U.S. Senator David Perdue (R-GA) joined U.S. Senator Tim Scott (R-SC) and other senators in introducing a bipartisan resolution declaring April as Financial Literacy Month in an effort to highlight the importance of learning and maintaining healthy financial habits. Throughout his life, Senator Perdue has been heavily involved in literacy programs and served as Chairman of the National Commission on Literacy and Workforce Development.

“Both of my parents were schoolteachers, and I’ve been involved in numerous literacy programs throughout my career,” said Senator Perdue. “Financial literacy programs, like those taught in Georgia’s high schools, help open doors to brighter futures and are proven to result in higher credit scores and lower default rates. By recognizing April as ‘Financial Literacy Month,’ we are encouraging others to adopt strong standards for financial literacy and raise awareness to the importance of a personal financial education.”

According to a 2017 report by the Federal Deposit Insurance Corporation (FDIC), approximately 25 percent of households in the United States are unbanked or underbanked and have limited or no access to savings, lending, and other basic financial services. Financial literacy empowers individuals to make wise financial decisions and reduces the difficulty of making decisions in an increasingly complex economy.

Background on financial literacy in Georgia:

·       Studies have shown that states with financial literacy standards, like Georgia, graduate students from college with higher reported credit scores and lower default rates than students who graduated before a mandate was put into place.  

·       The Georgia Department of Education has one of the most robust mandates for financial literacy in the country. The state requires a personal finance requirement for high school graduation, taught in an economics course, and financial literacy is also incorporated into Georgia’s high school social studies standards.

·       Georgia is ranked number 29 in most financially literate states, up from 36 in 2016.

·       The average student loan debt per person in Georgia is $28, 653.

The resolution was also cosponsored by Senators John Barrasso (R-WY), Cory Booker (D-NJ), John Boozman (R-AR), Mike Braun (R-IN), Maria Cantwell (D-WA), Shelley Moore Capito (R-WV), Ben Cardin (D-MD), Tom Carper (D-DE), Bill Cassidy (R-LA), Chris Coons (D-DE), Kevin Cramer (R-ND), Mike Crapo (R-ID), Dick Durbin (D-IL), Mike Enzi (R-WY), Joni Ernst (R-IA), Dianne Feinstein (D-CA), Maggie Hassan (D-NH), Cindy Hyde-Smith (R-MS), Doug Jones (D-AL), Joe Manchin (D-WV), Bob Menendez (D-NJ), Patty Murray (D-WA), Gary Peters (D-MI), Jack Reed (D-RI), Pat Roberts (R-KS), Jacky Rosen (D-NV), Jon Tester (D-MT), Thom Tillis (R-NC), Sheldon Whitehouse (D-RI), Roger Wicker (R-MS), and Todd Young (R-IN).