FIRST REGULAR SESSION

House Concurrent Resolution No. 24

93RD GENERAL ASSEMBLY

1720L.01I

      Whereas, the Missouri General Assembly during the Second Regular Session of the 91st General Assembly passed House Bill No. 1973 by a vote of 130-11 and 30-0 calling for a study (The Study) of steps to improve economic and financial education in Missouri schools; and

            Whereas, the Governor of Missouri signed Executive Order 02-08 calling for the Missouri Council on Economic Education to conduct the same study; and

            Whereas, The Study was financed by over $90,000 of private contributions from Missouri organizations and was completed by the Missouri Council on Economic Education on behalf of and submitted to the Missouri Department of Elementary and Secondary Education; and

            Whereas, the Missouri Commissioner of Education submitted The Study to the Governor and leaders of the Missouri General Assembly; and

            Whereas, The Study listed five recommendations for improvement and expansion of economic and financial education for Missouri students from kindergarten through high school; and

            Whereas, the need for implementation in Missouri of the five recommendations of The Study has continued to increase:

            (1) In 2004, Missouri high school students scored a failing grade of 53.8% on a national survey of personal finance knowledge; and

            (2) MAP tests of economic knowledge for Missouri middle and high school students consistently score 54% - 56% correct over the last five years; and

            Whereas, nationally:

            (1) Two-thirds of American adults and students did not know that inflation reduces the value of their money;

            (2) Among parents with children five or older, only 26% feel well prepared to teach their children about basic personal finances;

            (3) 64% of consumers ages 18 to 24 do not know the interest rates on their credit cards;

            (4) In 2003, teens spent $175 billion, averaging $103 per week; and

            (5) In 2004, the national household savings rate was 0.8%, the lowest since the Great Depression; and

            Whereas, the Missouri Commissioner of Education has convened the Taskforce on the High School that may be recommending to the Missouri State Board of Education adoption of The Study's recommendation number 4 calling for a required course in personal finance economics for graduation:

            Now, therefore, be it resolved that the members of the House of Representatives of the Ninety-third General Assembly, First Regular Session, the Senate concurring therein, hereby commend the Missouri Department of Elementary and Secondary Education and the Missouri Taskforce on the High School for their work and are encouraged to complete the steps necessary to recommend the personal finance economics course to the Missouri State Board of Education; and

            Be it further resolved that the Missouri State Board of Education be encouraged to accept the recommendation as prepared by the Missouri Commissioner of Education and the Missouri Taskforce on the High School for a mandated high school course in personal finance economics; and

            Be it further resolved that the Missouri Department of Elementary and Secondary Education and the Missouri State Board of Education be encouraged to accept recommendations from The Study to:

            (1) Recommend the extensive kindergarten through high school curriculum resources listed in The Study to school districts for use with teachers and students;

            (2) Build grade-level objectives in grades leading up to the mandated high school course that reflect the new expectations for such course;

            (3) Continue planning to incorporate into the social studies MAP test additional questions reflecting the new expectations for personal finance and economics;

            (4) Recommend to the Missouri General Assembly incremental funding for the target of an annual two million dollar professional development fund within five years for training teachers to provide knowledge and skills required for meeting the new grade-level expectations and effectively conducting the mandated course; and

            (5) Continue working with teacher certification institutions in Missouri to require training to prepare teachers for the new grade-level objectives and the mandated personal finance economics course; and

            Be it further resolved that the Chief Clerk of the Missouri House of Representatives be instructed to prepare properly inscribed copies of this resolution for the Missouri Commissioner of Education and the Missouri State Board of Education.