Full Text of SR0243 98th General Assembly
SR0243sam001 98TH GENERAL ASSEMBLY |
| | SR0243SAM001 | | LRB098 11780 NHT 46030 a |
|
| 1 | | AMENDMENT TO SENATE RESOLUTION 243
| 2 | | AMENDMENT NO. ___. Amend Senate Resolution 243 by replacing | 3 | | everything after the heading with the following:
| 4 | | "WHEREAS, This State's students lack the financial | 5 | | literacy necessary to manage finances in adulthood; and
| 6 | | WHEREAS, According to the 2011 Consumer Financial Literacy | 7 | | Survey Final Report of the National Foundation for Credit | 8 | | Counseling, 41% of adults in the United States, or more than | 9 | | 77,000,000 adults living in the United States, gave themselves | 10 | | a grade of C, D, or F on their knowledge of personal finance; | 11 | | and
| 12 | | WHEREAS, According to the National Bankruptcy Research | 13 | | Center, the number of personal bankruptcy filings reached | 14 | | 1,500,000 in 2010, the highest number since 2005, and, in 2011, | 15 | | the percentage of total consumer filings increased from 2010; |
| | | SR0243SAM001 | - 2 - | LRB098 11780 NHT 46030 a |
|
| 1 | | and
| 2 | | WHEREAS, The 2011 Retirement Confidence Survey conducted | 3 | | by the Employee Benefit Research Institute found that only 13% | 4 | | of workers were "very confident" about having enough money for | 5 | | a comfortable retirement, a sharp decline in worker confidence | 6 | | from the 27% of workers who were "very confident" in 2007; and
| 7 | | WHEREAS, According to a 2011 "Flow of Funds" report by the | 8 | | Board of Governors of the Federal Reserve System, household | 9 | | debt stood at $13,200,000,000,000 at the end of the third | 10 | | quarter of 2010; and | 11 | | WHEREAS, According to the 2011 Consumer Financial Literacy | 12 | | Survey Final Report of the National Foundation for Credit | 13 | | Counseling, 28%, or nearly 64,000,000 adults, admit to not | 14 | | paying all of their bills on time; and | 15 | | WHEREAS, According to the 2011 Consumer Financial Literacy | 16 | | Survey Final Report of the National Foundation for Credit | 17 | | Counseling, only 43% of adults keep close track of their | 18 | | spending, and more than 128,400,000 adults do not know how much | 19 | | they spend on food, housing, and entertainment and do not | 20 | | monitor their overall spending; and | 21 | | WHEREAS, According to the 2011 Consumer Financial Literacy |
| | | SR0243SAM001 | - 3 - | LRB098 11780 NHT 46030 a |
|
| 1 | | Survey Final Report of the National Foundation for Credit | 2 | | Counseling, one in 3 adults in the United States, or more than | 3 | | 75,600,000 individuals, report that they have no savings, and | 4 | | only 22% of adults in the United States are now saving more | 5 | | than they did a year ago because of the current economic | 6 | | climate; and | 7 | | WHEREAS, According to the Gallup-Operation HOPE Financial | 8 | | Literacy Index, while 69% of American students strongly believe | 9 | | that the best time to save money is now, only 57% believe that | 10 | | their parents are saving money for the future; and | 11 | | WHEREAS, According to the University of Wisconsin, 89% of | 12 | | teachers in grades kindergarten through 12 believe that either | 13 | | financial literacy courses or passing a financial literacy | 14 | | competency test should be a requirement for high school | 15 | | graduation, but only 20% of teachers rate themselves as "very | 16 | | competent" to teach financial literacy; and | 17 | | WHEREAS, Expanding access to the mainstream financial | 18 | | system will provide individuals with less expensive and more | 19 | | secure options for managing finances and building wealth; and | 20 | | WHEREAS, Quality personal financial education is essential | 21 | | to ensure that individuals are prepared to manage money, | 22 | | credit, and debt and to become responsible workers, heads of |
| | | SR0243SAM001 | - 4 - | LRB098 11780 NHT 46030 a |
|
| 1 | | households, investors, entrepreneurs, business leaders, and | 2 | | citizens; and
| 3 | | WHEREAS, Increased financial literacy empowers individuals | 4 | | to make wise financial decisions and reduces the confusion | 5 | | caused by an increasingly complex economy; and | 6 | | WHEREAS, A greater understanding of and familiarity with | 7 | | financial markets and institutions will lead to increased | 8 | | economic activity and growth; and | 9 | | WHEREAS, Significant functions of government are to | 10 | | provide primary and secondary education to the public and to | 11 | | otherwise improve the prosperity, health, and general welfare | 12 | | of the inhabitants of this State; therefore, be it
| 13 | | RESOLVED, BY THE SENATE OF THE NINETY-EIGHTH GENERAL | 14 | | ASSEMBLY OF THE STATE OF ILLINOIS, that we urge the State Board | 15 | | of Education to encourage school districts to re-evaluate the | 16 | | role of financial literacy within their educational plans | 17 | | across all grades; and be it further
| 18 | | RESOLVED, That we urge the State Board of Education to | 19 | | establish an Internet website for teachers that would serve as | 20 | | a clearinghouse and coordinated entry point for accessing free | 21 | | resources about financial literacy programs, as well as |
| | | SR0243SAM001 | - 5 - | LRB098 11780 NHT 46030 a |
|
| 1 | | publications, grants, and materials that promote enhanced | 2 | | financial literacy and education; and be it further | 3 | | RESOLVED, That we urge each school district in this State | 4 | | to consider how financial literacy could be used in a | 5 | | cross-curriculum format to better prepare this State's school | 6 | | children for adulthood; and be it further | 7 | | RESOLVED, That suitable copies of this resolution be | 8 | | delivered to the State Board of Education and each school | 9 | | district in this State.". |
|