WASHINGTON — A resolution introduced by U.S. Representatives Rub?(C)n Hinojosa (D-Texas), and Judy Biggert (R-Ill.) urges government and private entities to do more to encourage financial literacy.

The measure, which has 41 co-sponsors, urges President Bush to issue a proclamation urging activities that will teach people about the importance of money management and to save more of their income. April is Financial Literacy Month and last week was National Credit Union Youth Week.

CUNA sponsored a National Youth Savings Challenge to motivate young people to establish savings accounts at credit unions. During a similar challenge last year, credit unions reported youth deposits of more than $10.1 million.

NAFCU Public Relations Manager Patti Briotta said her organization's members have long had a commitment to improving financial literacy and have done several activities at the local level to encourage greater awareness of the subject. NAFCU planned to announce a new financial literacy initiative at press time last week.

CUNA, NAFCU and NCUA were all planning to host booths at Financial Literacy Day in Washington, D.C., on April 28. The annual event is sponsored by several youth and financial education organizations.

The Hinojosa-Biggert resolution cites studies showing that the personal savings rate is at its lowest since the government began collecting data in 1959 and that up to 10 million households do not have an account with a financial institution.