MICHIGAN SENATE
Senate Resolution No. 102
Offered by Senators Cavanagh, Bayer, Brinks, Chang, Damoose, Geiss,
Lauwers, McCann, McMorrow, Polehanki, Theis and Wojno
A RESOLUTION TO DESIGNATE APRIL 2024 AS FINANCIAL LITERACY MONTH
WHEREAS, The informed use of credit and other financial products and services benefits
individual consumers and promotes economic growth; and
WHEREAS, The Michigan Legislature approved, and Governor Whitmer signed, Public
Act 105 in 2022 to provide for a stand-alone financial literacy course requirement for Michigan
high school graduates; and
WHEREAS, Financial literacy education at an early age encourages greater economic self-
sufficiency, higher levels of successful homeownership, and enhanced retirement security,
particularly among low and moderate income citizens; and
WHEREAS, Michigan has formally participated in financial literacy programming for years
through the collaboration and coordinated effort of hundreds of organizations including financial
institutions, non-profit groups, government entities, schools, and libraries. The initiative showcases
these organizations’ educational resources, strengthens public-private partnerships, engages the
media, and connects people with resources to help them better manage their money; and
WHEREAS, A greater understanding of, and familiarity with, financial markets and institutions
will lead to increased economic activity and growth; and
WHEREAS, According to the 2022 Consumer Financial Literacy Survey report by the National
Foundation for Credit Counseling, 13 percent of United States (U.S.) adults have a hard time
paying monthly bills such as cell phone or utilities, and 11 percent have missed at least one credit
card or loan payment in the last year; and
WHEREAS, Personal financial education and money management skills are crucial to ensure
that all Michiganders, especially our young people, are prepared to manage credit and debt and
become responsible workers, heads of households, homeowners, investors, entrepreneurs, business
leaders, and productive citizens; and
WHEREAS, Expanding access to the mainstream financial system will provide individuals with
less expensive and more secure funding options for managing finances and building wealth; and
WHEREAS, Young people represent Michigan’s single greatest resource who, in the years
ahead, will assume leadership positions and responsibility for the advancement of our society; and
WHEREAS, Financial Literacy Month highlights the commitment of Michigan’s banks and
credit unions to strengthen the financial knowledge of our citizens to prepare them for a fiscally
responsible future; now, therefore, be it
RESOLVED BY THE SENATE, That the members of this legislative body designate April 2024
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 U.S. This will help address the serious problems that are associated
with the mismanagement of personal finances; and be it further
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.
Adopted by the Senate, March 13, 2024.
Secretary of the Senate