Wanted: Young Canadians with Investment Savvy

N.S. SECURITIES COMMISSION--Wanted: Young Canadians with Investment Savvy

Canada's securities regulators are raising the awareness of investing concepts among young Canadians by launching the second annual Test Your Financial I.Q. Contest.

The essay contest's goal is to encourage Canadians from 14 to 18 years of age to learn more about investing. To participate, young people must submit a 500 to 750 word essay in English or French addressing the theme: It's your future. So how are you going to pay for it?

The following guidelines can be used to help create the essay:

• What are your overall financial goals and how do you expect to reach them?
• Describe the factors you would consider when saving and investing your money.
• What kind of financial products would interest you the most and why?
• Where would you turn for financial advice and information?
• How would you determine if the advice and information is credible?

The contest begins today, Oct. 15, and runs until Feb. 27, 2004. Thirteen provincial and territorial prizes of $750 each will be awarded in April 2004 during Investor Education Month. The national grand prize of $2,500 will be announced in May 2004.

"Young Canadians are tomorrow's financial consumers," said Canadian Securities Administrators chair Stephen Sibold. "This contest encourages young people to expand their financial knowledge in pursuit of their goals."

Last year's contest resulted in 400 essay submissions across Canada. The national grand prize was awarded to Elizabeth Penner, 14, of DeBolt, Alta., whose essay "Spending My Money Wisely" discussed how her saving and investment strategy will help meet her personal goals.

The CSA, a council of the 13 securities regulators of Canada's provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets. In Nova Scotia, the contest rules and entry form are available from the Nova Scotia Securities Commission at 902-424-6179.