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Photo: Axios

Legislation is needed to ensure that young adults learn basic financial skills "necessary for them to be successful," Sen. Gary Peters (D-Mich.) said at an Axios virtual event on Thursday.

Why it matters: The financial literacy industry draws a direct causal line from the bad test results to debt and poverty and tries to improve economic outcomes through education, Axios' Felix Salmon writes.

  • Peters remarks come as the senator recently introduced the Piggy Bank Act, a bill that would bolster financial literacy among young adults and amid economic difficulties worsened by the pandemic.
  • Peters also stated that pandemic disproportionately harmed people with low income, adding that the program would focus on giving those people "the tools that they need in order to manage that money effectively."

What they're saying: The Piggy Bank Act "focuses on the need for folks coming out of high school to have some basic financial literacy skills," Peters told Axios.

  • "Well over half of adults are considered financially illiterate, and that ends up costing them an awful lot of money over the course of their life," he added.
  • "It is critically important for people to understand how this financial system works, and we find that it is a particular challenge for folks in low income areas that are underserved by banks," he added.

Watch the full event here.

Go deeper: The financial literacy industrial complex

Go deeper

Tim Scott: Bringing people into financial systems could help bridge racial wealth gaps

Bringing more people into financial systems like banks could be key to bridging racial wealth disparities, Sen. Tim Scott (R-S.C.) told Axios at an event Wednesday.

Why it matters: Scott said a number of people in his home state of South Carolina are "unbanked" — living without a relationship with, or access to, any financial institution.

Updated 1 hour ago - Politics & Policy

Congressional leaders clinch support for crucial defense bill, debt limit votes

Senate Majority Leader Chuck Schumer passes waiting reporters on Tuesday. Photo: Eric Lee/Bloomberg via Getty Images

Congress has found a shortcut to pass its annual defense funding bill and raise the debt limit.

Driving the news: The House voted Tuesday night on two major bills — one creating a one-time, fast-track process for the Senate to raise the debt ceiling with just 51 votes, and another passing its annual defense bill.

House passes annual defense bill

Speaker of the House Nancy Pelosi. Photo: Chip Somodevilla/Getty Images

The House voted to pass the annual defense bill 363-70 on Tuesday night, authorizing nearly $770 billion in funding for defenses and national security programs.

Why it matters: The National Defense Authorization Act (NDAA) still has to clear the Senate, but the House passage greatly increases the chances that the must-pass defense bill will move through both chambers of Congress before the end of the year.