Bill > HR0261

This Resolution officially declares April 2022 as Financial Literacy Month in the state of Michigan, aiming to raise public awareness about the critical importance of personal financial education across the state and the nation. The resolution highlights that understanding and managing personal finances, including credit and debt, is essential for individual economic self-sufficiency, successful homeownership, and secure retirement, particularly for low- and moderate-income citizens. It acknowledges Michigan's eighteen-year history of financial literacy programming through collaborations between various organizations like financial institutions, non-profits, government bodies, schools, and libraries, which provide educational resources and strengthen public-private partnerships. The resolution also points to concerning statistics, such as a significant percentage of U.S. adults carrying credit card debt, struggling to cover unexpected expenses, and having low grades on their personal finance knowledge, underscoring the need for improved financial education to foster economic growth and prepare all Michiganders, especially young people, for responsible financial futures. To observe this month, the resolution calls upon parents, schools, businesses, financial institutions, community organizations, and government entities to organize appropriate programs and activities.