The state Board of Education has begun discussions to develop a formal policy that would embed financial literacy education throughout the state’s public school system, responding to growing interest from students, educators and the broader community.
During a Thursday meeting, the Board’s Student Achievement Committee reviewed a memorandum from committee Chair Bill Arakaki recommending the initiation of a policy development process that would pave the way for a structured approach to teaching financial literacy in Hawaii public schools.
The board acknowledged that there is significant and consistent demand from students and other stakeholders to expand access to personal finance education. While some offerings already exist through elective courses and digital platforms, the board is exploring how to systematize and possibly require financial literacy education for graduation.
The committee has agreed that further action on financial literacy is warranted and to work alongside the state Department of Education on the next steps, including gathering data and engaging the public.
In support of the board’s deliberation, the Department of Education presented an extensive update on its ongoing work to expand financial literacy opportunities in schools.
Deputy Superintendent Heidi Armstrong and Teri Ushijima, assistant superintendent of the Office of Curriculum and Instructional Design, outlined efforts tied to the state’s 2023-2029 Strategic Plan.
The DOE already offers a financial literacy elective course and integrates financial education into career and technical education, economics and junior ROTC pathways. DOE schools also have access to digital tools such as EVERFI, Banzai, LYFE and Intuit for Education. These platforms offer interactive financial lessons on budgeting, credit, investing and more — many at no cost to the department.
Enrollment in the financial literacy elective course rose from 182 students across 10 schools in the 2021-2022 school year to 761 students in nine schools by the 2024-2025 school year. EVERFI high school enrollments also increased to 2,485 from 2,052 between the 2021-2022 school year and the 2022-2023 school year, though they dropped slightly in subsequent years.
Danson Honda, a 28-year-old resident of Pearl City, told the Honolulu Star-Advertiser that he learned financial literacy “the hard way, through making many mistakes,” and hopes future generations won’t have to go through what he did.
“I grew up in low-income housing, a single-income family in Waipio Gentry, and I was always under the impression that working hard, getting good grades and going to college would magically make things better — but it didn’t,” Honda said.
He shared that during college he struggled with credit card debt and student loans, admitting he never truly learned how to manage finances — how to budget, save, invest or plan for the future. When the COVID-19 pandemic hit, Honda faced unemployment due to widespread hiring freezes and became a food delivery driver to make ends meet.
“Everybody thinks that to be successful in life, you need a fancy job title and a high income. I learned firsthand — through the power of financial literacy — how you can leverage even lower-paying jobs to build something substantial,” he said. “Even though I was only able to find work as a food delivery driver, I used my financial knowledge to create a budget and invest what I earned.”
By age 24, Honda had become a homeowner. Today he works as a real estate agent with Locations Hawaii.
“I feel grateful and lucky that I had a chance to learn from my mistakes because I recognize that a lot of people aren’t in that position to make mistakes — any mistake could result in them being homeless on the streets,” Honda said.
He also mentioned that while he appreciates the focus on affordable housing and reducing homelessness at the city and state levels, he would encourage officials to place more emphasis on financial literacy. He believes that teaching financial literacy in classrooms from a young age is key to helping people understand how life works and preventing issues like unaffordable housing and homelessness in the future.
The Department’s Financial Literacy Task Force has recommended several structural reforms to improve financial education. One key suggestion is to embed financial literacy as a core competency throughout K-12 education. Additionally, the task force proposes redesigning the Personal Transition Plan to incorporate financial education, ensuring that students are better prepared for real-world financial decisions. To further enhance financial literacy, they recommend making it a graduation requirement by the 2028-2029 school year. Finally, the task force suggests introducing micro- credentials, badges or transcript seals to recognize and highlight student achievements in financial literacy, providing an incentive for students to excel in this important area.
The department is also requesting funding for an educational specialist position to support these initiatives.
If the board ultimately adopts a formal policy, students soon may be required to meet specific financial literacy benchmarks to graduate. Options under consideration include elective courses, summer school classes, self-paced digital modules and co-curricular activities.
