Summary

H.Res. 633: Supporting the goals and ideals of “Financial Literacy Month”. Read More

Status

This resolution was introduced on Apr 25, 2012, in a previous session of Congress, but was not passed.

Bill Text

RESOLUTION

Supporting the goals and ideals of ``Financial Literacy Month''.

Whereas according to the Federal Deposit Insurance Corporation, at least 25.6 percent of households in the United States, or close to 30,000,000 households with approximately 60,000,000 adults, are unbanked or underbanked and, subsequently, have missed opportunities for savings, lending, and basic financial services; Whereas according to the 2011 Consumer Financial Literacy Survey Final Report of the National Foundation for Credit Counseling, 41 percent of adults in the United States, or more than 77,000,000 adults living in the United States, gave themselves a grade of C, D, or F on their knowledge of personal finance; Whereas according to the National Bankruptcy Research Center, the number of personal bankruptcy filings reached 1,500,000 in 2010, the highest number since 2005, and in 2011, the percentage of total consumer filings increased from 2010; Whereas the 2011 Retirement Confidence Survey conducted by the Employee Benefit Research Institute found that only 13 percent of workers were ``very confident'' about having enough money for a comfortable retirement, a sharp decline in worker confidence from the 27 percent of workers who were ``very confident'' in 2007; Whereas according to the 2011 Retirement Confidence Survey conducted by the Employee Benefit Research Institute, less than half of workers (42 percent) in the United States have tried to calculate how much they need to save for retirement; Whereas according to a 2011 ``Flow of Funds'' report by the Board of Governors of the Federal Reserve System, household debt stood at $13,200,000,000,000...

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