It’s not often that Nipissing MPP Vic Fedeli praises the Ontario Liberals, but he’s doing that this week. Fedeli says the Liberals have passed legislation to teach Grade 10 students financial literacy beginning next fall. Fedeli had proposed a standalone program in a Private Member’s Bill last year. But he withdrew his proposal when the Liberals said they would introduce financial literacy to high school students.
Although it’s not a standalone program like Fedeli wanted, he says the Liberal legislation includes essential information from his Bill. He says understanding credit and what it means when you don’t pay the balance and accrue interest are important matters for young people to learn. The Tory MPP adds knowing how to budget is also important. Fedeli’s Private Member’s Bill was designed to prepare young people for adult life by understanding what it means to be financially literate.
Education minister Mitzie Hunter says the financial literacy component will be included as part of the Grade 10 program beginning next September. The course will be mandatory and the focus will be on financial and digital literacy. Hunter adds it will give students the knowledge and tools employers are looking for and she also says the students will get hands-on learning opportunities to help prepare them for a rapidly changing economy.