HI SB899

Appropriates $100,000 for fiscal year 2015-2016 and $100,000 for fiscal year 2016-2017 to the University of Hawaii at Manoa for continued operation of the kids' savings project

Establishes a school-based savings program that partners with local financial institutions to create savings accounts for elementary school students

Program provides hands-on money management learning where bank employees visit schools to help students deposit savings and set financial goals

Since 2008-2009, over 2,000 students have participated and saved more than $450,000, with research showing even modest savings are associated with higher college enrollment and graduation rates

Takes effect on July 1, 2015