STAND. COM. REP. NO. 1308

Honolulu, Hawaii

RE: S.C.R. No. 152

Honorable Ronald D. Kouchi

President of the Senate

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 and intent 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 Junior Achievement of Hawaii and Visa, Inc. Your Committee received comments on 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. Students lacking financial literacy are more likely to have lower credit scores and financial problems than those who received instruction regarding financial matters. The Department of Education, in coordination with the Department of Commerce and Consumer Affairs, offer several financial literacy materials and instruction, but lack a comprehensive financial literacy standard and curriculum. This measure will create a financial literacy task force to implement a financial literacy requirement in schools so that students will be provided practical information on matters relating to banking, credit cards, student loans, filing taxes, credit scores, savings and investments, rental deposits, and wages and benefits analysis.

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 its adoption.

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

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MICHELLE N. KIDANI, Chair