Declare Financial Literacy Month

Assembly Resolution No. 953 BY: M. of A. Zebrowski MEMORIALIZING Governor Andrew M. Cuomo to proclaim April 2018, as Financial Literacy Month in the State of New York WHEREAS, The State of New York takes great pride in acknowledging months in recognition of important issues; and WHEREAS, Financial Literacy Month will be celebrated during the month of April 2018; and WHEREAS, Personal financial literacy ensures that individuals are prepared to manage money, credit, and debt; it also helps them become responsible workers, heads of households, investors, entrepreneurs, business leaders, and citizens; and WHEREAS, In 2017, the United States household consumer debt profile was: average credit card debt: $15,654; average mortgage debt: $173,995; and average student loan: $46,597; and WHEREAS, In total, American consumers debt totaled nearly $12.96 trillion; and WHEREAS, Credit card debt is the third largest source of household indebtedness; mortgage and student loans debt markets are larger; and WHEREAS, Sixty-two percent of all Americans are living paycheck to paycheck; and WHEREAS, Expanding access to these mainstream financial institutions will provide individuals with less expensive and more secure options for managing their finances and building wealth; and WHEREAS, Increased financial literacy empowers individuals to make wise decisions and reduces the confusion caused by the increasingly complex economy; and WHEREAS, Because of the present financial crisis, there is a need for further support through government and private partnerships that can provide efficient use of resources to leverage technology advancements to reach additional consumers; and WHEREAS, A greater understanding of, and familiarity with financial markets and institutions will lead to increased economic activity and growth; now, therefore, be it RESOLVED, That this Legislative Body pause in its deliberation to memorialize Governor Andrew M. Cuomo to proclaim April 2018, as Financial Literacy Month in the State of New York; and be it further RESOLVED, That a copy of this Resolution, suitably engrossed, be transmitted to The Honorable Andrew M. Cuomo, Governor of the State of New York.