WASHINGTON — A resolution introduced by U.S. RepresentativesRub?(C)n Hinojosa (D-Texas), and Judy Biggert (R-Ill.) urgesgovernment and private entities to do more to encourage financialliteracy.

The measure, which has 41 co-sponsors, urges President Bush toissue a proclamation urging activities that will teach people aboutthe importance of money management and to save more of theirincome. April is Financial Literacy Month and last week wasNational Credit Union Youth Week.

CUNA sponsored a National Youth Savings Challenge to motivateyoung people to establish savings accounts at credit unions. Duringa similar challenge last year, credit unions reported youthdeposits of more than $10.1 million.

NAFCU Public Relations Manager Patti Briotta said herorganization's members have long had a commitment to improvingfinancial literacy and have done several activities at the locallevel to encourage greater awareness of the subject. NAFCU plannedto announce a new financial literacy initiative at press time lastweek.

CUNA, NAFCU and NCUA were all planning to host booths atFinancial Literacy Day in Washington, D.C., on April 28. The annualevent is sponsored by several youth and financial educationorganizations.

The Hinojosa-Biggert resolution cites studies showing that thepersonal savings rate is at its lowest since the government begancollecting data in 1959 and that up to 10 million households do nothave an account with a financial institution.