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SCR108......................................by COMMERCE AND HUMAN RESOURCES
FINANCIAL LITERACY - Recognizing the needs of financial literacy among
teens and adults and declaring March 1999 to be "Idaho Financial Literacy
Month."
02/03 Senate intro - 1st rdg - to printing
02/04 Rpt prt - to 10th Ord
02/05 10th ord - ADOPTED - voice vote
Title apvd - to House
02/08 House intro - 1st rdg - to Comm/Hu Res
02/24 Rpt out - rec d/p - to 2nd rdg
02/25 2nd rdg - to 3rd rdg
02/26 3rd rdg - ADOPTED - voice vote - to Senate
03/01 To enrol
03/02 Rpt enrol - Pres signed - Sp signed
03/03 To Secretary of State
SCR108|||| LEGISLATURE OF THE STATE OF IDAHO |||| Fifty-fifth Legislature First Regular Session - 1999IN THE SENATE SENATE CONCURRENT RESOLUTION NO. 108 BY COMMERCE AND HUMAN RESOURCES COMMITTEE 1 A CONCURRENT RESOLUTION 2 RECOGNIZING ACCOMPLISHMENTS AND NEEDS FOR YOUNG ADULT AND ADULT FINANCIAL LIT- 3 ERACY PROGRAMS AND DECLARING MARCH 1999 TO BE IDAHO FINANCIAL LITERACY 4 MONTH. 5 Be It Resolved by the Legislature of the State of Idaho: 6 WHEREAS, consumer debt obligations have been growing twice as fast as 7 wages and salary gains, and consumer debt in Idaho is approximately $5.4 bil- 8 lion owed to Idaho institutions alone and is growing on an average of $340 9 million per year; and 10 WHEREAS, Idaho's bankruptcy filings, both business and personal, have 11 increased 129 percent over the past five years and, on a nationwide basis, the 12 proportion of bankruptcy filers aged 25 years and younger is growing; and 13 WHEREAS, recent research has proven a direct relationship between finan- 14 cial literacy and rates of personal bankruptcy with Idaho being one of six 15 states with the highest proportion of households filing for personal bank- 16 ruptcy; and 17 WHEREAS, Idaho high school students have results on tests used to measure 18 financial literacy among the lowest in the nation; and 19 WHEREAS, teenagers account for 25 percent of all credit cards held and 20 spent approximately $10.9 billion last year; and 21 WHEREAS, workers understand the need to save for retirement, but more than 22 four out of five Americans surveyed are not systematically saving sufficient 23 funds to provide for retirement; and 24 WHEREAS, educational efforts will help Idahoans learn how to protect them- 25 selves from unfair and fraudulent transactions and understand sound credit 26 practices; and 27 WHEREAS, increased financial knowledge will contribute to personal finan- 28 cial stability and, consequently, contribute to the financial and economic 29 success of Idaho; and 30 WHEREAS, the Idaho Financial Literacy Coalition, the first organized 31 coalition of its kind in the nation, whose members represent the public and 32 private areas of finance, general business, education, securities, consumer 33 science, banking and consumer education, will be nationally recognized by the 34 Jump$tart Coalition, an association of national, financial industry associa- 35 tions, Federal Reserve Banks and other federal agencies, nonprofit consumer 36 organizations and various education foundations. 37 NOW, THEREFORE, BE IT RESOLVED by the members of the First Regular Session 38 of the Fifty-fifth Idaho Legislature, the Senate and the House of Representa- 39 tives concurring therein, that March 1999 be declared "Idaho Financial Liter- 40 acy Month" for the purposes of focusing public awareness on issues of youth 41 and adult financial literacy and the responsibilities and rights of con- 42 sumers.