What's happening
This resolution urges Governor Cuomo to declare April 2019 as Financial Literacy Month in New York State.
Why it matters
Financial literacy is highlighted as essential for individuals. to effectively manage money, avoid excessive debt, and make informed decisions as workers, household leaders, and citizens—underscoring its foundational role in personal and community well-being.
The resolution draws attention to the scale of household debt. (credit cards, mortgages, student loans) and the reality that a majority of Americans live paycheck to paycheck, framing financial literacy as a necessary skill to address widespread economic vulnerability.
It emphasizes the need for expanded access to mainstream financial institutions. and government-private sector partnerships, suggesting that improved financial education, paired with better access, can help people build wealth and security in an increasingly complex economy.
By fostering a better understanding of financial markets and institutions. , the resolution argues that increased financial literacy can lead to greater economic activity and growth, positioning this initiative as beneficial not just for individuals, but for the broader state economy.
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Declare Financial Literacy Month
Plain English, a few words. Used as the page title.
Sponsors
No co-sponsors yet.
History
- Referred to finance
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
Senate Resolution No. 1045 BY: Senator PARKER MEMORIALIZING Governor Andrew M. Cuomo to proclaim April 2019, 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… Show allHide
Senate Resolution No. 1045 BY: Senator PARKER MEMORIALIZING Governor Andrew M. Cuomo to proclaim April 2019, 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 2019; 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 2019, 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.
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