STAND. COM. REP. NO. 704-04

Honolulu, Hawaii

, 2004

RE: H.B. No. 1898

H.D. 1

 

 

 

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Second State Legislature

Regular Session of 2004

State of Hawaii

Sir:

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

"A BILL FOR AN ACT RELATING TO FINANCIAL LITERACY FOR YOUTH MONTH,"

begs leave to report as follows:

The purpose of this bill is to raise public awareness of the importance of developing personal financial management skills in our youth by designating April as "Financial Literacy for Youth Month".

The Department of Education, Hawaii Council on Economic Education (HCEE), Hawaii Credit Union League, Hawaii Financial Services Association, and one individual testified in support of this measure.

Your Committee has inserted provisions in section 1 of this bill to clarify that:

(1) Although personal finance is a part of the State's educational standards, courses on personal finance are not required, and students are not tested on this subject;

 

(2) According to a 2003 economic literacy survey of Hawaii's workforce, ages 16 and older, over 50 percent did not realize that money loses value during periods of inflation; and

(3) HCEE advocates financial literacy for all of Hawaii's citizens and supports teacher training to include financial literacy in Hawaii's schools.

Technical, nonsubstantive amendments were also made for style and clarity.

As affirmed by the record of votes of the members of your Committee on Legislative Management that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 1898, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 1898, H.D. 1.

Respectfully submitted on behalf of the members of the Committee on Legislative Management,

 

____________________________

MICHAEL Y. MAGAOAY, Chair