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S.C.R. 2

             1     

FINANCIAL RESPONSIBILITY CONCURRENT

             2     
RESOLUTION

             3     
2011 GENERAL SESSION

             4     
STATE OF UTAH

             5     
Chief Sponsor: Patricia W. Jones

             6     
House Sponsor: Patrice M. Arent

             7     
             8      LONG TITLE
             9      General Description:
             10          This concurrent resolution of the Legislature and the Governor designates February 20
             11      through 27, 2011, as "Utah Saves Week," recognizes the unique public/private
             12      partnership of the Utah Council on Financial and Economic Education and the
             13      establishment of a new campaign and online portal to help Utahns access financial
             14      information, and encourages Utahns of all ages to increase their financial literacy and
             15      their personal and family savings.
             16      Highlighted Provisions:
             17          This resolution:
             18          .    recognizes the importance of savings for financial security and that all Utahns need
             19      to regularly save a portion of their income;
             20          .    designates February 20 through 27, 2011, as Utah Saves Week, and urges Utahns to
             21      observe this week with appropriate programs and activities with the goal of
             22      increasing personal savings rates for individuals of all ages and income levels;
             23          .    recommends that Utahns consider participating in activities in connection with Utah
             24      Saves Week, such as enrolling as a Utah Saver online at www.utahsaves.org or by
             25      calling 2-1-1 to set savings goals and stay connected with free educational
             26      opportunities, or participating in free community financial management instruction
             27      opportunities;


             28          .    encourages parents and teachers to prepare children of all ages for responsible
             29      money management through modeling, direct instruction, and maximizing teaching
             30      moments;
             31          .    recognizes the contributions of the Utah Council on Financial and Economic
             32      Education in bringing the state's public, private, and nonprofit sectors together to
             33      address financial responsibility issues;
             34          .    encourages providers of financial education to join the Council and the Believe in
             35      Financial Empowerment campaign; and
             36          .    encourages all Utahns to take advantage of the financial responsibility resources
             37      available through www.believeinyourfuture.org, www.imagineahappieryou.org,
             38      www.financeintheclassroom.org, and www.utahsaves.org.
             39      Special Clauses:
             40          None
             41     
             42      Be it resolved by the Legislature of the state of Utah, the Governor concurring therein:
             43          WHEREAS, the stress of a personal financial crisis can completely disrupt the lives of
             44      individuals and families;
             45          WHEREAS, increased costs for basic necessities such as food, fuel, health care, and
             46      housing are stretching families to the limit;
             47          WHEREAS, the current economic crisis is putting a financial bind on working people
             48      at all income levels, resulting in unprecedented numbers of bankruptcies and home
             49      foreclosures;
             50          WHEREAS, according to the Employee Benefit Research Institute, the percentage of
             51      American workers very confident about having enough money for a comfortable retirement fell
             52      to 16% in 2010, and more workers expect to work longer to supplement their income upon
             53      retirement;
             54          WHEREAS, an increased percentage of workers report they have virtually no savings
             55      and investments;
             56          WHEREAS, the 2010 Retirement Confidence Survey reports that 27% of American
             57      workers have less than $1,000 in savings;
             58          WHEREAS, a 2010 study completed by the University of Michigan Law School


             59      indicates individuals 65 and older are the fastest growing segment of the U.S. population
             60      seeking bankruptcy protection and carry 50% more credit card debt than younger debtors;
             61          WHEREAS, the choice to get a job to make ends meet may not exist for older
             62      Americans, who may have health and medical debts adding to their financial distress;
             63          WHEREAS, according to a MetLife Mature Market Institute study, every year older
             64      Americans lose $2.6 billion from financial exploitation, including financial abuse by family
             65      members;
             66          WHEREAS, a recent survey of American credit habits reveals that 63% of credit card
             67      holders do not know their credit score, 47% never check their credit reports, 67% say they have
             68      never checked their credit reports for free, and 16% check their credit reports less often than
             69      once per year;
             70          WHEREAS, an individual credit report may be obtained free of charge at
             71      annualcreditreport.com;
             72          WHEREAS, the components of a credit score and the information contained in credit
             73      reports are often hard to decipher and understand;
             74          WHEREAS, credit reports can affect a person's ability to obtain a loan, purchase a
             75      home, rent an apartment, buy a car, receive favorable insurance rates, get into graduate school,
             76      or even get a job;
             77          WHEREAS, regular credit report checking is a crucial step in being protected from
             78      identity fraud or inaccurate reporting;
             79          WHEREAS, over the past 30 years, Americans have increasingly relied on debt to
             80      make everyday purchases;
             81          WHEREAS, the amount Americans save for emergencies, education, and retirement is
             82      not adequate to meet their needs;
             83          WHEREAS, many Utahns would have almost no income without Social Security,
             84      which makes up 90% of family income for nearly 20% of Utahns age 65 and older;
             85          WHEREAS, one in every 99 Utah housing units received a foreclosure filing during the
             86      2nd quarter of 2010, giving the state the fifth highest foreclosure rate in the nation;
             87          WHEREAS, according to figures released by the United States Bankruptcy Court for
             88      Utah, the state's 2010 bankruptcy filings increased by 24% over 2009;
             89          WHEREAS, because today's financial world is increasingly complex, most Americans


             90      are not familiar with technical monetary terms but are expected to make big financial decisions
             91      as early as the teen years;
             92          WHEREAS, according to one author, in all of history, no children have had more
             93      money of their own, have had more pressure to spend it, and have needed more guidance on
             94      how to do it than the youth of America in the early years of the 21st Century;
             95          WHEREAS, financial security can help reduce stress, job turnover, and absenteeism,
             96      while increasing employee satisfaction, productivity, and morale;
             97          WHEREAS, financial knowledge and strengthening financial planning and
             98      responsibility, are key steps to achieving financial independence;
             99          WHEREAS, businesses that recognize it is more expensive to ignore their employees'
             100      financial difficulties than to address them head-on have developed strategies to bring financial
             101      education, credit counseling, and other financial services to the workplace;
             102          WHEREAS, since the economic downturn, the personal savings rate has risen to 3%,
             103      up from just a year ago when Americans were failing to save at all;
             104          WHEREAS, promoting financial literacy by itself is not enough, because financial
             105      success is not dependent on knowledge alone;
             106          WHEREAS, the key to financial success is financial competency achieved by the right
             107      behavior;
             108          WHEREAS, financial insecurity is at the core of many of society's social ills and results
             109      not only in poverty and homelessness, but also poor financial habits that lead to poor health,
             110      domestic violence, troubled youth, and the breakdown of families and neighborhoods; and
             111          WHEREAS, giving people the tools and resources to meet immediate needs and build
             112      long-term wealth through saving and debt reduction is the key to conquering this growing
             113      epidemic:
             114          NOW, THEREFORE, BE IT RESOLVED that the Legislature of the state of Utah, the
             115      Governor concurring therein, recognize the importance of savings to financial security and that
             116      all Utahns need to regularly save a portion of their income.
             117          BE IT FURTHER RESOLVED that the Legislature and the Governor designate
             118      February 20 through 27, 2011 as Utah Saves Week and urge Utahns to observe this week with
             119      appropriate programs and activities with the goal of increasing personal savings rates for
             120      individuals of all ages and income levels.


             121          BE IT FURTHER RESOLVED that the Legislature and the Governor recommend that
             122      Utahns consider participating in activities in connection with Utah Saves Week, such as
             123      enrolling as a Utah Saver online at www.utahsaves.org, calling 2-1-1 to set savings goals and
             124      stay connected with free educational opportunities, or taking advantage of attending a free
             125      community financial management class.
             126          BE IT FURTHER RESOLVED that the Legislature and the Governor encourage
             127      parents and teachers to prepare children of all ages for responsible money management through
             128      modeling, direct instruction, and maximizing teaching moments.
             129          BE IT FURTHER RESOLVED that the Legislature and the Governor applaud the
             130      collaboration of financial institutions, businesses, state agencies, religious and community
             131      organizations, schools and others to help Utahns gain easier access to existing financial
             132      education resources.
             133          BE IT FURTHER RESOLVED that the Legislature and the Governor encourage all
             134      entities that provide financial education to do so in partnership with the Utah Council on
             135      Financial and Economic Education and to become part of the Believe in Financial Management
             136      campaign.
             137          BE IT FURTHER RESOLVED that the Legislature and the Governor encourage all
             138      Utahns to access the resources available through www.believeinyourfuture.org,
             139      www.imagineahappieryou.org, www.financeintheclassroom.org, and www.utahsaves.org.
             140          BE IT FURTHER RESOLVED that a copy of this resolution be sent to the Utah Parent
             141      Teacher Association, the Utah State Office of Education, the Utah State Board of Regents, the
             142      members of the Utah Council on Financial and Economic Education, the Utah Banker's
             143      Association, the Utah League of Credit Unions, Utah's Chambers of Commerce, and Utah
             144      Saves.




Legislative Review Note
    as of 1-3-11 2:56 PM


Office of Legislative Research and General Counsel


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