File #: 140285    Version: 0 Name:
Type: Resolution Status: ADOPTED
File created: 4/3/2014 In control: CITY COUNCIL
On agenda: Final action: 4/3/2014
Title: Proclaiming the month of April as Financial Literacy Awareness Month in the City of Philadelphia.
Sponsors: Councilmember Blackwell, Councilmember Reynolds Brown, Councilmember Bass, Councilmember Tasco, Councilmember Jones, Councilmember Goode, Council President Clarke, Councilmember Kenney, Councilmember Quiñones Sánchez, Councilmember Greenlee, Councilmember Johnson, Councilmember O'Brien, Councilmember O'Neill, Councilmember Squilla
Attachments: 1. Signature14028500.pdf
Proclaiming the month of April as Financial Literacy Awareness Month in the City of Philadelphia.

WHEREAS, According to the 2008 Annual Report to the President, the President's Advisory Council on Financial Literacy defines personal financial literacy as "the ability to use knowledge and skills to manage financial resources effectively for a lifetime of financial well-being"; and

WHEREAS, Financial literacy is an important factor in helping individuals exercise their spending power responsibly and prevent the accumulation of bad debt; and

WHEREAS, According to the Geography on Financial Literacy (2013), financial literacy is low among women, those with low educational attainment, African Americans and Hispanics; and

WHEREAS, Individuals with low degrees of financial literacy are more likely to be unbanked -have no checking or savings account- or underbanked - have a bank account but continue to rely on alternative financial services such as check-cashing services, payday loans and pawn shops- and are therefore more susceptible to making poor financial decisions; and

WHEREAS, According to JoinBankOn.Org, an online resource about banking, more than 80,000 households in Philadelphia are unbanked and 133,000 households are underbanked; and

WHEREAS, Studies show that Pennsylvanians are increasingly less financially literate than other states and rank 43rd in the nation in financial literacy; and

WHEREAS, Philadelphia has the third highest percentage (14.3%) of unbanked citizens among the top 10 largest U.S cities; and

WHEREAS, There is a direct correlation between a parents financial literacy and a child's financial literacy; and

WHEREAS, The City of Philadelphia's Office on Community Empowerment and Opportunity has undertaken an effort to increase financial literacy across the City through the implementation of Financial Empowerment Center's throughout the City of Philadelphia; and

WHEREAS, Schools and parents should ...

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