S.C.R. NO.














requesting the department of education to add a mandatory one semester course in economic and financial management literacy to the existing public high school curriculum.



     WHEREAS, forty per cent of Americans indicate that they live beyond their financial means; and


     WHEREAS, the personal savings rate of Americans in 2005 was negative 0.5 per cent, marking the first time that the rate has been negative since the Great Depression in 1932 and 1933, which means that Americans spent all of their disposable income and dipped into past savings or increased their borrowing; and


     WHEREAS, Americans paid more than $24,000,000,000 in credit card fees in 2004, an eighteen per cent increase over the previous year; and


     WHEREAS, young adults between twenty-five and thirty-four years of age have the highest rate of bankruptcy, just after those between thirty-five and forty-four years of age; and


     WHEREAS, a 2004 study by the Jump$tart Coalition for Personal Financial Literacy found that although high school seniors scored higher than their previous class on an exam about credit cards, retirement funds, insurance, and other personal finance basics, sixty-five per cent of all participating students still failed the exam; and


WHEREAS, only twenty-six per cent of individuals who were between the ages of thirteen and twenty-one reported that their parents actively taught them how to manage money; and


     WHEREAS, a 2004 survey of states by the National Council on Economic Education found that forty-nine states include the subject of economics in their elementary and secondary education standards, and thirty-eight states include standards on personal finance; and


     WHEREAS, although Hawaii requires that personal finance be included as part of its public school educational standards, it does not require that personal finance courses be offered or that students be tested on the subject; and


     WHEREAS, personal financial education is essential to ensure that our youth are prepared to manage money, credit, and debt and to become responsible workers, heads of households, investors, entrepreneurs, business leaders, and citizens; and


     WHEREAS, research indicates that as few as ten hours of personal financial education positively impacts students' spending and savings habits; and


     WHEREAS, it is of the utmost importance to educate Hawaii's youth in economic and financial matters to prepare them for financial independence through the development of fiscal responsibility and financial management skills in an increasingly complex national and global economy; now, therefore,


     BE IT RESOLVED by the Senate of the Twenty-fourth Legislature of the State of Hawaii, Regular Session of 2007, the House of Representatives concurring, that the Department of Education is requested to add a mandatory one semester course in economic and financial management literacy to the existing public high school curriculum; and


     BE IT FURTHER RESOLVED that certified copies of this Concurrent Resolution be transmitted to the Chairperson of the Board of Education and the Superintendent of Education.









Report Title: 

DOE; Curriculum; Financial Literacy Course