Virginia Foxx: “Today many Americans do not know how to balance a checkbook, intelligently invest their money or financially plan for…”

“Today many Americans do not know how to balance a checkbook, intelligently invest their money or financially plan for their retirement. Studies have shown that few young adults living in this country know how to responsibly use a credit card. This is a time when debt is on the rise and savings have dropped to negative 1 percent of personal income. It is clear that teaching financial literacy is imperative for individuals to learn how to manage their money, credit and debt. While many States require high schools to teach financial education, increased economic education is still necessary. H. Res. 273 recognizes the goals and ideals of Financial Literacy Month and raises awareness of the importance of financial education. It is our hope that the President calls on the government, States and other organizations to observe the month with relevant programs and activities supporting financial education. Learning about saving and investing is especially important for today's young generation because of the uncertainty of the future of Social Security. More so than ever, private savings play a larger role in determining one's retirement. Financial education has proven to be very effective.”