BILL ANALYSIS �
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THIRD READING
Bill No: SCR 105
Author: Lieu (D)
Amended: As introduced
Vote: 21
SUBJECT : Financial Aid and Literacy Month
SOURCE : Author
DIGEST : This resolution declares the month of April 2014 as
Financial Aid and Literacy Month to raise public awareness about
the continuing need for increased financial literacy.
ANALYSIS : This resolution makes the following legislative
findings:
1.The final report of the President's Advisory Council on
Financial Capability (2013) urges the integration of personal
finance into the teaching of math and English language arts
Common Core State Standards for K-12 education as well as
other subjects.
2.A 2013 College Savings Foundation survey of teenagers found
that 51% wished that their current high school offered
financial literacy instruction for them and their families to
prepare for college costs. According to a 2013 Sallie
Mae/Ipsos study, only 27% of parents who are saving for
college use a 529 college savings plan.
3.A 2013 survey by the National Foundation for Credit Counseling
and the Network Branded Prepaid Card Association found:
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40% of American adults have a budget and are keeping
close track of their spending.
43% of Americans (100 million people) say they do not
have enough money saved for emergencies.
38% are worried that they will not have enough savings
for retirement.
78% of U.S. adults believe they could benefit from
professional advice regarding their financial questions.
1.Forty percent of American adults gave themselves a grade of C
or less regarding their knowledge of personal finance
according to a 2013 study conducted on behalf of the National
Foundation for Credit Counseling.
2.Approximately 61 million Americans are worried about paying
off their debt commitments, while 65% have not reviewed their
credit report, according to the study conducted on behalf of
the National Foundation for Credit Counseling.
This resolution declares the month of April 2014 as Financial
Aid and Literacy Month to raise public awareness about the
continuing need for increased financial literacy; and encourages
legislators, employers, schools, service groups, community
organizations, libraries, financial institutions, and the media
to provide opportunities for financial literacy education for
all Californians through a variety of means and to collaborate
with members of the California Society of Certified Public
Accountants, the California Jump$tart Coalition, and others as
they provide outreach and education.
Related Legislation
AB 166 (Hernandez, Chapter 135, Statutes of 2013) requires that
financial education, including budgeting, managing credit,
student loans, consumer debt, and identity theft security, be
included in the next revision of the social sciences, health,
and mathematics curricula.
FISCAL EFFECT : Fiscal Com.: No
SUPPORT : (Verified 4/8/14)
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California Society of Certified Public Accountants
ARGUMENTS IN SUPPORT : According to the author, "The teaching
of financial literacy skills is vital to equip the people of
California with the tools they need for economic stability."
MW:e 4/9/14 Senate Floor Analyses
SUPPORT/OPPOSITION: SEE ABOVE
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