Nancy L. Johnson: “in an era when Americans' dependence on federal entitlements is increasing, when the number of Americans filing for…”

“in an era when Americans' dependence on federal entitlements is increasing, when the number of Americans filing for personal bankruptcy rose an astounding 30 percent in the past year, and when our national savings rate is at its lowest point since the Great Depression, it is imperative that our Nation's youth understand the importance of long-term financial planning, particularly personal savings and investment. We need young Americans to develop basic financial skills and knowledge to help them prepare for their future. They need to learn and understand basic principles such as compound interest, market capitalization, and how to avoid credit card debt. Learning simple concepts such as these during childhood cultivates lifelong habits of responsible financial management. In particular, we must emphasize the value of investing early. We must stress the significance of tax-advantaged savings opportunities such as Roth IRA's, Health Savings Accounts, and 401(k) contribution plans offered by employers--especially when a match is offered--as well as numerous other vehicles for building substantial nest eggs for retirement. Improving the financial literacy of our youth will equip the American workforce of tomorrow with the tools to grow our national economy and to achieve personal financial success and security in retirement. I urge my colleagues to join me in offering House Resolution 737 their full support.”