SR-140, As Adopted by Senate, April 13, 2010



††††††††††† Senator Nofs offered the following resolution:

††††††††††† Senate Resolution No. 140.

††††††††††† A resolution declaring April 2010 as Youth Financial Literacy Month in the state of Michigan.

††††††††††† Whereas, The informed use of credit and other financial products and services benefits individual consumers and promotes economic growth; and

††††††††††† Whereas, Financial literacy and learning these skills at an early age encourages greater economic self-sufficiency, higher levels of successful homeownership, and enhanced retirement security, particularly among low- and moderate-income citizens; and

††††††††††† Whereas, The past decade has seen declining personal savings rates, increased bankruptcy filings, soaring home foreclosures, and rising percentages of family income devoted to servicing household debt; and

††††††††††† Whereas, Given the current economic conditions facing Michigan, personal financial education and money management skills are crucial to ensure that our young people are prepared to manage credit and debt and become responsible workers, heads of households, homeowners, investors, entrepreneurs, business leaders, and productive citizens; and

††††††††††† Whereas, The young people of our state represent the nationís single greatest resource who, in the years ahead, will assume leadership positions and responsibility for advancement of our society; and

††††††††††† Whereas, Youth Financial Literacy Month highlights the commitment of credit unions throughout the nation to strengthen the financial knowledge of our youth and to prepare them for a fiscally-responsible future; now, therefore, be it

††††††††††† Resolved by the Senate, That we hereby declare April 2010 as Youth Financial Literacy Month in the state of Michigan, raising public awareness about the need for increased financial literacy in our schools and among our children and the serious problems that are associated with a lack of understanding of personal finances; and be it further

††††††††††† Resolved, That we call on each parent, school, business, community organization, and unit of government to observe the month with appropriate programs and activities.