Teaching The Importance of Money Management

N.S. SECURITIES COMMISSION--Teaching The Importance of Money Management

Young Nova Scotians are being invited to take an online financial quiz before Monday, March 21, for an opportunity to learn about the importance of saving and investing money and a chance to win a $2,000 cash scholarship.

The Canadian Securities Administrators has developed the Test Your Financial IQ quiz for students ages 15 to 21 across the country. It features questions and facts about budgeting, saving, and investing. Teachers are also encouraged to use the quiz as a fun and informative learning tool.

"Young people can get the most benefit from saving and investing now because they have more time to make their money work and grow," said Chris Pottie, compliance examiner and investor education, Nova Scotia Securities Commission. "This quiz combines engaging graphics, interesting facts and the draw of a number of great prizes to teach and motivate students to learn more about important financial concepts."

Participants must score 60 per cent or better on the quiz for a chance to win a digital camcorder. Thirteen winners, randomly selected from each province and territory, will be invited to produce his or her own short video promoting the benefits of budgeting, saving and investing. The producer of the winning video will be awarded a $2,000 cash scholarship.

Thirteen additional quiz participants will be selected to act as judges of the contest. Each judge will receive a personal DVD player.

The quiz is available on the website at www.tyfiq.ca .

The Canadian Securities Administrators, the council of the securities regulators of Canada's provinces and territories, co- ordinates and harmonizes regulation for the Canadian capital markets. Its 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.