The State Board of Education has commenced discussions on creating a formal policy aimed at incorporating financial literacy education into the public school system across the state. This initiative is in response to increasing interest from students, educators, and the wider community.
During a meeting on Thursday, the Board’s Student Achievement Committee evaluated a memorandum from committee Chair Bill Arakaki that recommends starting a policy development process. This would establish a structured method for teaching financial literacy in Hawaii’s public schools.
The Board recognized a significant and consistent demand from students and other stakeholders for broader access to personal finance education. Although there are existing elective courses and digital platforms offering such content, the Board is investigating how to formalize and possibly mandate financial literacy education as a graduation requirement.
The committee has concurred that further steps regarding financial literacy are essential and will collaborate with the state Department of Education to determine the next actions, which will include data collection and public engagement.
In line with the Board’s discussions, the Department of Education provided a detailed update on its efforts to broaden financial literacy opportunities in schools.
Deputy Superintendent Heidi Armstrong and Teri Ushijima, the assistant superintendent of the Office of Curriculum and Instructional Design, highlighted initiatives aligned with the state’s 2023-2029 Strategic Plan.
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The DOE currently provides a financial literacy elective course, integrating financial education into career and technical education, economics, and junior ROTC programs. DOE schools also benefit from digital tools like EVERFI, Banzai, LYFE, and Intuit for Education, which offer interactive lessons on topics such as budgeting, credit, and investing—many of which come at no cost to the department.
Enrollment in the financial literacy elective increased from 182 students in 10 schools during the 2021-2022 school year to 761 students across nine schools by the 2024-2025 school year. EVERFI high school enrollments also rose from 2,052 to 2,485 between the 2021-2022 and 2022-2023 school years, although there was a slight decline in subsequent years.
Danson Honda, a 28-year-old resident of Pearl City, shared with the Honolulu Star-Advertiser that he acquired financial literacy “the hard way, through many mistakes,” and hopes that future generations can avoid similar struggles.
“I grew up in low-income housing in a single-income family in Waipio Gentry, under the impression that hard work, good grades, and college would magically improve my situation—but it didn’t,” said Honda.
During college, he faced challenges with credit card debt and student loans, admitting that he never truly learned how to manage his finances—things like budgeting, saving, investing, or planning for the future. When the COVID-19 pandemic struck, he lost his job due to hiring freezes and became a food delivery driver to make ends meet.
“People often believe that success requires a prestigious job title and high income. I learned through financial literacy that it is possible to leverage even lower-paying jobs to build something significant,” he stated. “Though I was only qualified to deliver food, I applied my financial knowledge to budget and invest what I earned.”
By the age of 24, Honda had become a homeowner. He now works as a real estate agent with Locations Hawaii.
“I feel fortunate to have learned from my mistakes, as many individuals lack that opportunity—any misstep could lead to homelessness,” Honda remarked.
He also expressed appreciation for the city and state efforts targeting affordable housing and homelessness but emphasized the need for greater attention to financial literacy. He believes that educating children about financial literacy from an early age is crucial in helping them navigate life and preventing future issues with affordable housing and homelessness.
The Department’s Financial Literacy Task Force has put forth numerous structural reforms aimed at enhancing financial education. A primary recommendation is to incorporate financial literacy as a core competency throughout K-12 education. Additionally, the task force suggests redesigning the Personal Transition Plan to include financial education, ensuring that students are adequately prepared for real-world financial decisions. They also propose making financial literacy a graduation requirement by the 2028-2029 school year, along with introducing micro-credentials, badges, or transcript seals to acknowledge and promote student accomplishments in financial literacy—providing incentives for students to excel in this vital area.
The department is also seeking funding to establish an educational specialist position to support these initiatives.
If the Board decides to implement a formal policy, students may soon need to achieve certain financial literacy benchmarks to graduate. Possible options being considered include elective courses, summer school classes, self-paced digital modules, and co-curricular activities.
