Palmetto State News

U.S. Senator Tim Scott (R-S.C.), Ranking Member of the Senate Banking, Housing, and Urban Affairs Committee, addressed attendees at the Jump$tart Coalition and National Endowment for Financial Education’s Financial Literacy Day on Capitol Hill. During his speech, he emphasized the significance of financial education and detailed his efforts to promote financial literacy nationwide. Senator Scott serves as co-chair of the Financial Literacy Caucus.

“In South Carolina, it’s now a prerequisite that to graduate from high school you have to have a financial literacy class. I will say without any question, I wish – as a kid growing up in poverty, in a single parent household – that I had those lessons before I entered my twenties,” said Senator Scott.

“What we sometimes forget to tell kids is all things are possible, especially when you work, especially when you save while you’re working, and especially when you save on a disciplined pattern. That is such an important part of the equation.”

“Maybe, by teaching financial literacy and financial education, we find ourselves helping to seed the soil that then germinates and produces a new community of folks who understand philanthropy and investment. Because they themselves become the investors who then become the philanthropists. I believe that the greatest future we have as a nation will be in the hands of young people who benefit from your investment in their lives,” he concluded.

As the top Republican on the Senate Banking Committee, Senator Scott has made financial literacy and education key priorities to ensure all Americans possess tools for economic success.

Senator Scott’s comprehensive housing proposal, known as the ROAD to Housing Act, aims to increase access to high-quality housing counseling and financial literacy programs for families seeking homeownership or struggling with housing stability. Additionally, his capital markets framework under the Empowering Main Street in America Act seeks to enhance financial education programs aimed at improving market understanding and participation among Americans.

In April 2024, Senator Scott collaborated with Senator Jack Reed (D-R.I.) on leading a resolution designating April as Financial Literacy Month.

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