Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Second State Legislature

Regular Session of 2004

State of Hawaii

Sir:

Your Committee on Education, to which was referred H.B. No. 1898 entitled:

begs leave to report as follows:

The purpose of this bill is to establish the month of April as "Financial Literacy for Youth Month."

The Hawaii Council on Economic Education and John M. Knox & Associates, Inc., submitted testimony in support of this bill.

Your Committee finds that many young people do not have adequate knowledge about managing their finances. Often targeted by credit card companies when they enter college, young adults frequently lack sound money management skills and find themselves mired in debt. This bill will help to bring attention to the critical need to instill financial literacy in young people so that they can avoid the pitfalls of debt and poor fiscal discipline.

As affirmed by the record of votes of the members of your Committee on Education that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 1898 and recommends that it pass Second Reading and be referred to the Committee on Legislative Management.