Daniel Akaka: “I am pleased to submit, along with my colleagues Senators Cochran, Corzine, Johnson, Sarbanes, Schumer, and Stabenow, a…”

“I am pleased to submit, along with my colleagues Senators Cochran, Corzine, Johnson, Sarbanes, Schumer, and Stabenow, a resolution designating April of this year as Financial Literacy for Youth Month. This resolution seeks to honor the many activities that take place across the country every April, which recognize the importance of increased financial and economic literacy for all Americans, particularly our children. As detailed in the resolution, more Americans are using a greater proportion of their income to pay down their debt. In 2002, home foreclosures were the highest rate in 30 years. Consumer bankruptcies in 2001 reached an all-time high in more than a decade, and filings did not slacken in 2002. Personal savings as a percentage of GDP have decreased from 7.5 percent in the early '80s to 2.4 percent last year. Unfortunately, the modern economy is extremely complex and many parents are often unable to teach their children about money management. According to the Jump$tart Coalition, only 26 percent of 13- to 21- year-olds reported that their parents actively taught them how to manage money. As noted by the Treasury Department, nearly 40 million Americans are "unbanked," which means that they do not have a formal relationship with a mainstream financial institution.”