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House backs Financial Literacy Month goals
WASHINGTON (4/30/09)—The House adopted a resolution by voice vote Tuesday supporting the goals and ideals of Financial Literacy Month, including raising public awareness about financial education. Financial Literacy Month kicked off the beginning of April, and in a number of states there were gubernatorial proclamations, financial fitness fairs and educational workshops for youth, television shows to educate the public, and plans for motivating young members to save. (News Now April 3) Credit union participation in financial literacy efforts is strong. According to the Credit Union National Association's (CUNA) Financial Literacy Task Force, in 2008 nearly 80% of credit unions with assets of $10 million or more offered financial education to adults or youth, while more than half provide financial education to both. Credit unions with $50 million or more in assets are more likely to offer financial literacy programs than they were in 2005. The House resolution, adopted under suspension of the rules, was introduced by Rep. Ruben Hinjosa (D-Texas) and had 67 co-sponsors. As reported in News Now Tuesday, the need for improved financial education for consumers is great. About 41% of adults said they'd give themselves a C, D or F on financial literacy, according to the 2009 Consumer Financial Literacy Survey, a phone poll conducted annually to gauge the financial literacy of Americans.
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