senate resolution no.102

Senators Cavanagh, Bayer, Brinks, Chang, Damoose, Geiss, Lauwers, McCann, McMorrow, Polehanki, Theis and Wojno offered the following resolution:

A resolution to designate April 2024 as Financial Literacy Month.

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

Whereas, The Michigan Legislature approved, and Governor Whitmer signed, Public Act 105 in 2022 to provide for a stand-alone financial literacy course requirement for Michigan high school graduates; and

Whereas, Financial literacy education 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, Michigan has formally participated in financial literacy programming for years through the collaboration and coordinated effort of hundreds of organizations including financial institutions, non-profit groups, government entities, schools, and libraries. The initiative showcases these organizations' educational resources, strengthens public-private partnerships, engages the media, and connects people with resources to help them better manage their money; and

Whereas, A greater understanding of, and familiarity with, financial markets and institutions will lead to increased economic activity and growth; and

Whereas, According to the 2022 Consumer Financial Literacy Survey report by the National Foundation for Credit Counseling, 13 percent of United States (U.S.) adults have a hard time paying monthly bills such as cell phone or utilities, and 11 percent have missed at least one credit card or loan payment in the last year; and

Whereas, Personal financial education and money management skills are crucial to ensure that all Michiganders, especially 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, Expanding access to the mainstream financial system will provide individuals with less expensive and more secure funding options for managing finances and building wealth; and

Whereas, Young people represent Michiganís single greatest resource who, in the years ahead, will assume leadership positions and responsibility for the advancement of our society; and

Whereas, Financial Literacy Month highlights the commitment of Michigan's banks and credit unions to strengthen the financial knowledge of our citizens to prepare them for a fiscally responsible future; now, therefore, be it

Resolved by the Senate, That the members of this legislative body designate April 2024 as Financial Literacy Month; and be it further

Resolved, That we raise public awareness about the importance of personal financial education in Michigan and the U.S. This will help address the serious problems that are associated with the mismanagement of personal finances; and be it further

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