Washington, D.C. - The U.S. Senate passed a resolution (S. Res. 485) sponsored by Senators Daniel K. Akaka (D-Hawaii) and Michael B. Enzi (R-Wyoming) designating April as Financial Literacy Month. The resolution raises awareness about the importance of personal financial education and the serious consequences that may result from a lack of understanding about personal finances. It passed last night by a unanimous voice vote.
"Americans held $13.6 trillion in household debt last year according to the Federal Reserve," said Senator Akaka. "Increased financial and economic literacy can empower people to more effectively navigate the marketplace and make smart decisions for their families. Financial education helps people save for their homes, their children's education, and deal with financial challenges."
"In the 21st century it is essential for individuals to be financially literate. Financial literacy isn’t just about balancing a check book, it is about having all the resources and information to plan your own financial future with full understanding of the risks and rewards. The more importance financial literacy is given-- the better off this country will be," said Senator Enzi.
The bipartisan resolution is cosponsored by Senators Dodd, Crapo, Johnson, Corker, Schumer, Cochran, Menendez, Wicker, Kohl, Merkley, Inouye, Durbin, Baucus, Murray, Lincoln, Begich, Gillibrand, Feingold, Levin, Carper, Cardin, Stabenow, and Hagan.
