Whereas, The informed use of credit and other financial products and services benefits individual consumers and promotes economic growth; and,

Whereas, Financial literacy encourages greater economic self-sufficiency, higher levels of homeownership and enhanced retirement security, particularly among low and moderate income citizens; and,

Whereas, The past decade has seen declining personal savings rates, increased bankruptcy filings and an increased percentages of family income devoted to serving household debt; and,

Whereas, The average college student who takes out student loans graduates with a debt burden of $20,000; and,

Whereas, The traditional value of "save now and buy later" has been replaced by a philosophy of "buy now and pay later"; and,

Whereas, A 2006 study by the National Jump$tart Coalition for Personal Financial Literacy found that high school seniors have a limited understanding of credit cards, retirement funds, insurance and other personal finance basics; and,

Whereas, Personal financial education is essential to ensuring that our young people are prepared to manage money, credit and debt, while also becoming responsible workers, heads of households, investors, entrepreneurs, business leaders and citizens; and now therefore be it,

Resolved, That I, Jennifer M. Granholm, Governor of the State of Michigan, do hereby proclaim April 2007, as Financial Youth Literacy Month.