WASHINGTON–Representatives Ruben Hinojosa (D-Texas), and Judy Biggert (R-Ill.) have introduced a resolution encouraging governments and businesses to do more to foster financial literacy.
The measure, which has 41 cosponsors, urges President George W. Bush to issue a proclamation urging activities that will teach people about the importance of money management and to save more money. April is Financial Literacy Month and this week is National Credit Union Youth Week.
CUNA is sponsoring National Youth Savings Challenge to motivate young people to establish savings accounts at credit unions. During a similar challenge last year, credit unions reported youth deposits of more than $10.1 million.
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NAFCU Public Relations Manager Patti Briotta said her organization's members have long had a commitment to improving financial literacy and they plan to announce a major initiative on the topic later this week.
Both organizations plan to participate in the Financial Literacy Fair, scheduled to take place next Monday on Capitol Hill.
The Hinojosa-Biggert resolution cites studies showing that the personal savings rate is at its lowest since the government began collecting data in 1959 and that up to 10 million households do not have an account with a financial institution.
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