THE SENATE	S.B. NO.	850
THIRTY-SECOND LEGISLATURE, 2023
STATE OF HAWAII

A BILL FOR AN ACT

 

 

relating to education.

 

 

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

 

     SECTION 1.  The legislature finds that financial education is a lifelong learning process that empowers individuals to plan for their futures.  Historically, the education system has assumed that students learn important financial skills from their families.  However, not all students are being taught the financial skills they will need to be successful later in life.

     The legislature also finds that a lack of financial literacy poses a significant barrier for individuals seeking to achieve financial prosperity and stability.  Personal financial education is essential to ensure that Hawaii's youth are prepared to manage money, credit, and debt and to become responsible workers, heads of households, investors, entrepreneurs, business leaders, and citizens.

     The legislature further finds that 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.

     Therefore, the purpose of this Act is to require the department of education to include the teaching of financial literacy in the existing personal transition plan course requirement.

     SECTION 2.  Commencing with the 2024-2025 school year, the department of education shall require the teaching of financial literacy to be included in the existing personal transition plan requirement for each student.  Schools may develop their financial literacy program based on the particular school's stakeholder input on the scope and sequence of its personal transition plan or provide financial literacy systemically in their school program.

     For purposes of this section, "financial literacy" includes but is not limited to curriculum addressing financial skills, personal financial management, budgeting, debt, credit, and tax planning.

     SECTION 3.  This Act shall take effect upon its approval.

 

INTRODUCED BY:	_____________________________

 

 

Report Title:

Department of Education; Financial Literacy; Personal Transition Plan

 

Description:

Beginning with the 2024-2025 school year, requires the Department of Education to include the teaching of financial literacy in the personal transition plan requirement for each student.

 

 

 

The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.