Town of Emmitsburg
300A S. Seton Ave Emmitsburg, Maryland

Resolution 2013-01R

A Resolution
To Designate April 6 - 13, 2013,
As Financial Literacy Awareness Week


this 18th day of February, 2013, by the Mayor and Board of Commissioners of the Town of Emmitsburg, Maryland, pursuant to the authority granted to them by the laws of Maryland and the Charter of the Town
of Emmitsburg, do, approve and designate the week of April 6-13, 2013, as "Financial Literacy Awareness Week."

WHEREAS, the U.S. Census Bureau reports that 6.9% of employed persons in the Town of Emmitsburg are living below poverty level; and

WHEREAS, a national survey by The Center for Economic and Entrepreneurial Literacy (CEEL) found that 81% of American college students severely underestimated the amount of time it would take to pay off a credit card balance; and

WHEREAS, personal financial education is essential to ensure that individuals are prepared to manage money, credit, debt and become responsible workers, heads of households, investors, entrepreneurs, business leaders, and citizens; and

WHEREAS, financial education has been linked to lower delinquency rates for mortgage borrowers, higher participation and contribution rates in retirement plans, improved spending and saving habits, higher net worth, and positive knowledge, attitude, and behavior changes; and

WHEREAS, personal financial management skills and life-long habits develop during childhood; and

WHEREAS, local community service providers have identified a need for increased financial literacy in Frederick County and Emmitsburg; and

WHEREAS, Emmitsburg aims to be a thriving and prosperous community.

NOW, THEREFORE, BE IT HEREBY RESOLVED, ENACTED AND ORDAINED, this 18th day of February, 2013, by the Mayor and Board of Commissioners, that the Town Commissioners designate April 6 - 13, 2013, as ''Financial Literacy Awareness Week'' to raise public awareness about the importance of financial education and the serious consequences that may be associated with a lack of understanding about personal finances.

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