Washington, DC - Senator Daniel K. Akaka (D-HI) yesterday introduced a resolution declaring April 2005 as Financial Literacy Month and it was agreed to by unanimous consent.

"I thank my colleagues who recognize the importance of financial education in the U.S. and the serious consequences that may be associated with a lack of understanding about personal finances," said Senator Akaka. "I think we can all agree that wealth-building and saving for the future are vital to the future economic success of the U.S."

Senator Akaka also praised efforts to combat financial illiteracy currently taking place in our school systems, across communities, in the business and banking sectors, and by] Federal, state, and local government agencies.

Last year, Americans charged more than $35 billion in purchases of less than ten dollars, up from $23.7 billion in 2003. Credit or debit card sales of transactions of five dollars or less grew from $10.8 billion in 2003 to $13.5 billion in 2004. According to the Federal Reserve, consumer debt levels have more than doubled in the last ten years. A U.S. Public Interest Research Group and Consumer Federation of America analysis of Federal Reserve data indicates that the average household with debt carries approximately $10,000 to $12,000 in total revolving debt.

Senator Akaka added, "It is through financial literacy efforts that consumers are becoming aware of the pitfalls associated with excessive leverage and enter into debt relationships understanding the impact of additional debt on their current and future financial position."