Canada’s securities regulators are launching a contest to raise the awareness of investing concepts among young Canadians. Known as the Test your Financial IQ Contest, the contest’s goal is to encourage Canadians from 14- to 18-years of age to learn more about investing.

Sponsored by the Canadian Securities Administrators, the contest runs until Jan. 31,
2003. To participate, young people must submit, in English or French, a 500- to 750-word essay answering the following contest question: If you win the contest prize of $2,500 and decide to invest, which financial products might interest you most and why?

Participants must consider several issues, including:
– What is your financial goal?
– How much time do you have to meet this financial goal?
– What type of risk are you willing to take?
– Have you diversified your investments?
– What is your desired return?

Contestants will also be asked to give their views on whether it is important
for young Canadians to learn about investing at an early age. A total of 13 provincial prizes of $750 each and a national grand prize of $2,500 will be awarded next April during Investor Education Month.

“The CSA’s theme for all investor education initiatives is ‘investigate before you invest,'” says CSA Chair Doug Hyndman. “This contest encourages young Canadians to start the investigation process. We want to encourage young Canadians to learn about the various investment products available and compel them to think about why becoming educated about investing is so important to their future financial well- being.”

The contest rules and the entry form can be found in the Investor section of provincial securities commission websites or on the CSA website.