Florida Senate - 2018                            (NP)    SR 1942
       By Senator Hukill
       14-00249A-18                                          20181942__
    1                          Senate Resolution                        
    2         A resolution recognizing April 2018 as “Financial
    3         Literacy Month” in Florida.
    5         WHEREAS, in a letter to Thomas Jefferson dated August 25,
    6  1787, John Adams recognized the need for the citizens of this
    7  nation to improve their financial literacy, writing, “All the
    8  perplexities, confusions, and distresses in America arise not
    9  from defects in their Constitution or Confederation, not from a
   10  want of honor or virtue, so much as from downright ignorance of
   11  the nature of coin, credit, and circulation,” and
   12         WHEREAS, in 1914, the United States Congress passed the
   13  Smith-Lever Act, which created a system of cooperative extension
   14  services to provide learning experiences that would assist
   15  people in developing skills, including financial skills, which
   16  they could employ at home, on the farm, and in their
   17  communities, and
   18         WHEREAS, in 1919, Junior Achievement, a nonprofit youth
   19  organization, was founded to work with local businesses and
   20  organizations to deliver financial literacy, entrepreneurship,
   21  and work-readiness education to school children in grades K
   22  through 12 with the goal of providing them the skills necessary
   23  to succeed in a global economy, and
   24         WHEREAS, the Junior Achievement curriculum covers topics,
   25  including spending money within a budget, saving and investing
   26  wisely, using credit cautiously, money-management skills,
   27  taxation, debt management, and future financial planning, and
   28         WHEREAS, in 1995, William E. Odom, former chairman and CEO
   29  of Ford Motor Credit Corporation, developed the concept that led
   30  to the formation of the Jump$tart Coalition, a nonprofit
   31  coalition of national organizations whose goal is to advance
   32  financial literacy standards for pre-kindergarten through
   33  college-age students, and
   34         WHEREAS, the Jump$tart Coalition promotes lifelong
   35  financial decisionmaking skills for students through guidelines
   36  outlined in its “National Standards in K-12 Personal Finance
   37  Education,” which includes sections entitled “Spending and
   38  Saving,” “Credit and Debt,” “Employment and Income,”
   39  “Investing,” “Risk Management and Insurance,” and “Financial
   40  Decisionmaking,” and
   41         WHEREAS, the Financial Literacy and Education Commission
   42  was established under the Fair and Accurate Credit Transactions
   43  Act of 2003 to improve financial literacy and to develop a
   44  national strategy for financial education, and created the
   45  website www.mymoney.gov, where consumers can learn about
   46  earning, saving and investing, protection of personal finances,
   47  spending, and borrowing, and
   48         WHEREAS, in 2008, President George W. Bush signed an
   49  executive order creating the President’s Advisory Council on
   50  Financial Literacy, which was succeeded by the President’s
   51  Advisory Council on Financial Capability under President Barack
   52  Obama, to recommend steps that could be taken to enhance
   53  financial literacy in the United States, and
   54         WHEREAS, in 2010, the League of Southeastern Credit Unions
   55  and Affiliates identified financial literacy education as one of
   56  its missions and began its participation in programs like the
   57  National Endowment for Financial Education’s High School
   58  Financial Planning Program and Biz Kid$, where free courses on
   59  financial education are offered across the Southeast to
   60  teachers, students, and adults, and
   61         WHEREAS, in 2016, 43 percent of adults polled gave
   62  themselves a grade of “C,” “D,” or “F” on their knowledge of
   63  personal finance, and 80 percent acknowledged that they could
   64  benefit from additional advice and answers to everyday financial
   65  questions from a professional, and
   66         WHEREAS, in September 2016, the Consumer Financial
   67  Protection Bureau unveiled a resource for financial educators
   68  entitled “Building Blocks to Help Youth Achieve Financial
   69  Capability,” to help financial education policy and program
   70  leaders more effectively deliver financial education to
   71  America’s youth by enhancing their ability to manage financial
   72  resources, to understand and apply financial knowledge, and to
   73  develop and implement a financial plan and successfully
   74  accomplish their financial goals, and
   75         WHEREAS, today, American consumers owe $13 trillion in
   76  debt, including $900.5 billion in credit card debt, $8.74
   77  trillion in mortgages, and $1.4 trillion in student loan debt,
   78  and
   79         WHEREAS, when polled, 75 percent of college students who
   80  use credit said they were unaware of late payment charges, and
   81         WHEREAS, today, nearly half of all households in major
   82  American cities are financially vulnerable, lacking the
   83  financial resources to cover basic expenses for 3 months in the
   84  event of an emergency, such as job loss or a health crisis, and
   85         WHEREAS, today, nearly one in four American adults admits
   86  that he or she does not pay his or her bills on time, and
   87         WHEREAS, 43 states require some form of financial literacy
   88  content to be taught in high schools, while 25 states require
   89  that a personal financial literacy course be offered and 22
   90  states require that students take a personal financial literacy
   91  course, and students from states with required financial
   92  education courses have higher credit scores, and
   93         WHEREAS, National Financial Literacy Month is recognized
   94  each April in an effort to highlight the importance of financial
   95  literacy, to encourage Americans to establish and maintain
   96  healthy financial habits, and to remind them of the need to
   97  teach students how to be financially savvy, thereby empowering
   98  them to be economically successful throughout their lives, NOW,
  101  Be It Resolved by the Senate of the State of Florida:
  103         That April 2018 is recognized as “Financial Literacy Month”
  104  in Florida, and all Floridians are urged to appreciate the
  105  importance of financial literacy in their everyday lives and the
  106  value of ensuring that financial literacy education is available
  107  to students.