Reps. Beatty and Kim Advocate for Financial Capability to Promote Economic Freedom for Americans

WASHINGTON, DC - Today, Financial Literacy and Wealth Creation Caucus Co-Chairs Congresswoman Joyce Beatty (OH-03) and Congresswoman Young Kim (CA-40) introduced a resolution to recognize April as Financial Literacy Month to increase public awareness of the value of financial capability and the need for sound money management practices. Financial Literacy Month also provides an opportunity to advocate for financial education in public schools, establishing a solid financial foundation for future generations of Americans.

"Financial literacy means being able to understand and manage your income, expenses, savings, and investments effectively so you can ultimately build wealth,"said Congresswoman Beatty. "Empowering consumers with the tools to make wise financial decisions will ultimately save American households hundreds, even thousands, of dollars annually in unnecessary fees, exorbitant credit card interest, overspending, overdraft charges, and losses from fraud. Financial education is not a silver bullet, but it's a necessary step on the path to financial freedom. Alongside Congresswoman Kim, I'm proud to lead the effort in the U.S. House of Representatives to make financial capability a reality for every American."

"Financial literacy tools can equip individuals and families to make a budget, grow savings, invest, prepare for retirement, and avoid financial concerns such as fraud or debt. The earlier Americans learn financial literacy tools, the sooner they can take control of their futures," said Congresswoman Young Kim."I'm proud to join Congresswoman Beatty to recognize April as Financial Literacy Month and work as co-chairs of the Financial Literacy and Wealth Creation Caucus. I will keep working to protect the American dream for future generations."

"By continuing to recognize April as Financial Literacy Month, Representatives Kim and Beatty, and the supporters of this resolution, help us promote financial well-being for all Americans," said Laura Levine, President, and CEO of the Jump$tart Coalition. "The resolution's special attention to financial education in schools is an important contributor to financial equity and inclusion, as we build knowledge and skills in students who may not be able to get this guidance at home."

"Requiring all high schools to teach principles of personal finance and economics to all students creates equity and the possibility of a brighter future for youth nationwide," said Nan J. Morrison, President and CEO of the Council for Economic Education. "Of course, requirements are only as good as their implementation and CEE is here to help with that too. Let's use Financial Literacy Month as a time to take the next steps!"

"Financial Literacy Month, an event that NEFE helped establish over 25 years ago, is a time to celebrate and recognize the achievements in the field of financial education, but also to acknowledge the challenges that limit economic access," said Billy Hensley, Ph.D., President and CEO of the National Endowment for Financial Education (NEFE). "Regardless of income, race, ethnic background, sexual or gender identity, everyone must benefit from equal opportunity to financial products and services. For financial education to work, it must work for all. By promoting financial literacy, we can empower underserved communities and promote economic opportunity, contributing to a more inclusive financial system. I applaud the House of Representatives, specifically Reps Beatty and Kim, in raising this public awareness."

"Our research indicates that fewer than one-third of Americans are financially healthy. For people of color, the percentage who are financially healthy drops even more precipitously," said Jennifer Tescher, founder and CEO of the Financial Health Network. "While financial well-being requires a host of supports, including those from the financial services industry and employers, it is also critically dependent on policies that promote financial health and protect consumers. We believe that having access to financial information, at the right time, can be a key first step to achieving financial health and support the goals and ideals of Financial Literacy Month."

The resolution is cosponsored by Reps. Andy Barr (KY-06), André Carson (IN-07), Sean Casten (IL-06), Emanuel Cleaver (MO-05), Byron Donalds (FL-19), Brian Fitzpatrick (PA-01), Sylvia Garcia (TX-29), Josh Gottheimer (NJ-05), French Hill (AR-02), Steven Horsford (NV-04), Stephen Lynch (MA-08), Jim McGovern (MA-02), Gregory Meeks (NY-05), Wiley Nickel (NC-13), David Scott (GA-13), David Valadao (CA-22), Bonnie Watson Coleman (NJ-12), and Nikema Williams (GA-05).

For inquiries, please contact Cassandra Johnson at [email protected].

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