By Woolley H.C.R. No. 246
77R12759 JLZ-D
HOUSE CONCURRENT RESOLUTION
1-1 WHEREAS, The Texas Education Code sets forth the required
1-2 public school curriculum by specifying the subject areas that
1-3 constitute the foundation curriculum and those that constitute an
1-4 enrichment curriculum, and it requires the State Board of Education
1-5 to identify the essential knowledge and skills of each of those
1-6 subjects that all students should be able to demonstrate; and
1-7 WHEREAS, Including economics among the subjects in the
1-8 enrichment curriculum, the Education Code places an emphasis on the
1-9 free enterprise system and its benefits; the code also declares
1-10 that the primary purpose of the public school curriculum is to
1-11 prepare thoughtful, active citizens who "can function productively
1-12 in a free enterprise society"; and
1-13 WHEREAS, Unfortunately, at a time when worker efficiency is
1-14 essential to our nation's success in the global marketplace, family
1-15 financial difficulties are reducing productivity for too many
1-16 workers, adversely affecting their physical and mental health as
1-17 well as the social and economic well-being of their families; and
1-18 WHEREAS, Individuals and families who can handle the complex
1-19 financial decisions of daily life experience an enhanced quality of
1-20 life; they have the personal satisfaction of being in control of
1-21 their lives, are more likely to be satisfied with their social and
1-22 economic environment, and are less likely to need government
1-23 assistance; and
1-24 WHEREAS, A number of recent surveys suggest that consumer
2-1 education has not kept up with the rapid changes in the marketplace
2-2 and that many Americans have not yet reached a desirable level of
2-3 knowledge and skill in managing personal financial resources; and
2-4 WHEREAS, A 1990 comprehensive test of adult consumer
2-5 knowledge sponsored by the Consumer Federation of America and the
2-6 TRW Foundation revealed significant gaps and raised serious
2-7 concerns about the extremely low levels of basic consumer
2-8 knowledge; and
2-9 WHEREAS, A 1992 U.S. Department of Education study of
2-10 literacy skills revealed that only a small percentage of Americans
2-11 over the age of 15 could do moderately complex tasks needed to
2-12 function in the marketplace; between 40 and 44 million Americans
2-13 were unable to calculate the total cost of a purchase, determine
2-14 the price difference between two items, or complete a simple form;
2-15 and
2-16 WHEREAS, Two other surveys, sponsored by the Consumer
2-17 Federation of America and the American Express Travel Related
2-18 Services Company, tested the consumer knowledge of high school and
2-19 college students across the United States; the results indicated
2-20 that American high school and college students have surprisingly
2-21 little consumer know-how, and many lack the basic knowledge and
2-22 skills needed to make important personal financial decisions they
2-23 will face as adults; and
2-24 WHEREAS, The Jump$tart Coalition for Personal Financial
2-25 Literacy, a coalition of public, private, and nonprofit
2-26 organizations, determined that the average high school graduate
2-27 lacks basic skills in the management of personal financial affairs,
3-1 with many young adults unable to balance a checkbook and having no
3-2 insight into the basic survival principles involved in earning,
3-3 spending, saving, and investing; and
3-4 WHEREAS, Overall, the results of these and other tests and
3-5 surveys measuring the consumer competency of Americans reveal
3-6 glaring deficiencies; consequently, many young people fail in the
3-7 management of their first consumer credit experience, establish bad
3-8 financial management habits, and stumble through life learning by
3-9 trial and error; now, therefore, be it
3-10 RESOLVED, That the 77th Legislature of the State of Texas
3-11 hereby direct the State Board of Education to consider the
3-12 inclusion of elements relating to personal finance among the
3-13 essential knowledge and skills in the required public school
3-14 curriculum; and, be it further
3-15 RESOLVED, That the secretary of state forward an official
3-16 copy of this resolution to the commissioner of education of the
3-17 Texas Education Agency and chair of the State Board of Education.