Nipissing MPP Vic Fedeli introduced his Private Member’s Bill yesterday. Called The Financial Literacy for Students Act, it aims to force school boards across the province to incorporate a mandatory course on financial literacy at the Grade 10 level.
“Financial literacy is an important life skill. As students start their first jobs, use their first credit cards and begin planning for their future, it is important that they learn how to save and spend responsibly,” said Fedeli.
The Bill would amend the Education Act to mandate all students take the course as a prerequisite to graduation.
“The Wynne government’s plan on financial literacy is insufficient. Under their plan, financial literacy is not a mandated course, is not permanent under the Education Act, and is not a prerequisite for completing high school,” added Fedeli.
According to the Financial Consumer Agency of Canada’s recent survey, 60 per cent of adults rate their financial knowledge as fair or poor and 80 percent of young Canadians are not confident in their financial knowledge.
“A firm grasp of personal finance is essential for making independent decisions, managing debt, and leading a secure and fulfilling life. The Financial Literacy for Students Act would equip students in Ontario with the skills, knowledge, and confidence to make the right financial decisions in their own lives and for Ontario’s economy,” Fedeli said.
