SR 27 — A resolution to designate April 2025 as Financial Literacy Month.

SR-27,MICHIGAN As Adopted by Senate, April 16, 2025 SENATE RESOLUTIONSenate NO.Resolution No.

27 Offered by Senators Cavanagh, Anthony, Bayer, Chang, Cherry, Damoose, Geiss, Irwin, Klinefelt, McCann, McMorrow, Santana, Shink and Wojno offeredA theRESOLUTION followingTO resolution:DESIGNATE APRIL 2025 AS FINANCIAL LITERACY MONTH WHEREAS, The informed use of credit and other financial products and services benefits individual consumers and promotes economic growth;

Aand resolutionWHEREAS, The Michigan Legislature approved, and Governor Whitmer signed, Public Act 105 of 2022 to designateprovide Aprilfor 2025a asstand-alone Financialfinancial Literacyliteracy Month.course requirement for Michigan high school graduates;

Whereas,and TheWHEREAS, informedFinancial useliteracy ofeducation creditat andan otherearly financialage productsencourages greater economic self-sufficiency, higher levels of successful homeownership, and servicesenhanced benefitsretirement individualsecurity, consumersparticularly among low and promotesmoderate economicincome growth;citizens;

and Whereas,WHEREAS, The Michigan Legislaturehas approved,formally andparticipated Governorin Whitmerfinancial signed,literacy Publicprogramming Actfor 105years ofthrough 2022the tocollaboration provideand forcoordinated aeffort stand-aloneof hundreds of organizations including financial literacyinstitutions, coursenon-profit requirementgroups, forgovernment Michiganentities, highschools, schooland graduates;libraries.

andThe Whereas,initiative Financialshowcases literacythese educationorganizations’ ateducational anresources, earlystrengthens agepublic-private encouragespartnerships, greaterengages economicthe self-sufficiency,media, higher levels of successful homeownership, and enhancedconnects retirementpeople security,with Financialresources Literacy_SR27_AA_1to a2hwrxhelp 1them particularlybetter amongmanage lowtheir andmoney; moderate income citizens;

and Whereas,WHEREAS, MichiganA hasgreater formallyunderstanding participatedof inand financialfamiliarity literacywith programmingfinancial formarkets years through the collaboration and coordinatedinstitutions effortwill oflead hundredsto ofincreased organizationseconomic includingactivity financial institutions, non-profit groups, government entities, schools, and libraries.growth;

Theand initiativeWHEREAS, showcasesAccording theseto organizations'the educational2022 resources,Consumer strengthensFinancial public-privateLiteracy partnerships,Survey engagesreport by the media,National Foundation for Credit Counseling, 13 percent of Americans have a hard time paying monthly bills such as cell phone or utilities, and connects11 peoplepercent withhave resourcesmissed toat helpleast themone bettercredit managecard theiror money;loan payment in the last year;

and Whereas,WHEREAS, APersonal greaterfinancial understandingeducation of and familiaritymoney withmanagement financialskills marketsare andcrucial institutionsto willensure leadthat all Michiganders, especially our young people, are prepared to increasedmanage economiccredit activityand debt and growth;become responsible workers, heads of households, homeowners, investors, entrepreneurs, business leaders, and productive citizens;

and Whereas,WHEREAS, AccordingExpanding access to the 2022mainstream Consumerfinancial Financialsystem Literacywill Surveyprovide reportindividuals bywith theless Nationalexpensive Foundationand formore Creditsecure Counseling,funding 13options percentfor ofmanaging Americansfinances have a hard time paying monthly bills such as cell phone or utilities, and 11building percentwealth; have missed at least one credit card or loan payment in the last year;

and Whereas,WHEREAS, PersonalYoung financialpeople educationrepresent andMichigan’s moneysingle managementgreatest skillsresource arewho, crucialin tothe ensureyears thatahead, allwill Michiganders,assume especiallyleadership ourpositions young people, are prepared to manage credit and debtresponsibility andfor becomethe responsibleadvancement workers, heads of households,our homeowners,society; investors, entrepreneurs, business leaders, and productive citizens;

and Whereas,WHEREAS, ExpandingFinancial accessLiteracy toMonth highlights the mainstreamcommitment financialof systemMichigan’s willbanks provideand individualscredit withunions lessto expensivestreng- andthen morethe securefinancial fundingknowledge optionsof forour managingcitizens financesto andprepare buildingthem wealth;for a fiscally responsible future;

andnow, Whereas,therefore, Youngbe peopleit representRESOLVED Michigan’sBY singleTHE greatestSENATE, resourceThat who, in the yearsmembers ahead,of willthis assumelegislative leadershipbody positionsdesignate andApril responsibility2025 foras theFinancial advancementLiteracy ofMonth; our society;

and Whereas,be Financialit Literacyfurther MonthRESOLVED, highlightsThat thewe commitmentraise ofpublic Financialawareness Literacy_SR27_AA_1about a2hwrx 1 Michigan's banks and credit unions to strengthen the financialimportance knowledge of ourpersonal citizensfinancial toeducation preparein themMichigan forand athe fiscallyUnited responsibleStates. future;

now, therefore, be it Resolved by the Senate, That the members of this legislative body designate April 2025 as Financial Literacy Month;

and be it further Resolved, That we raise public awareness about the importance of personal financial education in Michigan and the United States.

and be it further Resolved,RESOLVED, That we call on each parent, school, business, financial institution, community organization, and unit of government to observe this month with appropriate programs and activities.

FinancialAdopted Literacy_SR27_AA_1by a2hwrxthe Senate, April 16, 2025.

Secretary of the Senate