Rep. Chris Miller announced that House Resolution 287 has passed out of the State Government Administration Committee to Recognize April 2019 as Financial Literacy Month in Illinois. Rep. Miller testified in a hearing on Wednesday and this bi-partisan proposal passed unanimously and will now go to the full House for consideration.
“We need to start with our children to educate them on what it means to be financial literacy and the value of a dollar,” commented Rep. Chris Miller. “Moms and dads make decisions around the kitchen table every day on how to spend limited dollars. They have to prioritize what they can afford and which bills are paid first like rent, utilities, food, medicines, clothing, auto insurance, tuitions for school, and the list goes on. We need to use this same common sense when spending taxpayers’ money on state programs as well.
The language of House Resolution 287 states that the members of the Illinois House of Representatives believe that financial literacy is essential to the economic vitality of the citizens of the State of Illinois and all individuals. It goes on to say the percentage of individuals below the poverty level in the State of Illinois is roughly 12.6% and in many cases is a result of a difficulty managing money due to a lack of financial literacy.
The resolution references that the President’s Advisory Council defined financial literacy as “the ability to use knowledge and skills to manage financial resources effectively for a lifetime of financial well-being,’ and points out that financial literacy helps to provide the tools to make informed choices, avoid pitfalls, and improve present and long-term financial security.
“I appreciate President Trump’s focus on financial education for our young people through the programs of the Financial Literacy and Education Commission in the U.S. Treasury Department,” added Rep. Miller. “One of the programs developed is a new mobile app for students seeking to obtain financial aid and to repay student loans. Gaining financial literacy skills improves the quality of life, provides skills for success, contributes to communities, and benefits the economy. It is everyone’s responsibility to learn the facts of investing, take charge of their money, realize the importance of saving towards their family’s future, and understand that it is never too late to invest. I’m happy to announce the we are working to privately fund one of the available programs called Financial Peace University curriculum to provide it to our high schools in east central Illinois,” concluded Rep. Miller.