HOUSE JOINT MEMORIAL 42

51st legislature - STATE OF NEW MEXICO - first session, 2013

INTRODUCED BY

Gail Chasey

A JOINT MEMORIAL

RECOGNIZING 2013 AS THE "YEAR OF CHILDREN'S SAVINGS ACCOUNTS".

     WHEREAS, thirty percent of New Mexico's children live in poverty; and

     WHEREAS, thirty-seven percent of parents of New Mexico's children lack secure employment; and

     WHEREAS, more than twenty-five percent of New Mexicans do not have sufficient savings or net worth to subsist at the federal poverty level for three months in the absence of income; and

     WHEREAS, forty percent of New Mexicans are unbanked or underbanked; and

     WHEREAS, spells of asset poverty prior to age eleven have a negative effect on a child's academic achievement scores; and

     WHEREAS, having a savings account changes expectations and behavior and improves academic performance; and

     WHEREAS, students with designated savings accounts are twice as likely to be "on course" for college completion as students without such dedicated assets; and

     WHEREAS, students with their own accounts are seven times more likely to attend college; and

     WHEREAS, assets change the ways students and families think about and prepare for college, increasing children's stake in their own educational future and making success more likely; and

     WHEREAS, rising college costs threaten to push higher education out of reach, and rising debt weakens the belief in education as a path to economic mobility and creates real barriers to achieving the American dream; and

     WHEREAS, the nation's economic competitiveness depends on increasing family stability and security, educational attainment and a skilled work force; and

     WHEREAS, it is critical to provide ways to facilitate savings opportunities and habits that create a more secure future for children and their families;

     NOW, THEREFORE, BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO that it recognize 2013 as the "Year of Children's Savings Accounts"; and

     BE IT FURTHER RESOLVED that the house of representatives and the senate work together to design and implement policies and resources that support the interest and ability of families to save and manage their own money and seed a future for their children, starting as early as possible; and

     BE IT FURTHER RESOLVED that copies of this memorial be transmitted to the president and the board of directors of Prosperity Works.

- 3 -