SR0243sam001 98TH GENERAL ASSEMBLY

SR0243SAM001 LRB098 11780 NHT 46030 a

AMENDMENT TO SENATE RESOLUTION 243

AMENDMENT NO. ___. Amend Senate Resolution 243 by replacing everything after the heading with the following:

"WHEREAS, This State's students lack the financial literacy necessary to manage finances in adulthood; and

WHEREAS, According to the 2011 Consumer Financial Literacy Survey Final Report of the National Foundation for Credit Counseling, 41% of adults in the United States, or more than 77,000,000 adults living in the United States, gave themselves a grade of C, D, or F on their knowledge of personal finance; and

WHEREAS, According to the National Bankruptcy Research Center, the number of personal bankruptcy filings reached 1,500,000 in 2010, the highest number since 2005, and, in 2011, the percentage of total consumer filings increased from 2010; and

WHEREAS, The 2011 Retirement Confidence Survey conducted by the Employee Benefit Research Institute found that only 13% of workers were "very confident" about having enough money for a comfortable retirement, a sharp decline in worker confidence from the 27% of workers who were "very confident" in 2007; and

WHEREAS, According to a 2011 "Flow of Funds" report by the Board of Governors of the Federal Reserve System, household debt stood at $13,200,000,000,000 at the end of the third quarter of 2010; and

WHEREAS, According to the 2011 Consumer Financial Literacy Survey Final Report of the National Foundation for Credit Counseling, 28%, or nearly 64,000,000 adults, admit to not paying all of their bills on time; and

WHEREAS, According to the 2011 Consumer Financial Literacy Survey Final Report of the National Foundation for Credit Counseling, only 43% of adults keep close track of their spending, and more than 128,400,000 adults do not know how much they spend on food, housing, and entertainment and do not monitor their overall spending; and

WHEREAS, According to the 2011 Consumer Financial Literacy Survey Final Report of the National Foundation for Credit Counseling, one in 3 adults in the United States, or more than 75,600,000 individuals, report that they have no savings, and only 22% of adults in the United States are now saving more than they did a year ago because of the current economic climate; and

WHEREAS, According to the Gallup-Operation HOPE Financial Literacy Index, while 69% of American students strongly believe that the best time to save money is now, only 57% believe that their parents are saving money for the future; and

WHEREAS, According to the University of Wisconsin, 89% of teachers in grades kindergarten through 12 believe that either financial literacy courses or passing a financial literacy competency test should be a requirement for high school graduation, but only 20% of teachers rate themselves as "very competent" to teach financial literacy; and

WHEREAS, Expanding access to the mainstream financial system will provide individuals with less expensive and more secure options for managing finances and building wealth; and

WHEREAS, Quality personal financial education is essential to ensure that individuals are prepared to manage money, credit, and debt and to become responsible workers, heads of households, investors, entrepreneurs, business leaders, and citizens; and

WHEREAS, Increased financial literacy empowers individuals to make wise financial decisions and reduces the confusion caused by an increasingly complex economy; and

WHEREAS, A greater understanding of and familiarity with financial markets and institutions will lead to increased economic activity and growth; and

WHEREAS, Significant functions of government are to provide primary and secondary education to the public and to otherwise improve the prosperity, health, and general welfare of the inhabitants of this State; therefore, be it

RESOLVED, BY THE SENATE OF THE NINETY-EIGHTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that we urge the State Board of Education to encourage school districts to re-evaluate the role of financial literacy within their educational plans across all grades; and be it further

RESOLVED, That we urge the State Board of Education to establish an Internet website for teachers that would serve as a clearinghouse and coordinated entry point for accessing free resources about financial literacy programs, as well as publications, grants, and materials that promote enhanced financial literacy and education; and be it further

RESOLVED, That we urge each school district in this State to consider how financial literacy could be used in a cross-curriculum format to better prepare this State's school children for adulthood; and be it further

RESOLVED, That suitable copies of this resolution be delivered to the State Board of Education and each school district in this State.".