LANSING—Sen. Darwin Booher’s resolution to encourage financial literacy education for Michigan students was approved by the state Senate on Tuesday.
“Being a good financial manager is an important component to achieving the American dream of owning a home, saving for college and investing for a secure retirement,” said Booher, R-Evart. “A quality personal finance education is essential to ensuring that residents have the skills to effectively manage their money, credit and debt. It is about preparing people to be responsible citizens and also about fostering tomorrow’s successful business leaders and entrepreneurs.”
According to a report by the National Foundation for Credit Counseling, 41 percent of adults in the United States gave themselves a grade of C, D or F on the knowledge of personal finance.
“As a former banker, I have seen the role that knowledge about personal finances can play in a rewarding life and the serious problems that can happen with a lack of financial management,” Booher said. “Understanding personal finances and how best to manage your finances are important lessons that are best learned at a young age. I sponsored this resolution to help raise awareness about the need for increased financial literacy in our schools and among our children.”
Senate Resolution 28 designates April 2013 as Michigan Financial Literacy Month. It notes that the Council for Economic Education reports that only 12 states require high school students to take a personal finance course either independently or as part of an economics class.
“I believe that a strong financial knowledge in our youth will help prepare them for a fiscally responsible future — both personally and professionally,” said Booher, chair of the Senate Banking and Financial Institutions Committee. “I look forward to hearing the discussion in our communities and statewide about how best to achieve that goal.”