BILL ANALYSIS                                                                                                                                                                                                    �



                                                                  SCR 105
                                                                  Page  1

          Date of Hearing:   June 30, 2014

                             ASSEMBLY COMMITTEE ON RULES
                              Richard S. Gordon, Chair
                    SCR 105 (Lieu) - As Introduced:  April 1, 2014

           SENATE VOTE  :   35-0
           
          SUBJECT  :   Financial Aid and Literacy Month.

           SUMMARY  :   Declares the month of April 2014 as Financial Aid and  
          Literacy Month to raise public awareness about the continuing  
          need for increased financial literacy.  Specifically,  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)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.

          4)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.

           FISCAL EFFECT :   None

           REGISTERED SUPPORT / OPPOSITION  :

           Support 
           
          California Society of Certified Public Accountants (CalCPA)








                                                                  SCR 105
                                                                  Page  2

           
            Opposition 
           
          None on file

           Analysis Prepared by  :    Nicole Willis / RLS. / (916) 319-2800