04.15.16

Peters Joins Financial Literacy Caucus, Cosponsors Resolution Designating April as Financial Literacy Month

WASHINGTON, DC – U.S. Senator Gary Peters (MI) today announced that he has joined the Congressional Financial Literacy Caucus, a bipartisan caucus focused on examining policy solutions that encourage financial literacy education and help Americans develop healthy financial habits. Peters also cosponsored a resolution to designate April – the time of tax returns and college acceptance letters – as Financial Literacy Month.

“During Financial Literacy Month, I am proud to join the Financial Literacy Caucus to support policies that help hardworking Americans make better-informed financial decisions that will assist themselves and their families,” said Senator Peters. “Financial literacy is a critical component of financial success, and I am focused on ensuring that the people of Michigan have the knowledge and resources they need to thrive in our economy. By raising awareness about credit card payments, student loans, mortgages, and other household budget decisions, we can help more Michiganders achieve financial security.”

Peters, who is also a member of the Congressional Financial Security and Life Insurance Caucus, spent more than two decades working as an investment advisor helping families save for their retirement and provide for their children’s college education.

FINRA survey, measured by simple questions about topics like interest, inflation, and mortgages, found that 61% of people in Michigan do not have basic financial literacy.

Peters pushed for a measure included in the Senate’s final Every Child Achieves Act promoting funding for financial literacy programming. The Financial Industry Regulatory Authority (FINRA) Investor Education Foundation conducted a survey in 2014 that found “millennials display low levels of financial literacy, engage in problematic financial behaviors and express concerns about their debt.”

Click here to read the U.S. Senate resolution, which Senator Peters cosponsored, designating April as Financial Literacy Month.