Florida Senate - 2023                             (NP)    SR 710
       
       
        
       By Senator Avila
       
       
       
       
       
       39-00777-23                                            2023710__
    1                          Senate Resolution                        
    2         A resolution recognizing April 2023 and each April
    3         thereafter as “Financial Literacy Month” in Florida.
    4  
    5         WHEREAS, the United States Census Bureau reports that
    6  Florida ranks third in the nation in population, and
    7         WHEREAS, statistics released by the Board of Governors of
    8  the Federal Reserve System show that Florida ranks fifth in the
    9  nation in the household debt-to-income ratio, and
   10         WHEREAS, a 2018 report issued by the Financial Industry
   11  Regulatory Authority Investor Education Foundation found that,
   12  in Florida, approximately 18 percent of individuals reported
   13  that, in the previous 12 months, their household spending
   14  exceeded their household income; approximately 46 percent of
   15  individuals reported that they did not have a rainy-day fund;
   16  and only about one in three individuals could correctly answer
   17  at least four questions on a basic five-question financial
   18  literacy quiz, and
   19         WHEREAS, a 2021 survey conducted by the National Foundation
   20  for Credit Counseling and Wells Fargo showed that, nationwide,
   21  47 percent of the general population reported having credit card
   22  debt, while only 44 percent reported having a budget and keeping
   23  close track of expenses, such as food, housing, and
   24  entertainment, and 38 percent of adults reported carrying credit
   25  card balances, and
   26         WHEREAS, the Governor and the Florida Legislature have
   27  supported and promoted financial literacy education, enacting
   28  the Dorothy L. Hukill Financial Literacy Act in 2022, which
   29  requires high school students entering 9th grade in the 2023
   30  2024 school year and thereafter to take a financial literacy
   31  course to receive a standard high school diploma, and
   32         WHEREAS, quality personal financial education is essential
   33  to ensuring that individuals are prepared to make sound money
   34  management decisions about credit, debt, insurance, financial
   35  transactions, and planning for the future and to become
   36  responsible workers, heads of household, investors,
   37  entrepreneurs, business leaders, and citizens, and
   38         WHEREAS, financial literacy empowers individuals to make
   39  wise financial decisions and reduces the confusion caused by an
   40  increasingly complex economy, and
   41         WHEREAS, since 2004, the month of April has been recognized
   42  at the federal level as “Financial Literacy Month,” focusing on
   43  the promotion of financial literacy nationwide through federal
   44  programs and bringing awareness of the need for more financial
   45  education for children and adults, and
   46         WHEREAS, awareness of the importance of financial literacy
   47  and financial literacy instruction is critically important to
   48  the residents of this state, NOW, THEREFORE,
   49  
   50  Be It Resolved by the Senate of the State of Florida:
   51  
   52         That April 2023 and each April thereafter is recognized as
   53  “Financial Literacy Month” in Florida.