Bill 69 2016

An Act to amend the Education Act with respect to a comprehensive financial literacy course

Preamble

A firm grasp of personal finance is essential for making independent decisions, managing debt responsibly and leading a secure and fulfilling life. 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.

Requiring school boards to offer a high school course on financial literacy will help to equip students in Ontario with the skills, knowledge and confidence to make the right decisions in their own lives and for Ontario's economy.

Therefore, Her Majesty, by and with the advice and consent of the Legislative Assembly of the Province of Ontario, enacts as follows:

   1.  (1)  Paragraph 1 of subsection 8 (1) of the Education Act is amended by adding "subject to subsection (1.1)" at the beginning.

   (2)  Section 8 of the Act is amended by adding the following subsection:

Course of financial literacy

   (1.1)  The Minister shall require that a pupil complete the course on financial literacy described in paragraph 7.4 of subsection 170 (1) as a condition for obtaining a secondary school graduation diploma.

   2.  Subsection 170 (1) of the Act is amended by adding the following paragraph:

course on financial literacy

  7.4  provide a comprehensive course on financial literacy, as determined by the board, at the Grade 10 level at schools under the jurisdiction of the board;

Commencement

   3.  (1)  Subject to subsection (2), this Act comes into force on the day it receives Royal Assent.

   (2)  Section 1 comes into force on September 1 immediately following the day on which this Act receives Royal Assent.

Short title

   4.  The short title of this Act is the Financial Literacy for Students Act, 2016.

EXPLANATORY NOTE

The Bill amends the Education Act to require each school board to provide a comprehensive course on financial literacy, as determined by the board, at the Grade 10 level at schools under the board's jurisdiction. Pupils are required to successfully complete the course as a condition for obtaining a secondary school graduation diploma.