Essay contest for young people with investment savvy

Government Services and Lands Minister Dianne Whalen today announced an essay contest to raise awareness among youth of the importance of investments and financial planning.

The Test Your Financial I.Q. Contest is part of a nation-wide program by the Canadian Securities Administrators, the umbrella organization of the 13 provincial and territorial securities regulators in Canada.

The contest is open to youth aged 14 to 18 years. The goal is to encourage young Canadians to learn more about investing. To participate, teens must write a 500- to 750-word essay in English or French answering the following question: It�s your future. So how are you going to pay for it?

The following guidelines can be used in writing 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 money.
•         What kind of financial products 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 deadline is February 27, 2004. A total of 13 provincial prizes of $750 each and a national grand prize of $2,500 will be awarded in April during Financial Awareness Month.

"This contest shows teens the importance of planning for their future," said Minister Whalen.

More than 400 essays were received from across Canada last year. The provincial prize was awarded to Patrick Whalen of Chapel�s Cove. The contest rules and entry form can be found on the Securities Commission Web site at www.gov.nl.ca/gsl/scon

Media contact: Tracy Barron, Communications, (709) 729-4860 or (709) 690-6157

2004 01 12                                     12:30 p.m.