2004/04/13 City Council Resolution (7)RESOLUTION NO. 2004 - 7 7
RESOLUTION OF THE CITY C0411CIL
RECOGNIZING I 1
MONTH FINANCIAL LITERACY
WHEREAS, the impact of financial illiteracy is staggering: 60% of American households carry an average credit card balance of more than
$4,000; and
WHEREAS, 20% of families with an annual income below $50,000 spend close to half of their net income on debt payments; and
WHEREAS, more young adults filed for bankruptcy than graduated from college in 2001. Over 75% of all college students have at least one
credit card and reportedly more students drop out of school due to credit card debt than academic failure. Personal bankruptcy filings increased
in 2003 to 1.7 million with personal non - business bankruptcies accounting for 97.6% of all bankruptcy cases.
WHEREAS, approximately 15% of workers in the U.S. report they are experiencing stress from financial problems which impacts their
productivity on the job; and
WHEREAS, 25% of women currently retire on an income below the poverty level, and over the next 40 years, the number of women over 85 is
expected to triple. Nearly 40% of older Baby Boomers are not confident about a secure retirement that is predicted to last up to 35 years; and
WHEREAS, the U.S. reportedly has the lowest individual savings rate in the industrialized world, almost one -half of all workers have
accumulated less than $50,000 for their retirement and one -third have saved less than $10,000.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Rohnert Park does hereby recognize April 2004 as Financial
Literacy Month and encourages its residents to save money regularly and manage debt wisely.
DULY AND REGULARLY ADOPTED this 13'h day of April, 2004.
/:mow
Dep tE Cit le&Jud uff
FLORES: MA CKENZIE: AYE SPR ADLIN: AYE
VIDAK- MARTINEZ: AYE NORDIN: AYE
4vFC• (S) WOES- (0) ABSENT: (0) ABSTAIN: (0)