83rd Texas Legislature, Regular Session, House Concurrent Resolution 111 Page: 2 of 4
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H.C.R. No. 111
1 WHEREAS, Personal financial literacy continues to be a
2 component of success and well-being in adulthood, yet studies show
3 that American adults are often ill-prepared for long-term monetary
4 concerns; the national personal savings rate fell sharply in the
5 years spanning 1980 to 2007 and remains low to this day, at 4.6
6 percent of disposable income; in addition, the 2013 Retirement
7 Confidence Survey found that only 66 percent of Americans reported
8 saving funds for retirement, down from 75 percent in 2009; and
9 WHEREAS, Research has shown a link between financial literacy
10 and higher net worth, improved spending and saving habits, lower
11 delinquency rates for mortgage borrowers, and higher participation
12 rates in retirement plans; moreover, students from states with a
13 required financial education course were found to more often
14 display behaviors conducive to healthy money management; compared
15 to other young adults, they are more likely to save, pay off their
16 credit cards in full each month, and take modest financial risks,
17 and they are less likely to reach the maximum limit on their credit
18 cards, make late payments, and engage in compulsive buying; and
19 WHEREAS, Public, community, and private sector organizations
20 around the country are working to increase financial literacy rates
21 for Americans of all ages through media campaigns, websites, and
22 one-on-one counseling; as part of this outreach effort, a number of
23 agencies and groups have designated the month of April as Financial
24 Literacy Month to highlight the importance of personal finance
25 education and to encourage Americans to establish and maintain good
26 saving and spending habits; and
27 WHEREAS, Far from being issues of individual responsibility,2
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Texas. Legislature. House of Representatives. 83rd Texas Legislature, Regular Session, House Concurrent Resolution 111, legislative document, June 14, 2013; [Austin, Texas]. (https://texashistory.unt.edu/ark:/67531/metapth438266/m1/2/: accessed July 18, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.