Released on June 11, 2003
Dave Wild, Chairperson of the Saskatchewan Financial Services Commission (SFSC), has awarded Thomas Malinowski of Theodore, $750 for his winning essay in the "Test Your Financial I.Q." Contest. Thomas' essay was selected from entries submitted by young people from around the province."We hope that Thomas uses some of the good ideas put forward in his essay to start planning for his financial future," Justice Minister and Minister responsible for the Commission Eric Cline said.
The contest challenged Saskatchewan youth to demonstrate their knowledge and understanding of the world of saving and investing. In a short 500-750 word essay, youth were asked, "If you were to win the $2,500 grand prize, how would you invest it and why (taking into consideration your goals, time horizon, risk, diversification, and return)?"
A study conducted by Acumen Research in November 2001 identified a need to educate young people about saving and investing. The SFSC contest, part of a national competition sponsored by the Canadian Securities Administrators, was developed in response to this study.
"Securities Commissions across the country are looking for creative and innovative ways to get kids involved in learning more about money and finances," SFSC's representative on the Canadian Securities Administrators investor education committee Patti Pacholek said. "Times have changed and youth need to become financially literate. Good money habits formed now will give them a head start for their future."
Thirteen winners, one from each province and territory, were selected as finalists in the national competition. Thomas' essay was part of that group and was put before a national judging panel where the winning essay was awarded an additional $2,500.
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For More Information, Contact:
| Debi McEwen Justice Regina Phone: (306)787-6043 Email: dmcewen@justice.gov.sk.ca |