* FINAL VERSION - Concurred, No Funding

Resolution A102

Title:   Culture of Debt

Topic:   Stewardship

Committee:   Stewardship and Development

House of Initial Action:   Bishops

Proposer:   Stewardship and Development

Resolved, That the 75th General Convention urge each diocese, over the course of the next triennium, to offer training, education, and resources that promote the healthy role of money in our lives, biblical teachings about financial matters, and the faithful habits of budgeting, sharing, saving, responsible handling of debt, and life and estate planning; and be it further
Resolved, That the Office of Stewardship be directed to train a team of trainers capable of leading these diocesan events; and be it further
Resolved, That dioceses be urged to designate February of each year as “Debt Awareness Month,” and that the Office of Stewardship be urged to prepare suitable multi-generational materials for use in congregations, paying special attention to children and youth; and be it further
Resolved, That the General Convention request the Joint Standing Committee on Program, Budget and Finance to consider a budget allocation of $30,000 for the implementation of this resolution.


EXPLANATION

The average American family carries over $9,000 in consumer debt, while the average after-tax savings rate has plummeted to 0.2%. Young adults (25 and under) are the fastest growing segment of the population filing personal bankruptcies. In addition to the cost to personal and family spiritual life, personal debt poses a profound threat to the spiritual, emotional, and financial health of congregations. Debt has the capacity to cripple our future.
Building on Resolution 2003-D033 (Encourage basic financial teaching) passed by the 74th General Convention, the Standing Commission on Stewardship and Development urges the Episcopal Church to commit to the well-being of others, society, and the world by taking a leadership role in making the church a safe, skilled place in which to help people address the serious issues of debt, greed, hyper-consumerism, and cultural pressures that encourage people to spend beyond their means.



* The final language, as well as the final status of each resolution, is being reviewed by the General Convention office. The Journal of the 75th General Convention and the Constitution and Canons will be published once the review process has been completed.