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MPP Fedeli Bill Proposes to Make Financial Literacy Mandatory in our Schools

QUEEN’S PARK – Today in the Ontario Legislature, Nipissing MPP Vic Fedeli introduced his Private Member’s Bill, The Financial Literacy for Students Act to mandate school boards across the province to incorporate a mandatory course on financial literacy at the Grade 10 level in Ontario high schools.

“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 require school boards to ensure a comprehensive course on financial literacy is offered in Grade 10 at schools across Ontario. The Bill further amends the Act to mandate all students take the course as a pre-requisite 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.

“This legislation corrects this and will ensure students have the information they need to make smart financial choices for generations to come.”

The absence of financial literacy teaching is felt across Ontario. 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.