We could see Grade 10 students in Ontario learn about money if a Northern Ontario MPP gets his way. Vic Fedeli of Nipissing is drafting a Private Member’s Bill that would make financial literacy compulsory beginning with Grade 10. Fedeli says at 15, students are getting closer to making adult decisions about money and they can make better choices if they’re more informed.
His Bill would address topics like why it’s important to have a good credit score because a poor score can hurt you financially. Fedeli says a bad credit score can actually force you to pay higher interest rates when you’re borrowing money to make a purchase. Fedeli says other things his Bill would address are the importance of using a credit card responsibility.
And the Tory finance critic wants young people to understand the implications of missing even a single cell phone payment. He says that missed payment stays on your credit record for seven years. It means when you want to buy your first car or home, that missed payment will play a factor in the purchase.
(Written by: Rocco Frangione)