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May 26, 1998
(Human Resources and Employment)


The following statement was issued today by Julie Bettney, Minister of Human Resources and Employment, and Minister Responsible for the Status of Women. It was also read in the House of Assembly:

Launch of Money Smarts Program

Managing our finances is a tough challenge at any age. This is especially true for our youth. Today, I would like to tell all Members of the House of Assembly about an exciting and effective new information package for the youth of our province.

Earlier today I had the opportunity to visit students at O'Donel High School in Mount Pearl. We were there to introduce a new information kit entitled "Money Smarts."

Money Smarts is a two-part financial awareness package designed for young people, their teachers and community leaders. The information provided in this Learning Resource and Money Smarts Kit will encourage young people to look at all the financial options available to them so that they can make informed decisions and wise money choices for the future. The program specifically addresses the unique challenges young women face when planning their financial future.

Money Smarts was developed by the Government of British Columbia in consultation with other jurisdictions. We thank the government of British Columbia for permission to reprint their material.

As the Minister of Human Resources and Employment and as the Minister Responsible for the Status of Women, I appreciate the importance and significance of this program.

Research indicates that young people generally lack information about financial matters. While it is important for everyone to plan for their financial futures, young women face unique challenges. For example, a major gap remains between men and women's income in Newfoundland and Labrador. On average women earned only 64 cents for every man's dollar in our labour market. Recent studies show women are more likely to live in poverty, with single female parent families having the highest incidence of low income of all family types in the province. In addition, women live longer than men so planning a retirement income is important.

The Money Smarts Information Kit addresses these issues by exploring the myths and realities of money management. Through Money Smarts our youth will be provided detailed information on resources including banks, credit unions and trust companies.

The Money Smarts Program also includes a learning resource for teachers and community educators. Using case studies, the learning resource gives students an opportunity to make the link between life choices and financial security. It is designed for use in secondary schools and community centre settings.

Our communities recognize the challenges that face our youth. I believe Money Smarts provides some much needed solutions to those challenges.

If anyone would like further details or a Money Smarts Information Kit, I invite them to contact the Government of Newfoundland and Labrador's Women's Policy office. I look forward to hearing more about the Money Smarts Kit and the benefits it provides for our young population.

1998 05 26 2:30 p.m.


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