November 16, 2016

QUEEN’S PARK – In the Ontario Legislature this afternoon, Nipissing MPP Vic Fedeli highlighted the importance of financial literacy and celebrated Financial Literacy Month. Text of Fedeli’s statement is below:

November is Financial Literacy Month and I would like to take a moment to highlight its importance. Financial literacy is among the most essential life skills for all Ontarians to have. 

Having a firm grasp on personal finance is needed to manage debt responsibly, to make smart decisions, and to lead a secure and fulfilling life.

Last month I had the pleasure of visiting Widdifield Secondary School and Chippewa Secondary School with Alterna Savings. Here is something I learned: being even a day late with your credit card payment is a black-mark on your credit score, for 7 years.

And that makes it more expensive to borrow money for a car or home. Knowing how to save and spend responsibly directly influences one’s success.

With that in mind, it is concerning that a recent Investor Education Fund survey found that only 25% of students feel they know enough about money to make smart spending decisions.

It is important that we focus on financial literacy for Ontarians beyond one month a year. This is why I’m introducing the Financial Literacy for Students Act, to ensure every student in Ontario will graduate with the necessary financial literacy skills to live a fulfilling and successful life.

I hope we can continue to work and educate young Ontarians on such an important matter not only as the students today, but also as the decision makers of the future.

 Video of Fedeli’s Statement can be found here:

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