WASHINGTON-Both the House and Senate have passed resolutions designating April as `Financial Literacy for Youth Month.' The next stop for the resolution is the president's `John Hancock.' The resolutions notes that 55% of college students obtain their first credit card in their freshman year of college and 83% of college students have at least one credit card. They also pointed out that 45% of college students are in credit card debt averaging about $3,066. Additionally, just 26% of 13- to 21-year-olds say that their parents "actively" taught them to manage their finances. The House vote, which took place April 7, was 380-1 in favor, while the Senate approved the resolution by unanimous consent March 26.
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