BILL ANALYSIS Ó
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|SENATE RULES COMMITTEE | ACR 162|
|Office of Senate Floor Analyses | |
|(916) 651-1520 Fax: (916) | |
|327-4478 | |
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THIRD READING
Bill No: ACR 162
Author: Dababneh (D), et al.
Amended: 4/25/16 in Assembly
Vote: 21
ASSEMBLY FLOOR: Read and adopted, 4/25/16
SUBJECT: Financial Aid and Literacy Month
SOURCE: State Controller Betty Yee
DIGEST: This resolution 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
ANALYSIS: This resolution makes the following legislative
findings:
1)California law requires that financial education is included
in the next revision of the social sciences, health, and
mathematics curricula. More than one in six pupils in the
U.S. do not reach the baseline level of proficiency in
financial literacy.
2)The State of California established the Bank on California
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 U.S.
ACR 162
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ranks 14th on the global list of financially literate
countries.
4)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.
5)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.
6)According to a study of millennials ages 23 to 35, inclusive,
by PwC and the George Washington Global Financial Literacy
Excellence Center, 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.
7)Many employers, government agencies, schools, service groups,
community organizations, libraries, financial institutions,
and nonprofit entities have created programs to help people
improve their financial literacy skills.
This resolution 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.
FISCAL EFFECT: Appropriation: No Fiscal
Com.:NoLocal: No
SUPPORT: (Verified5/2/16)
ACR 162
Page 3
State Controller Betty Yee (source)
California Society of CPAs
OPPOSITION: (Verified5/2/16)
None received
Prepared by: Melissa Ward / SFA / (916) 651-1520
5/6/16 14:24:35
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