LEGISLATIVE RESOLUTION memorializing Governor Andrew M. Cuomo to
proclaim April 2016, as Financial Literacy Month in the State of New
York

WHEREAS, The State of New York takes great pride in acknowledging months
of recognition of important issues; and
WHEREAS, Financial Literacy Month will be celebrated during the month
of April 2016; and
WHEREAS, Personal financial literacy ensures that individuals are
prepared to manage money, credit, and debt; it also helps them become
responsible workers, heads of households, investors, entrepreneurs,
business leaders, and citizens; and
WHEREAS, In 2015, the United States household consumer debt profile
was: Average credit card debt: $15,762; Average mortgage debt:
$168,614; and Average student loan: $48,172; and
WHEREAS, In total, American consumers debt totaled nearly $12.12 tril-
lion; and
WHEREAS, Credit card debt is the third largest source of household
indebtedness; mortgage and student loans debt markets are larger; and
WHEREAS, Sixty-two percent of all Americans are living paycheck to
paycheck; and
WHEREAS, Expanding access to these mainstream financial institutions
will provide individuals with less expensive and more secure options for
managing their finances and building wealth; and
WHEREAS, Increased financial literacy empowers individuals to make
wise decisions and reduces the confusion caused by the increasingly
complex economy; and
WHEREAS, Because of the present financial crisis, there is a need for
further support through government and private partnerships that can
provide efficient use of resources to leverage technology advancements
to reach additional consumers; and
WHEREAS, A greater understanding of, and familiarity with financial
markets and institutions will lead to increased economic activity and
growth; now, therefore, be it
RESOLVED, That this Legislative Body pause in its deliberation to
memorialize Governor Andrew M. Cuomo to proclaim April 2016, as Finan-
cial Literacy Month in the State of New York; and be it further
RESOLVED, That a copy of this Resolution, suitably engrossed, be tran-
smitted to The Honorable Andrew M. Cuomo, Governor of the State of New
York.