News & Events
For Immediate Release
February 4, 2008
Youth Invited to Take Part in the ‘Financial Fitness Challenge’ Contest
Montreal – Canadian youth are invited to get financially fit through an interactive scholarship contest sponsored by the Canadian Securities Administrators (CSA). The contest, the “Financial Fitness Challenge”, which runs from February 4 to February 29, 2008, engages youth aged 15 – 21 with a quiz, games, tips and interactive simulations. The goal is for youth to learn the importance of saving and investing money for their future, ultimately aiming to make smart money management ‘cool’ for an increasingly web-savvy generation.
Part of the CSA’s mandate is to improve the financial literacy of youth. Over 12,000 youth participated in the contest and registered for a chance to win last year and while only 33% were very interested in personal finance before completing the online challenge, 62% said they were very interested in personal finance after participating in the challenge. “Young people have a thirst for learning about saving and investing information, especially at an age where they hold their first part-time or summer jobs,” said Jean St-Gelais, Chair of the CSA and President & Chief Executive Officer of the Autorité des marchés financiers (Québec).
The contest features exciting interactive games such as ‘Slapshot Shopping’ a game where players are given $200 of virtual money to purchase a number of necessities and luxuries. The game uses humour - and our Canadian love affair with hockey - to teach the importance of balancing financial needs versus wants. Other games, “warm ups” include ‘The Tradeoffs’, an overview of different types of investments, ‘A Little Goes a Long Way’, a compound interest simulator, and ‘Budget Breakaway’, a student-focused budget calculator.
The quiz, which is available at FinancialFitnessChallenge.ca, features questions and facts about budgeting, saving and investing, in a format directly focused on the experience of students. Thirteen entries, one from each province and territory, will be randomly selected from eligible quiz participants to win a $750 scholarship.
Teachers are encouraged to use the Challenge as a fun and informative learning tool. “The modules and worksheets are entertaining and instructional,” said St-Gelais. “In fact, 91% of teachers we surveyed have told us that they plan to use the materials in their classrooms.” Teachers can go to www.financialfitnesschallenge.ca/teachers to check out the Teacher Resource Centre, download classroom materials and enter a contest to win a gift certificate or a $1000 grand prize.
The CSA, the council of securities regulators of Canada’s provinces and territories, coordinates and harmonizes regulation for the Canadian capital markets. Their mandate is to protect investors from unfair or fraudulent practices through regulation of the securities industry. Part of this protection is educating investors about the risk, responsibilities and rewards of investing.
For more information on the Financial Fitness Challenge and contest, visit www.FinancialFitnessChallenge.ca.