Senate Names April Financial Literacy Month

Press Release

Last night, the U.S. Senate unanimously passed a bipartisan resolution (S.Res. 121) designating April 2011 as Financial Literacy Month. U.S. Senators Daniel K. Akaka (D-Hawaii) and Michael B. Enzi (R-Wyoming) and 20 other Senators sponsored the measure to highlight the need to promote financial literacy in our homes, schools, workplaces, and communities.

The resolution cites several national reports that continue to show the need to increase personal financial literacy. Nationally, 25.6 percent of households, or more than 77 million adults, are under- or unbanked. U.S. personal bankruptcy filings reached 1.5 million last year. Only 21 states require students to take an economics course to graduate from high school, with just 13 states requiring a course in personal finance. Increased financial and economic literacy can help Americans navigate around the countless pitfalls that they are vulnerable to when they lack the skills to manage their finances and make informed financial decisions. Financial education helps people save for their homes, their children's education, and deal with financial challenges.

Hawaii residents had an average credit card debt of $8,439 in January, the second-highest average in the nation.

"In personal finance, education is empowerment," said Senator Akaka. "Increased financial literacy provides people with the tools they need to make responsible decisions for themselves and their families. Many individuals are struggling to understand our increasingly complex economic system. Once again identifying April as Financial Literacy Month will allow us to focus the national spotlight on this critical issue."

"As we work to create jobs and get our economy back on track, we need to continue to focus on making sure that Americans have the tools they need to manage their finances responsibly," said Senator Patty Murray (D-Washington). "That's why I am proud to cosponsor this legislation designating April as 'Financial Literacy Month.' And I will continue working with my colleagues to make sure the federal government steps up to the plate and becomes a true partner in helping Americans gain the skills they need to understand the fine print and avoid mounting debt."

"When I was fresh out of college, I had to wait two years to establish the credit required for a credit card," Senator Jeff Merkley (D-Oregon) said. "These days, credit card offers flow so freely that even dogs are receiving them in the mail. By promoting financial literacy and providing the tools to make informed financial decisions, we can help our children make smart investments and avoid the financial tricks and traps that can sink a family."

"Far too many of our friends and neighbors across the nation are not aware of what financial services and savings tools might be available to them," Senator Kent Conrad (D-North Dakota) said. "As a result, too many vulnerable families aren't taking advantage of services that could improve their economic outlook and help them stave off financial ruin."

The resolution was cosponsored by Sens. John Barrasso (R-Wyoming), Max Baucus (D-Montana), Roy Blunt (R-Missouri), Benjamin L. Cardin (D-Maryland), Thad Cochran (R-Mississippi), Conrad, Mike Crapo (R-Idaho), Richard J. Durbin (D-Illinois), Kay R. Hagan (D-North Carolina), Daniel K. Inouye (D-Hawaii), Tim Johnson (D-South Dakota), Herb Kohl (D-Wisconsin), Frank R. Lautenberg (D-New Jersey), Robert Menendez (D-New Jersey), Merkley, Murray, Bernard Sanders (I-Vermont), Charles E. Schumer (D-New York), Tom Udall (D-New Mexico), and Roger F. Wicker (R-Mississippi).

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