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J2609Senate2019-2020 SessionResolution

Declare Financial Literacy Month

Official title

“Memorializing Governor Andrew M. Cuomo to proclaim April 2020, as Financial Literacy Month in the State of New York”

Sponsor Kevin S. ParkerSD-21
Status
Adopted
Impact
1/10
Minimal
Outcome
Adopted

What's happening

This resolution urges Governor Cuomo to declare April 2020 as Financial Literacy Month in New York State.

Why it matters

  1. Highlights the widespread problem of financial insecurity. , noting that a majority of Americans live paycheck to paycheck and face significant household debt, which underscores the urgent need for better financial education.

  2. Connects financial literacy to broader economic well-being. , arguing that improved understanding of money management helps individuals become responsible workers, investors, and citizens, and can fuel economic growth.

  3. Emphasizes the role of financial literacy in reducing confusion in a complex economy. , suggesting that education can empower people to make wiser choices and avoid costly mistakes related to credit, debt, and savings.

  4. Calls for collaboration between government and private sectors. to leverage technology and resources, aiming to reach more people with financial education, especially in the context of economic crises.

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Headline styles

Declare Financial Literacy Month

Plain English, a few words. Used as the page title.

Sponsors

Primary sponsor
Kevin S. Parker

Senator · Senate District 21

Chair, Energy And Telecommunications

No co-sponsors yet.

History

  1. Adopted
  2. Reported to calendar for consideration
  3. Referred to finance

Full text

1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗

Senate Resolution No. 2609 BY: Senator PARKER MEMORIALIZING Governor Andrew M. Cuomo to proclaim April 2020, 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 all

Senate Resolution No. 2609 BY: Senator PARKER MEMORIALIZING Governor Andrew M. Cuomo to proclaim April 2020, 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 2020; 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 2020, 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.

Reflowed for reading: line numbers and page breaks removed. Cite the official text.

Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.