Tom Price: “balancing a checkbook and principles such as saving and investing seem like a foreign language to much of our Nation's…”

“balancing a checkbook and principles such as saving and investing seem like a foreign language to much of our Nation's youth. Sadly, many of our high school graduates lack the basic skills to handle their own finances. Combine that with the spending power of teenagers, $150 billion annually, and it should come as no surprise that when they go off to college, credit card companies cannot hand out the plastic fast enough to these new customers who have no credit history, no income and no job. In fact, in 2001, more young people filed for bankruptcy than graduated from college. With April being Financial Literacy Month, it is time to show that finance and economic lessons simply do not end in the classroom. The earlier students learn about dollars and cents, the better equipped they will be to enter the world with knowledge about how to save, how to earn and how to spend. Mr. Speaker, studies have shown financial education has been linked to lower delinquency rates for mortgage borrowers, higher participation and contribution rates in retirement plans, improved spending and saving habits and higher net worth. The need for financial education in our classrooms and at home has never been more apparent. Increasing financial literacy is key to helping our next generation reach their full potential. ____________________”