Honorable Robert Bunda

President of the Senate

Twenty-Second State Legislature

Regular Session of 2004

State of Hawaii

Sir:

Your Committee on Economic Development, to which was referred H.B. No. 1898, H.D. 1, entitled:

begs leave to report as follows:

The purpose of this measure is to raise public awareness regarding the importance of developing personal financial management skills in Hawaii's youth by designated April as "Financial Literacy for Youth Month."

Testimony in support of this measure was received from the Department of Education, Hawaii Financial Services Association, Hawaii Credit Union League, Hawaii Council on Economic Education, Hawaii State Federal Credit Union, and Junior Achievement of Hawaii, Inc.

Your Committee finds that this measure seeks to increase financial literacy among Hawaii's young people. Financial literacy includes developing strong financial skills in the management of money, credit, and debt, as well as preparing personal budgets and analyzing the financial markets. In addition, financial literacy is also included in the "Skills for Life and Work" curriculum of the Department of Education where students are expected to prepare budgets, make forecasts, and keep financial records.

As affirmed by the record of votes of the members of your Committee on Economic Development that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 1898, H.D. 1, and recommends that it pass Second Reading and be referred to the Committee on Transportation, Military Affairs, and Government Operations.