Sen. Richardville introduces resolution to make April Financial Literacy for Youth Month in Michigan
LANSING — Sen. Randy Richardville today introduced a resolution to declare April 2009 as “Financial Literacy for Youth Month” in Michigan to raise public awareness about the need for young people to increase their understanding of personal financial issues.
“A lack of understanding about personal finances can lead to major problems like decreases in personal savings, high levels of debt, and, sometimes even bankruptcy,” said Richardville, R-Monroe. “We want Michigan residents to begin learning about proper money management when they are young so they can avoid these problems.”
Senate Resolution 33 encourages Michigan senators to promote the importance of financial literacy with parents, schools, businesses, community organizations and local units of government in their individual districts.
“During my service as chair of the Senate Banking and Financial Institutions Committee, I have heard firsthand from individuals about the importance of learning how to make financially sound decisions,” Richardville said. “Good financial decision-making encourages greater economic self-sufficiency.”
According to a 2008 study by the Jump$tart Coalition for Personal Financial Literacy, high school seniors have a limited understanding about credit cards, retirement funds, insurance and other financial basics compared to students the same age five years ago.
“Given the current economic challenges facing Michigan, financial education is critical to help ensure that young people are prepared to manage their money wisely,” Richardville said. “It will help them become responsible workers, homeowners, entrepreneurs, and business leaders.”
Only 26 percent of 18- to 21-year-olds report that their parents actively teach them how to manage money.
The resolution was approved by the state Senate.
Posted: Thursday, April 02, 2009
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