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R E S O L U T I O N
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WHEREAS, The observance of Financial Literacy Month in April |
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2021 provides a fitting opportunity to call attention to the |
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essential role that personal financial literacy plays in everyday |
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life for all individuals; and |
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WHEREAS, In the past year, citizens in Texas and beyond have |
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faced a changing financial landscape; the COVID-19 pandemic has |
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further increased dependence on digital systems for everyday |
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transactions, altering the way we work, save, shop, and pay for |
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goods and services; even as online financial transactions have |
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become more common, many Texans are excluded from digital services |
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like ATMs, direct deposit of wages, and online payment |
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applications, such as PayPal and Square; as a result, these |
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individuals have been presented with new challenges in overseeing |
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their financial resources and obligations; and |
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WHEREAS, The development of effective money management |
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skills is rarely addressed in the classroom, and only 17 states |
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mandate that students take a personal finance course as a high |
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school graduation requirement; research has shown that students |
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from states with a required financial education course more often |
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display behaviors conducive to healthy money management; compared |
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to other young adults, they are more likely to save, pay off their |
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credit cards in full each month, and take modest financial risks, |
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and they are less likely to reach the maximum limit on their credit |
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cards, make late payments, or engage in compulsive buying; and |
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WHEREAS, Personal financial literacy continues to be an |
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important factor throughout adulthood; studies show that more than |
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40 percent of American adults cannot cover an unexpected expense of |
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$250; in addition, the 2020 Consumer Financial Literacy Survey |
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reported that a majority of adults in the U.S. lived in credit card |
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debt during the yearlong study and that only 47 percent maintained a |
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budget; and |
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WHEREAS, Public, community, and private sector organizations |
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around the country are working to increase financial literacy rates |
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for Americans of all ages through media campaigns, websites, and |
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one-on-one counseling; as part of this outreach effort, a number of |
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agencies and groups have designated the month of April as Financial |
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Literacy Month to highlight the importance of personal finance |
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education and to encourage Americans to establish and maintain good |
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saving and spending habits; and |
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WHEREAS, Personal financial knowledge and awareness have |
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broad implications for the economic welfare of our state and |
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nation, and the observance of Financial Literacy Month is a timely |
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reminder of the right and responsibility of all Texans to build on |
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their understanding of money management; now, therefore, be it |
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RESOLVED, That the House of Representatives of the 87th Texas |
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Legislature hereby recognize April 2021 as Financial Literacy |
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Month. |