The Provincial Government is investing $95,000 in Memorial University's Students in Free Enterprise (SIFE) and Junior Achievement of Newfoundland and Labrador to enhance entrepreneurship and improve financial literacy among young people. The funding is provided under the recently launched Youth Retention and Attraction Strategy.

"The young people of this province have clearly expressed an interest in entrepreneurship as well as the need for increased access to financial literacy and planning tools," said the Honourable Susan Sullivan, Minister of Human Resources, Labour and Employment and Minister Responsible for Youth Engagement. "Today's investments are in direct response to these priorities as SIFE Memorial and Junior Achievement administer excellent programs that expose youth to managing budgets and businesses."

Junior Achievement of Newfoundland and Labrador, an organization that has been teaching youth about business since 1985, will receive $70,000 from the Williams Government to expand its Economics for Success program. This is an initiative that exposes grade nine students to potential career options and helps develop financial literacy. The new funding will allow for a broader delivery of the program in rural areas of the province.

"Financial literacy is important for everyone, and you can never start too soon," said Sandra Patterson, President and CEO of Junior Achievement Newfoundland and Labrador. "The Economics for Success program exposes young students to work readiness, entrepreneurship and financial literacy fundamentals. I'm pleased to see the Williams Government is supportive of our efforts to help young people mature into fiscally responsible adults."

SIFE Memorial, an internationally-acclaimed group of Memorial University students who promote entrepreneurship and financial literacy through outreach, will receive a $25,000 grant. This grant will be used to support various SIFE outreach projects and the ongoing development of their HR tools and entrepreneurship information resources, which are distributed through the province's Career Work Centres and school system.

"The members of SIFE Memorial are proud to play a role in helping young students become familiar with business concepts and entrepreneurship," said Liam Kelly, President of SIFE Memorial. "One key challenge for any growing economy is ensuring there will be individuals with the talent, experience and willingness to take the lead with new ventures. My hope is that our efforts will encourage many young people to imagine themselves as future employers instead of employees and aspire to take on leadership roles."

Creating A Province of Choice: A Youth Retention and Attraction Strategy for Newfoundland and Labrador was launched on November 5, 2009. Developed by youth, for youth, in close collaboration with business, labour, and community leaders, the strategy is supported by a three-year $15 million budget and contains 41 action items that are aimed at countering the impacts of out-migration, strengthening the labour market and supporting the economic development of the province.

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