Kirk Watson: “the importance of financial and fiscal responsibility cannot be overstated. Personal financial literacy is essential to…”

“the importance of financial and fiscal responsibility cannot be overstated. Personal financial literacy is essential to ensure that individuals are prepared to manage money, credit and debt and become responsible workers, heads of households, investors, entrepreneurs, business leaders and citizens. That is why I am pleased to support H. Res. 273. Personal savings as a percentage of personal income decreased from 7.5 percent in the early 1980s to a negative 0.2 percent in the last quarter of 2005. As the resolution notes, 92 percent of college students acquire at least one credit card by their second year in college, yet only 26 percent of people between the ages of 13 and 21 reported that their parents actively taught them how to manage money. The Jump$tart Coalition for Personal Financial Literacy seeks to improve the personal financial literacy of young adults. Jump$tart's purpose is to evaluate the financial literacy of young adults and to develop, disseminate and encourage the use of financial education standards for grades K-12 and promote the teaching of personal finance. To that end, Jump$tart has established 12 must-know personal financial principles for young people to improve their financial future. These 12 principles should be followed by adults as well.…”