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.