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.