State Passes Financial Literacy Resolution

To help counter the dire personal finance situation among many consumers, including an average credit card debt of nearly $8,000 per household, the House of Representatives passed a resolution on Wednesday decreeing April Financial Literacy Month in Pennsylvania. Legislators are calling on members of Pennsylvania Institute of Certified Public Accountants (PICPA) to increase consumer education in this area.

Rep. John Maher (R – 40), a CPA and a member of PICPA, is the resolution’s main sponsor. In an act of solidarity on this issue, 68 legislators co- sponsored the bill.

The resolution coincides with the ongoing Feed the Pig program, a national public service campaign by the Ad Council and the CPA profession that encourages young Americans to take control of their finances. Americans are spending $1.22 for every $1 they earn, and the House states in its resolution, "Many young people fail in the management of their first consumer credit experience, establish bad financial management habits, and stumble financially, learning by trial and error."