Montreal – Young Canadians are invited to increase their financial literacy through an interactive scholarship contest sponsored by the Canadian Securities Administrators (CSA).

The Financial Fitness Challenge, which runs from Feb. 2 to Feb. 28, 2009, uses interactive tools and online simulations to raise awareness of important financial concepts such as budgeting, saving and investing.

“We feel it’s important to educate youth about money matters, especially at an age where they are beginning to earn their own money and save up for their own financial goals,” said Jean St-Gelais, Chair of the CSA and President & Chief Executive Officer of the Autorité des marchés financiers (Québec).

The bilingual contest is open to Canadians ages 15 to 21. It features exciting interactive activities such as ‘Slapshot Shopping,’ a game where players are given $200 of virtual money to purchase a number of necessities and luxuries. The game uses humour – and the Canadian love affair with hockey – to teach the importance of balancing financial needs versus wants. The contest also features its own Facebook page where youth can exchange ideas and tips about saving and investing.

The quiz, available at FinancialFitnessChallenge.ca, features questions and facts about budgeting, saving and investing, in a format directly focused on the experience of students. Thirteen entries – one from each province and territory – will be randomly selected from eligible quiz participants to win a $750 scholarship.

Teachers are encouraged to use the Challenge as a fun and informative learning tool to support the development of good financial behaviour among their students.

“The modules and worksheets are entertaining and instructional,” said St-Gelais. “In fact, 96% of teachers we surveyed have told us that they plan to use the materials in their classrooms.” Teachers can go to FinancialFitnessChallenge.ca/Teachers to check out the Teacher Resource Centre, download classroom materials, including complete lesson plans, and enter a contest to win a gift certificate.

The CSA, the council of securities regulators of Canada’s provinces and territories, coordinates and harmonizes regulation for the Canadian capital markets.

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