This measure would designate the month of April 2023 as Financial Capability Month.

This measure would designate the month of April 2023 as Financial Capability Month.

This measure would designate the month of April 2023 as Financial Capability Month.

WHEREAS, The Legislature passed Assembly Bill 2546 (2016), which helps make financial literacy in the classroom a reality for Californias schoolage children; and

WHEREAS, The State Department of Education acknowledges that young people need to be equipped with the skills and knowledge that allow them to be savvy consumers and competent managers of their own finances; and

WHEREAS, A lack of financial capability has real consequences for individuals, including lower savings rates, poor credit, and less wealth overall; and

WHEREAS, A survey of individuals 15 years of age in the United States, conducted by the Organization for Economic Co-operation and Development, found that 18 percent of respondents did not learn fundamental financial skills that are often applied in everyday situations, such as building a simple budget, comparison shopping, and understanding an invoice; and

WHEREAS, According to an Organization for Economic Co-operation and Development study, more than one in six students in the United States do not reach the baseline level of proficiency in financial literacy; and

WHEREAS, An EVERFI survey of over 100,000 incoming college students found that 92 percent of students felt they needed more education, information, and/or support to be able to pay off their college loan.; and

WHEREAS, According to Experian, 49 percent of Generation Z consumers surveyed said that they found financial topics to be somewhat interesting or interesting and 11 percent of them even said they loved learning about them; and

WHEREAS, The International Review of Economics Education published a paper titled The Features and Effectiveness of the Keys to Financial Success Curriculum, which found one-semester financial literacy programs taught by trained teachers were found to increase high school students financial knowledge by 61 percent, and was most effective in improving knowledge in the areas that the students were most deficient; and

WHEREAS, A study from Montana State University found that high school financial education leads to better financial aid decisions once these students reach college, increases subsidized borrowing at advantageous federal rates, and decreases use of more costly forms of borrowing, including credit cards and private loans; and

WHEREAS, Financial literacy rates directly affect the financial health of individuals, families, communities, and the country; and

WHEREAS, Resolutions similar to this resolution have been introduced and passed with strong bipartisan support to increase awareness of the need for financial capability for California citizens; now, therefore, be it

Resolved by the Assembly of the State of California, the Senate thereof concurring, That the Legislature hereby recognizes and declares the month of April 2023 as Financial Capability Month in order to raise public awareness about the need for increased financial capability; and be it further

Resolved, That the Chief Clerk of the Assembly transmit copies of this resolution to the author for appropriate distribution.

WHEREAS, The Legislature passed Assembly Bill 2546 (2016), which helps make financial literacy in the classroom a reality for Californias schoolage children; and

WHEREAS, The State Department of Education acknowledges that young people need to be equipped with the skills and knowledge that allow them to be savvy consumers and competent managers of their own finances; and

WHEREAS, A lack of financial capability has real consequences for individuals, including lower savings rates, poor credit, and less wealth overall; and

WHEREAS, A survey of individuals 15 years of age in the United States, conducted by the Organization for Economic Co-operation and Development, found that 18 percent of respondents did not learn fundamental financial skills that are often applied in everyday situations, such as building a simple budget, comparison shopping, and understanding an invoice; and

WHEREAS, According to an Organization for Economic Co-operation and Development study, more than one in six students in the United States do not reach the baseline level of proficiency in financial literacy; and

WHEREAS, An EVERFI survey of over 100,000 incoming college students found that 92 percent of students felt they needed more education, information, and/or support to be able to pay off their college loan.; and

WHEREAS, According to Experian, 49 percent of Generation Z consumers surveyed said that they found financial topics to be somewhat interesting or interesting and 11 percent of them even said they loved learning about them; and

WHEREAS, The International Review of Economics Education published a paper titled The Features and Effectiveness of the Keys to Financial Success Curriculum, which found one-semester financial literacy programs taught by trained teachers were found to increase high school students financial knowledge by 61 percent, and was most effective in improving knowledge in the areas that the students were most deficient; and

WHEREAS, A study from Montana State University found that high school financial education leads to better financial aid decisions once these students reach college, increases subsidized borrowing at advantageous federal rates, and decreases use of more costly forms of borrowing, including credit cards and private loans; and

WHEREAS, Financial literacy rates directly affect the financial health of individuals, families, communities, and the country; and

WHEREAS, Resolutions similar to this resolution have been introduced and passed with strong bipartisan support to increase awareness of the need for financial capability for California citizens; now, therefore, be it

Resolved by the Assembly of the State of California, the Senate thereof concurring, That the Legislature hereby recognizes and declares the month of April 2023 as Financial Capability Month in order to raise public awareness about the need for increased financial capability; and be it further

Resolved, That the Chief Clerk of the Assembly transmit copies of this resolution to the author for appropriate distribution.

WHEREAS, The Legislature passed Assembly Bill 2546 (2016), which helps make financial literacy in the classroom a reality for Californias schoolage children; and

WHEREAS, The State Department of Education acknowledges that young people need to be equipped with the skills and knowledge that allow them to be savvy consumers and competent managers of their own finances; and

WHEREAS, A lack of financial capability has real consequences for individuals, including lower savings rates, poor credit, and less wealth overall; and

WHEREAS, A survey of individuals 15 years of age in the United States, conducted by the Organization for Economic Co-operation and Development, found that 18 percent of respondents did not learn fundamental financial skills that are often applied in everyday situations, such as building a simple budget, comparison shopping, and understanding an invoice; and

WHEREAS, According to an Organization for Economic Co-operation and Development study, more than one in six students in the United States do not reach the baseline level of proficiency in financial literacy; and

WHEREAS, An EVERFI survey of over 100,000 incoming college students found that 92 percent of students felt they needed more education, information, and/or support to be able to pay off their college loan.; and

WHEREAS, According to Experian, 49 percent of Generation Z consumers surveyed said that they found financial topics to be somewhat interesting or interesting and 11 percent of them even said they loved learning about them; and

WHEREAS, The International Review of Economics Education published a paper titled The Features and Effectiveness of the Keys to Financial Success Curriculum, which found one-semester financial literacy programs taught by trained teachers were found to increase high school students financial knowledge by 61 percent, and was most effective in improving knowledge in the areas that the students were most deficient; and

WHEREAS, A study from Montana State University found that high school financial education leads to better financial aid decisions once these students reach college, increases subsidized borrowing at advantageous federal rates, and decreases use of more costly forms of borrowing, including credit cards and private loans; and

WHEREAS, Financial literacy rates directly affect the financial health of individuals, families, communities, and the country; and

WHEREAS, Resolutions similar to this resolution have been introduced and passed with strong bipartisan support to increase awareness of the need for financial capability for California citizens; now, therefore, be it

Resolved by the Assembly of the State of California, the Senate thereof concurring, That the Legislature hereby recognizes and declares the month of April 2023 as Financial Capability Month in order to raise public awareness about the need for increased financial capability; and be it further

Resolved, That the Chief Clerk of the Assembly transmit copies of this resolution to the author for appropriate distribution.

 THIRD READING 

Bill No: ACR 34

Author: Chen (R), et al.

Introduced: 3/2/23

Vote: 21

ASSEMBLY FLOOR: Read and adopted, 4/20/23

SUBJECT: Financial Capability Month

SOURCE: California and Nevada Credit Union Leagues

DIGEST:

This resolution designates the month of April 2023 as Financial Capability Month.

ANALYSIS: This resolution makes the following legislative findings:

1. The Legislature passed Assembly Bill 2546 (2016), which helps make financial literacy in the classroom a reality for California’s schoolage children.
2. The State Department of Education acknowledges that young people need to be equipped with the skills and knowledge that allow them to be savvy consumers and competent managers of their own finances.
3. A lack of financial capability has real consequences for individuals, including lower savings rates, poor credit, and less wealth overall.
4. A survey of individuals 15 years of age in the United States, conducted by the Organization for Economic Co-operation and Development, found that 18 percent of respondents did not learn fundamental financial skills that are often applied in everyday situations, such as building a simple budget, comparison shopping, and understanding an invoice.
5. An EVERFI survey of over 100,000 incoming college students found that 92 percent of students felt “they needed more education, information, and/or support to be able to pay off their college loan.”
6. Financial literacy rates directly affect the financial health of individuals, families, communities, and the country.

This resolution recognizes and declares the month of April 2023 as Financial Capability Month in order to raise public awareness about the need for increased financial capability.

Related/Prior Legislation

SR 27 (Limón, 2021) declared the month of April 2021, as Financial Capability Month. The resolution was adopted by the Senate.

FISCAL EFFECT: Appropriation: No Fiscal Com.: No Local: No

SUPPORT: (Verified 5/3/23)

California and Nevada Credit Union Leagues (source)

OPPOSITION: (Verified 5/3/23)

None received

Prepared by: Karen Chow / SFA / (916) 651-1520

5/3/23 14:47:01

**** END ****

ASSEMBLY THIRD READING

ATR Bill Id:ACR 34

Author:(Chen)

As Introduced Ver:March 2, 2023

Majority vote

SUMMARY

Designates the month of April 2023 as Financial Capability Month.

Major Provisions

1. A lack of financial capability has real consequences for individuals, including lower savings rates, poor credit, and less wealth overall.
2. The State Department of Education acknowledges that young people need to be equipped with the skills and knowledge that allow them to be savvy consumers and competent managers of their own finances.
3. A survey of individuals 15 years of age in the United States, conducted by the Organization for Economic Co-operation and Development, found that 18% of respondents did not learn fundamental financial skills that are often applied in everyday situations, such as building a simple budget, comparison shopping, and understanding an invoice.
4. According to an Organization for Economic Co-operation and Development study, more than one in six students in the United States do not reach the baseline level of proficiency in financial literacy.
5. Financial literacy rates directly affect the financial health of individuals, families, communities, and the country.
6. The Legislature passed AB 2546 (Calderon), Chapter 616, Statutes of 2016, which helps make financial literacy in the classroom a reality for California's schoolage children.

COMMENTS

According to the Author

ACR 34 recognizes that financial literacy is an important tool for everyone. According to an Organization for Economic Co-operation and Development study, more than one in six students in the United States do not reach the baseline level of proficiency in financial literacy. The State Department of Education acknowledges that young people need to have the skills and knowledge to be able to make sound financial decisions in their everyday lives. Credit unions have proudly supported legislation over the years to improve the financial literacy of Californians and are committed to providing financial education to their communities across the state. ACR 34 furthers the commitment to improve and increase financial capability and financial literacy.

Arguments in Support

None on file.

Arguments in Opposition

None on file.

FISCAL COMMENTS

No fiscal impact.

VOTES

ASM RULES: 11-0-2

YES: Ramos, Waldron, Addis, Juan Carrillo, Essayli, Flora, Low, Pacheco, Papan, Blanca Rubio, Valencia

ABS, ABST OR NV: Ortega, Pellerin

UPDATED

VERSION: March 2, 2023

CONSULTANT: Michael Erke / RLS. / (916) 319-2800 FN: 0000192

Date of Hearing: March 30, 2023

ASSEMBLY COMMITTEE ON RULES

James Ramos, Chair

ABPCA Bill Id:ACR 34 (

Author:Chen) – As Introduced Ver:March 2, 2023

SUBJECT: Financial Capability Month.

SUMMARY: Designates the month of April 2023 as Financial Capability Month. Specifically, this resolution makes the following legislative findings:

1. A lack of financial capability has real consequences for individuals, including lower savings rates, poor credit, and less wealth overall.
2. The State Department of Education acknowledges that young people need to be equipped with the skills and knowledge that allow them to be savvy consumers and competent managers of their own finances.
3. A survey of individuals 15 years of age in the United States, conducted by the Organization for Economic Co-operation and Development, found that 18 percent of respondents did not learn fundamental financial skills that are often applied in everyday situations, such as building a simple budget, comparison shopping, and understanding an invoice.
4. According to an Organization for Economic Co-operation and Development study, more than one in six students in the United States do not reach the baseline level of proficiency in financial literacy.
5. Financial literacy rates directly affect the financial health of individuals, families, communities, and the country.
6. The Legislature passed Assembly Bill 2546 (2016), which helps make financial literacy in the classroom a reality for California’s schoolage children.

FISCAL EFFECT: None

REGISTERED SUPPORT / OPPOSITION:

Support

None on file

Opposition

None on file

Analysis Prepared by: Michael Erke / RLS. / (916) 319-2800