Legislature(2023 - 2024)BELTZ 105 (TSBldg)
04/05/2023 03:30 PM Senate EDUCATION
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| Audio | Topic |
|---|---|
| Start | |
| Confirmation Hearing(s) | |
| SB99 | |
| SB120 | |
| Adjourn |
* first hearing in first committee of referral
+ teleconferenced
= bill was previously heard/scheduled
+ teleconferenced
= bill was previously heard/scheduled
| += | SB 99 | TELECONFERENCED | |
| *+ | SB 120 | TELECONFERENCED | |
| + | TELECONFERENCED | ||
SB 99-FINANCIAL LITERACY PROGRAM IN SCHOOLS
3:56:16 PM
CHAIR TOBIN reconvened the meeting and announced the
consideration of SENATE BILL NO. 99 "An Act establishing a
financial literacy education course for public schools; and
providing for an effective date."
3:57:04 PM
CHAIR TOBIN opened public testimony on SB 99.
3:57:28 PM
FLORA TEO, President, Junior Achievement of Alaska (JA),
Anchorage, Alaska, testified in support of SB 99. She spoke
about the mission of the organization and the importance of
financial literacy education. She explained that Junior
Achievement is a nonprofit organization that has been teaching
students about entrepreneurship, economics, and personal finance
for over a century nationally, and for 50 years in Alaska. The
organization achieves this by having local business leaders
visit schools and implement programs spanning from kindergarten
to college level. She mentioned that JA's curriculum continually
evolves to address changing technology and economic trends, and
it has consistently demonstrated a positive impact on students
and fostered connections between the business community and
educators.
MS. TEO also pointed out that research studies in the materials
provided to the committee highlighted the positive effects of
JA's programs, such as a 20 percent increase in income for
students who receive financial literacy education. She
emphasized that financial literacy helps students understand the
importance of education and its impact on their future earnings.
She stressed that JA shares the same goal as SB 99, which aims
to ensure that young people enter adulthood with a solid
understanding of personal finance.
Furthermore, she noted that Alaska is one of only three states
where financial literacy has not been addressed in the state's
education curriculum. She urged committee members to recognize
the educational need for personal finance and provide guidance.
She acknowledged the challenges school districts face with
limited time and resources to teach a wide range of mandated
knowledge. She suggested that SB 99 might undergo revisions but
stressed the importance of formally recognizing financial
literacy as a crucial component of Alaska's curriculum.
3:59:54 PM
BRADLEY LONKER, representing self, Anchorage, Alaska, testified
in support of SB 99. He stated that he is a lifelong Alaskan and
current biological sciences major at the University of Alaska.
He shared his personal experience attending Northern Lights ABC,
a K-8 school in Anchorage, where he participated in Junior
Achievement (JA) programs every year. Bradley highlighted that
these programs taught him valuable lessons about taxes, Free
Application for Federal Student Aid (FAFSA) applications,
budgeting, and credit scores, which he found applicable to his
daily life.
MR. LONKER emphasized that having financial literacy education
in his school had a significant positive impact on his life. He
mentioned instances in both his professional and personal life
where his knowledge of basic finance proved to be invaluable.
For instance, he was able to save and purchase his first car
with cash, apply for scholarships to attend college, secure his
own health care, and avoid unnecessary debt by managing his
finances responsibly.
He expressed gratitude for the financial education he received
through Junior Achievement and stressed the importance of voting
in favor of SB 99.
4:01:41 PM
CARMELA WARFIELD, Executive Vice President, Alaska Policy Forum,
Anchorage, Alaska, testified in support of SB 99. She said that
Alaska Policy Forum is a nonpartisan 501(c)(3) nonprofit
organization that does not receive public funds. In addition to
working at Alaska Policy Forum she is a parent of two students
in Alaska K-12 schools. She spoke from her experience as a
volunteer with local youth organizations. She emphasized the
desire of young adults to be self-sufficient and knowledgeable
about matters that affect their lives. She highlighted the
significance of teaching young people essential financial
skills, including managing household budgets, savings,
investments, cash flow, maintaining a positive credit rating,
and protecting themselves from financial scams.
She pointed out that many other states and school districts have
already recognized the importance of financial literacy
education and have implemented similar curriculum requirements
for high school students. She advocated for an accelerated
timeline for the implementation of these courses, believing that
it would better prepare Alaskan students for future success.
MS. WARFIELD stressed that financial literacy courses provide a
solid foundation for Alaska's youth as they transition from high
school to adulthood, whether they pursue higher education,
career and technical education, or enter the workforce.
Financial literacy leads to personal success and also
contributes to a stronger economy and healthier communities in
the state.
4:03:56 PM
DORA WILSON, Member, Anchorage School Board, Anchorage, Alaska,
testified in support of SB 99. She highlighted her roles as both
a school board member and a mother of three young adult
children, as well as her extensive experience as a therapeutic
foster parent to over 45 youth.
She recounted how her own children, now in their 20s, had
expressed their frustration at not having received basic
financial literacy education in school. They had questioned why
they were not taught about concepts such as credit scores. Dora
mentioned that her youngest child had the opportunity to
participate in a youth summit during her high school years,
which provided her with valuable financial literacy knowledge.
As a result, her daughter started saving a significant portion
of her income, allowing her to purchase a car with cash at the
age of 17 and her first home independently at 19, making her a
taxpayer in Anchorage at the age of 22.
Drawing from her experience as a foster parent, she stressed the
importance of providing financial literacy education to youth
who age out of the state's care and are transitioning into
adulthood.
Furthermore, as a member of the Anchorage School Board, she
shared the district's commitment to preparing students for life,
career, and college. She mentioned that the Anchorage School
District had already revised its curriculum to include a
financial literacy component in the state-required economic and
consumer economics course. She encouraged all school districts
across Alaska to adopt similar practices, ensuring that all
students have access to this vital information.
She expressed her gratitude to Senator Wielechowski for
championing SB 99 and thanked the legislators who supported the
bill. She stated her belief that the bill would benefit all
Alaska students and ultimately contribute to the betterment of
Alaskan communities.
4:06:34 PM
SENATOR BJORKMAN asked whether she was aware of the state
standards for government and citizenship, which requires a
government course teach both macro and microeconomics.
4:06:57 PM
MS. WILSON replied she did not have the information with her.
SENATOR BJORKMAN pointed out that the state standards mandated
the teaching of macro and microeconomics within the government
course, which inherently encompassed personal finance standards.
He then inquired if the Anchorage School District (ASD)
presently enforced a mandatory financial literacy course as a
graduation requirement.
4:07:22 PM
MS. WILSON replied that the financial literacy portion had been
incorporated into the economics and consumer economics courses.
SENATOR BJORKMAN asked if economics and consumer economics are
courses required for graduation.
4:07:43 PM
MS. WILSON replied yes. The courses started in 2020. Students
who were freshmen in 2020 will have taken the courses when they
graduate in 2024.
SENATOR BJORKMAN said he asked the question because he did not
see the requirement on ASD's website. He expressed approval of
the requirement.
4:08:14 PM
CHAIR TOBIN closed public testimony on SB 99.
4:08:14 PM
CHAIR TOBIN held SB 99 in committee.