Source: United States Senator for Rhode Island Jack Reed
WASHINGTON, DC – In an effort to highlight the importance of financial literacy and teaching things like budget planning and money management in schools, U.S. Senators Jack Reed (D-RI) and Tim Scott (R-SC) are introducing a resolution recognizing April as Financial Literacy Month.
Financial literacy is a key component to addressing many long-term challenges faced by American families nationwide. The measure is being cosponsored by U.S. Senators Sheldon Whitehouse (D-RI), Mike Braun (R-IN), Katie Britt (R-AL), Shelley Moore Capito (R-WV), Ben Cardin (D-MD), Bob Casey (D-PA), Susan Collins (R-ME), Catherine Cortez Mastro (D-NV), Mike Crapo (R-ID), Ted Cruz (R-TX), Steve Daines (R-MT), Dick Durbin (D-IL), Diane Feinstein (D-CA), Maggie Hassan (D-NH), John Kennedy (R-LA), Amy Klobuchar (D-MN), Ben Ray Luján (D-NM), Cynthia Lummis (R-WY), Joe Manchin (D-WV), Jim Risch (R-ID), Jacky Rosen (D-NV), Mike Rounds (R-SD), Marco Rubio (R-FL), Roger Wicker (R-MS), and Todd Young (R-IN).
Recognized by the U.S. Senate since 2004, Financial Literacy Month is a national celebration of financial empowerment that raises awareness on the importance of financial education and providing resources to help Americans of all ages develop and maintain healthy financial habits.
Senator Reed, the co-founder of the Senate Financial Literacy Caucus, stated: “From managing a household budget to making major purchases, paying for college, starting a business, and laying the foundation for a secure retirement, financial literacy is a lifelong endeavor. Unfortunately, too many Americans lack basic financial literacy to make informed decisions, and this has impacts on their children, local communities, and generations to come. Raising awareness about the resources available to improve financial literacy is the first step on the path to a financially secure future.”
According to the 2022 report “Survey of the States: Economic and Personal Finance Education in Our Nation’s Schools,” only 25 states currently require students to take an economics course as a high school graduation requirement; and only 23 states require students to take a personal finance course as a high school graduation requirement, either independently or as part of an economics course.
The bipartisan resolution notes: “expanding access to the safe, mainstream financial system will provide individuals with less expensive and more secure options for managing finances and building wealth;
Whereas quality personal financial education is essential to ensure that individuals are prepared—
(1) to manage money, credit, and debt; and
(2) to become responsible workers, heads of household, investors, entrepreneurs, business leaders, and citizens;
Whereas increased financial literacy—
(1) empowers individuals to make wise financial decisions; and
(2) reduces the confusion caused by an increasingly complex economy;
Whereas a greater understanding of, and familiarity with, financial markets and institutions will lead to increased economic activity and growth.”
Throughout the month of April, schools, libraries, non-profits, financial institutions, and businesses host a variety of activities, events, and free workshops highlighting the importance of financial literacy and the benefits of financial education.