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Financial literacy is lacking in young people says firm

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A spokesman for Fontaine and Associates in Timmins says we’ve created a generation that doesn’t know how to avoid bad debt.  The bankruptcy specialty firm posted an online quiz about basic money management.  People aged 14 to 25 scored just above 50 percent while older people hit 70 percent.  Company spokesman Joel Picard blames the education system for not teaching young people how to manage their money.  Vic Fedeli, the MPP for Nipissing, recognized the same problem and has a Bill being debated in the Legislature that makes financial literacy a compulsory class in high school.

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