House Resolution 32 - Introduced HOUSE RESOLUTION NO. 32 BY PETTENGILL , DUNKEL , JONES , BAUDLER , JACOBY , KELLEY , ISENHART , GASKILL , CARLSON , MAXWELL , HUSEMAN , STUTSMAN , BERRY , FISHER , WATTS , HEARTSILL , HANUSA , SODERBERG , COWNIE , SALMON , WINDSCHITL , and DEYOE A Resolution recognizing April 2015 as Financial 1 Literacy Month. 2 WHEREAS, according to the Federal Deposit Insurance 3 Corporation (FDIC), 27.7 percent of households in the 4 United States are unbanked or underbanked and therefore 5 have not had the opportunity to access savings, 6 lending, and other basic financial services; and 7 WHEREAS, according to the FDIC, 30 percent of 8 banks reported in 2011 that consumers lacked an 9 understanding of the financial products and services 10 banks offered; and 11 WHEREAS, according to a 2014 report by the National 12 Foundation for Credit Counseling: 13 (1) Forty-one percent of adults in the United 14 States gave themselves a grade of C, D, or F on their 15 knowledge of personal finance; and 16 (2) Twenty-four percent of adults admitted to not 17 paying their bills on time in 2013; and 18 (3) Only 39 percent of adults keep close track of 19 their spending, knowing how much they spend on such 20 things as food, housing, and entertainment; and 21 (4) Thirty-four percent of adults report that they 22 have no nonretirement savings; and 23 (5) Fifty-four percent of adults did not review 24 either their credit score or a credit report in 25 -1- LSB 2633YH (4) 86 je/nh 1/ 3

H.R. 32 2013; and 1 WHEREAS, a 2014 survey conducted by the Employee 2 Benefit Research Institute found that: 3 (1) Only 18 percent of workers were very 4 confident about having enough money for a comfortable 5 retirement; and 6 (2) Fifty-six percent of workers said they or their 7 spouses have not calculated the amount of money they 8 need to save for retirement; and 9 WHEREAS, according to a 2014 report from the Federal 10 Reserve System, aggregate household debt in the United 11 States was $13.5 trillion; and 12 WHEREAS, according to a 2014 report by the Council 13 for Economic Education: 14 (1) Only 22 states require students to take 15 an economics course as a high school graduation 16 requirement; and 17 (2) Only 17 states require students to take a 18 personal finance course as a high school graduation 19 requirement; and 20 WHEREAS, expanding access to the mainstream 21 financial system will provide individuals with less 22 expensive and more secure options for managing finances 23 and building wealth; and 24 WHEREAS, quality personal financial education is 25 essential to ensure that individuals are prepared 26 to manage money, credit, and debt, and to become 27 responsible workers, heads of household, investors, 28 entrepreneurs, business leaders, and citizens; and 29 WHEREAS, increased financial literacy empowers 30 -2- LSB 2633YH (4) 86 je/nh 2/ 3

H.R. 32 individuals to make wise financial decisions and 1 reduces the confusion caused by an increasingly complex 2 economy; and 3 WHEREAS, a greater understanding of, and familiarity 4 with, financial markets and institutions will lead to 5 increased economic activity and growth; NOW THEREFORE, 6 BE IT RESOLVED BY THE HOUSE OF REPRESENTATIVES, That 7 the House of Representatives designates April 2015 as 8 Financial Literacy Month to raise public awareness 9 about the importance of personal financial education 10 and the serious consequences that may result from a 11 lack of understanding about personal finances; and 12 BE IT FURTHER RESOLVED, That the House of 13 Representatives calls on local governments, schools, 14 nonprofit organizations, businesses, and the people 15 of Iowa to observe Financial Literacy Month with 16 appropriate programs and activities. 17 -3- LSB 2633YH (4) 86 je/nh 3/ 3