2024 House Resolution 221

Whereas, The informed use of credit and other financial products and services benefits individual consumers and promotes economic growth; and

Whereas, Financial literacy and learning these skills at an early age encourages greater economic self-sufficiency, higher levels of successful homeownership, and enhanced retirement security, particularly among low and moderate income citizens; and

Whereas, Michigan has formally participated in financial literacy programming for years through the collaboration and coordinated effort of hundreds of organizations including financial institutions, non-profit groups, government entities, schools, and libraries. The initiative showcases these organizations’ educational resources, strengthens public-private partnerships, engages the media, and connects people with resources to help them better manage their money; and

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

Whereas, According to data compiled by TransUnion, the average credit card debt for Americans was an estimated $5,733 through the first quarter of 2023. Additionally, in a 2022 report by the Federal Reserve, 18% of households were not expecting to pay all of their monthly bills in full for October of that year, with 33% of low-income adults not expecting to be able to pay their bills in full; and

Whereas, Personal financial education and money management skills are crucial to ensure that all Michiganders, especially our young people, are prepared to manage credit and debt and become responsible workers, heads of households, homeowners, investors, entrepreneurs, business leaders, and productive citizens; and

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

Whereas, The young people of our state represent Michigan’s single greatest resource who, in the years ahead, will assume leadership positions and responsibility for the advancement of our society; and

Whereas, Financial Literacy Month highlights the commitment of Michigan banks and credit unions to strengthen the financial knowledge of Michigan citizens to prepare them for a fiscally responsible future; now, therefore be it

Resolved by the House of Representatives, That the members of this legislative body declare April 2024 as Financial Literacy Month in the state of Michigan. We encourage raising public awareness about the importance of personal financial education in Michigan and the rest of the United States. This will help address the serious problems that are associated with the mismanagement of personal finances; and be it further

Resolved, That we call on each parent, school, business, financial institution, community organization, and unit of government to observe the month with appropriate programs and activities.