City of Philadelphia - File #: 180320

• File #: 180320
• Version: 0
• Type: Resolution
• Status: ADOPTED
• File created: 4/5/2018
• In control: CITY COUNCIL
• Final action: 4/5/2018
• Title: Recognizing the month of April as Financial Literacy Month in the City of Philadelphia.
• Sponsors: Councilmember Domb, Councilmember Henon, Councilmember Taubenberger, Councilmember Parker, Councilmember Reynolds Brown, Councilmember Green, Councilmember Oh, Councilmember Greenlee, Councilmember Squilla, Councilmember Jones, Councilmember Blackwell, Councilmember Johnson, Councilmember Gym, Councilmember O'Neill, Councilmember Bass

Date	Ver.	Action By	Action	Result	Tally
4/5/2018	0	CITY COUNCIL	Introduced and Ordered Placed on This Week's Final Passage Calendar	Pass
4/5/2018	0	CITY COUNCIL	ADOPTED

Title
Recognizing the month of April as Financial Literacy Month in the City of Philadelphia.

Body
WHEREAS, Consumers must confront complicated financial decisions at a young age in today's demanding financial environment and financial mistakes made early in life can be costly; and

WHEREAS, Young people often find themselves carrying high amounts of student loans or credit card debt and such early entanglements can hinder young people's ability to accumulate wealth; and

WHEREAS, Research conducted by the Wharton School at the University of Pennsylvania found that most young adults are not well equipped to make financial decisions and do not possess knowledge of basic financial concepts including inflation, risk diversification or simple interest rate calculations; and

WHEREAS, Financial illiteracy is not only widespread but it is particularly acute among certain groups, such as women, African Americans, and Hispanics; and as such, those groups tend to be more likely to be impacted by predatory financial institutions or practices; and

WHEREAS, Financial literacy is also linked to cognitive ability, time preferences, teachers' interest in students, parental background and peer characteristics: and

WHEREAS, A 2015 national survey showed that 84 percent of teens look to their parents to learn money management, yet one in three parents said they do not discuss money with their children; and

WHEREAS, Only 16 percent of students nationwide are required to take a personal finance class to graduate high school; and

WHEREAS, Pennsylvania is one of 12 states receiving an F grade on the Center for Financial Literacy's 2017 National Report Card for their lack of financial literacy education standards; and

WHEREAS, Research by the National Financial Literacy and Education Commission has found that "[e]xternal factors, such as socioeconomic circumstances, limited access to a wide range of economic opportunities or financial products, and early exp...