STAND. COM. REP. NO. 2731

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 Ways and Means, to which was referred S.B. No. 3047, S.D. 1, 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 ensure that public school students are educated in financial literacy.

Specifically, this measure:

(1) Requires the Department of Education to embed financial literacy into existing courses for public school students in grades nine through twelve;

(2) Requires the Department of Education to publish a list of courses, including economics and business-related courses into which financial literacy education will be embedded;

(3) Requires the Board of Education to provide teachers with professional development to implement the financial literacy education instruction;

(4) Authorizes the Department of Education to collaborate with public and private entities to develop the instructional materials and training resources; and

(5) Appropriates moneys for the training, instruction, and support.

Your Committee received written comments in support of this measure from the Hawaii Bankers Association, Hawaii Credit Union League, Chamber of Commerce Hawaii, Family Promise of Hawaii, and four individuals.

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

Your Committee finds that teaching youth the foundational life skill of financial literacy, as proposed by this measure, can enhance household stability in adulthood, strengthen workforce readiness, and lay the groundwork for long-term economic resilience in Hawaii.

As affirmed by the record of votes of the members of your Committee on Ways and Means that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 3047, S.D. 1, and recommends that it pass Third Reading.

Respectfully submitted on behalf of the members of the Committee on Ways and Means,

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DONOVAN M. DELA CRUZ, Chair