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.