BILL ANALYSIS Ó
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ASSEMBLY THIRD READING
ACR
162 (Dababneh)
As Amended April 7, 2016
Majority vote
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|Committee |Votes|Ayes |Noes |
| | | | |
| | | | |
| | | | |
|----------------+-----+----------------------+--------------------|
|Rules |11-0 |Gordon, Chang, | |
| | |Brough, Cooley, | |
| | |Gomez, Holden, Jones, | |
| | |Mullin, Quirk, | |
| | |Rodriguez, Waldron | |
| | | | |
| | | | |
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SUMMARY: Declares the month of April 2016 as Financial Aid and
Literacy Month, with the theme of "Prosperity Through
Education," to raise public awareness about the continuing need
for increased financial literacy. Specifically, this resolution
makes the following legislative findings:
1)California law requires that financial education, including
budgeting, managing credit, student loans, consumer debt, and
identity theft security, is included in the next revision of
the social sciences, health, and mathematics curricula.
2)The State of California established the Bank on California
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Program to raise awareness among unbanked consumers about the
benefits of account ownership and to spur Californians to open
accounts.
3)According to American Consumer Credit Counseling, the United
States ranks 14th on the global list of financially literate
countries, behind countries like Czech Republic and Singapore.
4)Less than 20% of teachers feel equipped to teach personal
finance and more than one in six pupils in the United States
do not reach the baseline level of proficiency in financial
literacy.
5)Parents serve as teenagers' biggest teachers when it comes to
money management skills. Eighty-four percent of teenagers
report looking to their parents for information on how to
manage money, but 34% of parents say their family's approach
to financial matters is to not discuss money with their
children.
6)According to the Council for Economic Education's 2016 Survey
of the States, student loan debt is more than $1.3 trillion,
the second largest class of consumer debt after mortgages.
7)A study by PwC and the George Washington Global Financial
Literacy Excellence Center of millennials ages 23 to 35,
inclusive found that millennials are the age group with the
lowest level of financial literacy. Only 24% demonstrated
basic financial literacy, and only 8% demonstrated high
financial literacy.
8)Many employers, government agencies, schools, service groups,
community organizations, libraries, financial institutions,
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and nonprofit entities, including, but not limited to, Federal
Deposit Insurance Corporation: Money Smart, the Consumer
Financial Protection Bureau's Office of Financial Empowerment,
the California Jump$tart Coalition, the CalCPA Institute, the
New America Foundation, SparkPoint Centers, America Saves, the
United Way Financial Literacy Program, Junior Achievement
Finance Park, and the Girl Scouts of America, have created
programs to help people improve their financial literacy
skills.
FISCAL EFFECT: None
Analysis Prepared by:
Nicole Willis / RLS. / (916) 319-2800 FN:
0002746