Bill Text: HI SB899 | 2015 | Regular Session | Amended
Bill Title: Kids' Savings Project; Appropriation ($)
Spectrum: Partisan Bill (Democrat 3-0)
Status: (Introduced - Dead) 2015-02-20 - Report adopted; Passed Second Reading, as amended (SD 1) and referred to WAM. [SB899 Detail]
Download: Hawaii-2015-SB899-Amended.html
|
THE SENATE |
S.B. NO. |
899 |
|
TWENTY-EIGHTH LEGISLATURE, 2015 |
S.D. 1 |
|
|
STATE OF HAWAII |
|
|
|
|
|
|
|
|
||
|
|
||
A BILL FOR AN ACT
RELATING TO THE KIDS' SAVINGS PROJECT.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. The legislature finds that school children, families, and the State benefit when children learn the basics of saving money early in life. The federal government has also acknowledged the importance of teaching financial literacy in the K-12 setting. The United States Consumer Financial Protection Bureau has published a white paper on "Policy Recommendations for Advancing K-12 Financial Education" detailing some current learning models and recommending others. It notes that young people are not equipped to make financial decisions and that financial products are more complex than ever. These concerns are echoed by Hawaii parents who agree that their children need to learn about finances. Of 1,764 parents surveyed, ninety-six per cent expressed interest in a school-based savings program for their children. There is a wide consensus that teaching children about finances throughout their school years will help them make better financial decisions, be prepared for educational expenses, and plan for the future.
The legislature further finds that the kids' savings project has led the way in Hawaii financial literacy programs for elementary school students. One of the five Consumer Financial Protection Bureau recommendations for financial education is to provide opportunities for students to practice money management with hands-on exercises. The kids' savings project does just that. It is a school-based program that partners with local financial institutions to establish savings accounts for participating students. Bank employees visit schools to give the students a chance to deposit their savings into their accounts themselves. Students set savings goals and are rewarded when those goals are met. Since the project began in the 2008-2009 school year, over two thousand students have participated, and students have saved over $450,000.
Research shows that even modest savings for college are associated with higher college aspirations, enrollment, and graduation. At an average savings rate of $112 per child per year, the kids' savings project could be the key that helps a child understand that college is possible. The kids' savings project introduces children to banking, saving, and the importance of financial goals, empowering them to plan for the future.
The purpose of this Act is to fund the kids' savings project, enabling the program to continue delivering hands-on money management learning opportunities to Hawaii students.
SECTION 2. There is appropriated out of the general revenues of the State of Hawaii the sum of $100,000 or so much thereof as may be necessary for fiscal year 2015-2016 and the same sum or so much thereof as may be necessary for fiscal year 2016-2017 for continued operation of the kids' savings project.
The sums appropriated shall be expended by the University of Hawaii at Manoa for the purposes of this Act.
SECTION 3. This Act shall take effect on July 1, 2015.
Report Title:
Kids' Savings Project; Appropriation
Description:
Appropriates funds to continue the kids' savings project. (SD1)
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.
