring students to 
        complete a financial education course prior to completing high school, 
        representing more than 50 percent of all students across the United 
        States;
Whereas, in 2024, survey research conducted by the National Endowment for 
        Financial Education reports that--

    (1) 83 percent of adults in the United States say that their State 
should require a semester or year-long course focused on personal finance 
education for high school graduation, and 82 percent of adults in the 
United States whose high schools did not offer such a course say they wish 
they had been required to take one in order to graduate; and

    (2) 1 in 4 respondents in multigenerational households who took 
financial education in secondary school and found it useful report a 
quality of financial life that is better than they expected, compared to 11 
percent of those who did not take financial education in secondary school 
and a survey-wide average of 16 percent;

Whereas a growing amount of empirical evidence affirms that exposure to 
        financial education in high school has measurable and substantive 
        effects on the financial knowledge and financial behavior of young 
        adults, including studies that show--

    (1) requirements for financial education in high school--

    G    (A) are associated with fewer defaults and higher credit scores 
among young adults aged 18 to 21; and

    G    (B) increase the likelihood that college-bound students will apply 
for financial aid; and

    (2) individuals exposed to financial education in high school 
demonstrate greater financial literacy and, as a result, are more likely to 
plan for retirement and less likely to report being financially fragile;

Whereas expanding access to the safe, mainstream financial system will provide 
        individuals with less expensive and more secure options for managing 
        finances and building wealth;
Whereas quality personal financial education is essential to ensure that 
        individuals are prepared to--

    (1) make sound money management decisions about credit, debt, 
insurance, financial transactions, and planning for the future; and

    (2) become responsible workers, heads of household, investors, 
entrepreneurs, business leaders, and citizens;

Whereas financial education in schools in the United States is critical to a 
        long-term financial inclusion strategy to reach students who are not 
        able to get sufficient personal finance guidance at home;
Whereas increased financial literacy--

    (1) empowers individuals to make wise financial decisions; and

    (2) reduces the confusion caused by an increasingly complex economy;

Whereas a greater understanding of, and familiarity with, financial markets and 
        institutions will lead to increased economic activity and growth; and
Whereas, in 2003, Congress--

    (1) determined that coordinating Federal financial literacy efforts and 
formulating a national strategy is important; and

    (2) in light of that determination, passed the Financial Literacy and 
Education Improvement Act (20 U.S.C. 9701 et seq.), establishing the 
Financial Literacy and Education Commission: Now, therefore, be it

    Resolved, That the Senate--
            (1) designates April 2025 as ``Financial Literacy Month'' 
        to raise public awareness about--
                    (A) the importance of personal financial education 
                in the United States; and
                    (B) the serious consequences that may result from a 
                lack of understanding about personal finances; and
            (2) calls on the Federal Government, States, localities, 
        schools, nonprofit organizations, businesses, and the people of 
        the United States to observe Financial Literacy Month with 
        appropriate programs and activities.
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