Letters to Congress

Letter to Senators Orrin Hatch, Patrick Leahy, and Daniel Akaka regarding S. Res. 48, which designates April 2003 as Financial Literacy for Youth Month

March 24, 2003

The Honorable Orrin Hatch
Chairman, Senate Judiciary Committee
152 Dirksen Senate Office Building
Washington, DC 20510

Dear Chairman Hatch,

On behalf of the Credit Union National Association (CUNA), which represents more than 90 percent of our nation's more than 10,000 state and federal credit unions and 82 million credit union members, I would like to thank you for the Judiciary Committee's quick action on S. Res. 48, which designates April 2003 as Financial Literacy for Youth Month.

S. Res. 48 requests that the President promote financial literacy by issuing a proclamation calling on schools, nonprofit organizations, businesses, government entities on the federal, state, and local levels, and citizens to observe the month with appropriate programs and activities.

The average American high school senior lacks a basic knowledge of personal financial affairs. A nationwide survey conducted in 1997 by the Jump$tart Coalition for Personal Financial Literacy examined the knowledge of 1,509 twelfth-graders. On average, survey respondents answered only 57 percent of the questions correctly, and only 5 percent of the respondents received a “C” grade or better.

To aid in this endeavor, CUNA has partnered with the National Endowment for Financial Education (NEFE) to provide schools with free workbooks on financial literacy that can easily fit into an existing curriculum. Many credit unions have volunteered their time to teach the materials to better prepare students for college, covering issues such as credit cards, interest, minimum payments, and checking accounts.

CUNA and its member credit unions strongly support S. Res. 48, and appreciate your efforts to bring financial literacy to students nationwide.

Sincerely,

Daniel A. Mica
President & CEO

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