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| | SR0243 | | LRB098 11780 NHT 44858 r |
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1 | | SENATE RESOLUTION
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2 | | WHEREAS, This State's students lack the financial literacy |
3 | | necessary to manage finances in adulthood; and
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4 | | WHEREAS, According to the 2011 Consumer Financial Literacy |
5 | | Survey Final Report of the National Foundation for Credit |
6 | | Counseling, 41% of adults in the United States, or more than |
7 | | 77,000,000 adults living in the United States, gave themselves |
8 | | a grade of C, D, or F on their knowledge of personal finance; |
9 | | and
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10 | | WHEREAS, According to the National Bankruptcy Research |
11 | | Center, the number of personal bankruptcy filings reached |
12 | | 1,500,000 in 2010, the highest number since 2005, and, in 2011, |
13 | | the percentage of total consumer filings increased from 2010; |
14 | | and
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15 | | WHEREAS, The 2011 Retirement Confidence Survey conducted |
16 | | by the Employee Benefit Research Institute found that only 13% |
17 | | of workers were "very confident" about having enough money for |
18 | | a comfortable retirement, a sharp decline in worker confidence |
19 | | from the 27% of workers who were "very confident" in 2007; and
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20 | | WHEREAS, According to a 2011 "Flow of Funds" report by the |
21 | | Board of Governors of the Federal Reserve System, household |
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| | SR0243 | - 2 - | LRB098 11780 NHT 44858 r |
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1 | | debt stood at $13,200,000,000,000 at the end of the third |
2 | | quarter of 2010; and |
3 | | WHEREAS, According to the 2011 Consumer Financial Literacy |
4 | | Survey Final Report of the National Foundation for Credit |
5 | | Counseling, 28%, or nearly 64,000,000 adults, admit to not |
6 | | paying all of their bills on time; and |
7 | | WHEREAS, According to the 2011 Consumer Financial Literacy |
8 | | Survey Final Report of the National Foundation for Credit |
9 | | Counseling, only 43% of adults keep close track of their |
10 | | spending, and more than 128,400,000 adults do not know how much |
11 | | they spend on food, housing, and entertainment and do not |
12 | | monitor their overall spending; and |
13 | | WHEREAS, According to the 2011 Consumer Financial Literacy |
14 | | Survey Final Report of the National Foundation for Credit |
15 | | Counseling, one in 3 adults in the United States, or more than |
16 | | 75,600,000 individuals, report that they have no savings, and |
17 | | only 22% of adults in the United States are now saving more |
18 | | than they did a year ago because of the current economic |
19 | | climate; and |
20 | | WHEREAS, According to the Gallup-Operation HOPE Financial |
21 | | Literacy Index, while 69% of American students strongly believe |
22 | | that the best time to save money is now, only 57% believe that |
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| | SR0243 | - 3 - | LRB098 11780 NHT 44858 r |
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1 | | their parents are saving money for the future; and |
2 | | WHEREAS, According to the University of Wisconsin, 89% of |
3 | | teachers in grades kindergarten through 12 believe that either |
4 | | financial literacy courses or passing a financial literacy |
5 | | competency test should be a requirement for high school |
6 | | graduation, but only 20% of teachers rate themselves as "very |
7 | | competent" to teach financial literacy; and |
8 | | WHEREAS, Expanding access to the mainstream financial |
9 | | system will provide individuals with less expensive and more |
10 | | secure options for managing finances and building wealth; and |
11 | | WHEREAS, Quality personal financial education is essential |
12 | | to ensure that individuals are prepared to manage money, |
13 | | credit, and debt and to become responsible workers, heads of |
14 | | households, investors, entrepreneurs, business leaders, and |
15 | | citizens; and
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16 | | WHEREAS, Increased financial literacy empowers individuals |
17 | | to make wise financial decisions and reduces the confusion |
18 | | caused by an increasingly complex economy; and |
19 | | WHEREAS, A greater understanding of and familiarity with |
20 | | financial markets and institutions will lead to increased |
21 | | economic activity and growth; and |
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| | SR0243 | - 4 - | LRB098 11780 NHT 44858 r |
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1 | | WHEREAS, This State has appropriated $290,000 from the |
2 | | General Revenue Fund to the State Board of Education for |
3 | | economic education; and |
4 | | WHEREAS, Significant functions of government are to |
5 | | provide primary and secondary education to the public and to |
6 | | otherwise improve the prosperity, health, and general welfare |
7 | | of the inhabitants of this State; therefore, be it
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8 | | RESOLVED, BY THE SENATE OF THE NINETY-EIGHTH GENERAL |
9 | | ASSEMBLY OF THE STATE OF ILLINOIS, that there is created the |
10 | | Financial Literacy Task Force consisting of 3 members of the |
11 | | Senate appointed by the President of the Senate, one of whom |
12 | | shall be designated the chairperson by the President of the |
13 | | Senate, and 2 members of the Senate appointed by the Minority |
14 | | Leader of the Senate, all of whom shall serve without |
15 | | compensation but shall be reimbursed for their reasonable and |
16 | | necessary expenses from funds appropriated for that purpose; |
17 | | and be it further
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18 | | RESOLVED, That the Financial Literacy Task Force shall |
19 | | design publications and website media to promote financial |
20 | | literacy education; and be it further
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21 | | RESOLVED, That the Financial Literacy Task Force shall |
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| | SR0243 | - 5 - | LRB098 11780 NHT 44858 r |
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1 | | establish an Internet website for teachers, students, and |
2 | | parents that would serve as a clearinghouse and coordinated |
3 | | entry point for accessing information about financial literacy |
4 | | programs, as well as publications, grants, and materials that |
5 | | promote enhanced financial literacy and education; and be it |
6 | | further |
7 | | RESOLVED, That the Financial Literacy Task Force shall |
8 | | conduct a formal review of the current personal finance |
9 | | standards taught in grades 9 through 12 and recommend |
10 | | revisions, including, but not limited to, integrating |
11 | | financial education into reading, language arts, and |
12 | | mathematics, and such recommendations shall be presented to the |
13 | | State Board of Education for consideration of statewide |
14 | | applicability; and be it further |
15 | | RESOLVED, That the Financial Literacy Task Force shall |
16 | | conduct a formal review of the benefits of implementing |
17 | | financial literacy education in grades kindergarten through 8; |
18 | | and be it further |
19 | | RESOLVED, That the Financial Literacy Task Force shall |
20 | | create a proposal for implementing financial literacy |
21 | | education in grades kindergarten through 8; and be it further |
22 | | RESOLVED, That the Financial Literacy Task Force shall |
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| | SR0243 | - 6 - | LRB098 11780 NHT 44858 r |
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1 | | develop and report to the State Board of Education the means to |
2 | | include in existing standardized achievement testing for |
3 | | grades 9 through 12 the personal finance concepts of (i) |
4 | | decision-making, (ii) earning an income, (iii) saving and |
5 | | spending, (iv) use of credit, and (v) budgeting; and be it |
6 | | further |
7 | | RESOLVED, That the Financial Literacy Task Force shall |
8 | | receive the assistance of legislative staff, may employ skilled |
9 | | experts with the approval of the President of the Senate, and |
10 | | shall report its findings to the General Assembly on or before |
11 | | January 1, 2014; and be it further |
12 | | RESOLVED, That the State Board of Education shall provide |
13 | | administrative and other support to the Task Force; and be it |
14 | | further |
15 | | RESOLVED, That State Board of Education shall fund the |
16 | | costs to prepare the proposals and studies mandated by this |
17 | | resolution with its economic education appropriations; and be |
18 | | it further |
19 | | RESOLVED, That the members of the Task Force shall be |
20 | | reimbursed for their travel expenses from appropriations to the |
21 | | State Board of Education available for that purpose and subject |
22 | | to the rules of the appropriate travel control board; and be it |