STAND. COM. REP. NO. 2615

Honolulu, Hawaii

RE: S.B. No. 3047

S.D. 1

Honorable Ronald D. Kouchi

President of the Senate

Thirty-Third State Legislature

Regular Session of 2026

State of Hawaii

Sir:

Your Committee on Education, to which was referred S.B. No. 3047 entitled:

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

begs leave to report as follows:

The purpose and intent of this measure is to:

(1) Require the Department of Education to implement financial literacy instruction into existing courses in public high schools that have sufficient overlap with financial literacy program standards beginning in the 2027-2028 school year;

(2) Require the Board of Education to provide professional development to teachers;

(3) Authorize the Board of Education to adopt rules; and

(4) Appropriate funds.

Your Committee received testimony in support of this measure from the Chamber of Commerce Hawaii, Hawaii Credit Union League, Hawaii Bankers Association, and three individuals.

Your Committee received comments on this measure from the Department of Education and Board of Education.

Your Committee finds that without a strong educational foundation in finances, many young adults are underprepared to handle the financial challenges of adulthood. This issue is exacerbated by rising costs for food, housing, health care, and energy that make it more difficult to budget, save, and invest. Strengthening financial literacy education would prepare local students to be confident consumers and advance key policy priorities, including workforce readiness, economic mobility, and long-term resilience. This measure will promote household stability and contribute to the State's broader economic strength by equipping students with practical financial skills necessary to make informed decisions.

Your Committee has amended this measure by making technical, nonsubstantive amendments for the purposes of clarity and consistency.

As affirmed by the record of votes of the members of your Committee on Education that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 3047, as amended herein, and recommends that it pass Second Reading in the form attached hereto as S.B. No. 3047, S.D. 1, and be referred to your Committee on Ways and Means.

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

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DONNA MERCADO KIM, Chair