STAND. COM. REP. NO. 1728

Honolulu, Hawaii

, 2021

RE: S.C.R. No. 152

Honorable Scott K. Saiki

Speaker, House of Representatives

Thirty-First State Legislature

Regular Session of 2021

State of Hawaii

Sir:

Your Committee on Education, to which was referred S.C.R. No. 152 entitled:

"SENATE CONCURRENT RESOLUTION URGING THE DEPARTMENT OF EDUCATION TO COORDINATE WITH THE DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS TO IMPLEMENT A GRADUATION REQUIREMENT OF AT LEAST A HALF CREDIT IN FINANCIAL LITERACY DURING THE JUNIOR YEAR OR SENIOR YEAR,"

begs leave to report as follows:

The purpose of this measure is to urge the Department of Education to coordinate with the Department of Commerce and Consumer Affairs to implement a graduation requirement of at least a half credit in financial literacy during the junior year or senior year.

Your Committee received testimony in support of this measure from the Hawaii Credit Union League; Visa Inc.; Next Gen Personal Finance; and two individuals. Your Committee received testimony in support of the intent of this measure from the Department of Education.

Your Committee finds that financial literacy is the capacity, based on knowledge, skills, and access, to manage financial resources effectively. Your Committee further finds that the lack of financial literacy education significantly limits social and income mobility of students from moderate- and low-income communities. Your Committee notes that the Department of Education, in coordination with the Department of Commerce and Consumer Affairs, offers several financial literacy materials and instruction, but lacks a comprehensive financial literacy standard and curriculum. Your Committee believes the implementation of a financial literacy graduation requirement will provide students with practical information on matters relating to finances and empower students to better manage their money as adults.

As affirmed by the record of votes of the members of your Committee on Education that is attached to this report, your Committee concurs with the intent and purpose of S.C.R. No. 152 and recommends that it be referred to your Committee on Consumer Protection & Commerce.

Respectfully submitted on behalf of the members of the Committee on Education,

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JUSTIN H. WOODSON, Chair