The Canadian Securities Administrators has launched its annual Financial Fitness Challenge contest, aiming to help young Canadians to increase their financial literacy.

The contest, which runs February 15 to April 15, 2010, is part of the CSA’s effort to raise awareness among youth around concepts like budgeting, saving and investing. The initiative involves an interactive website to quiz Canadian youth on their financial knowledge. This year, the website features a fresh look and many interactive tools and simulations.

“It’s important for youth to learn about money matters, especially those between the ages of 15 and 21, who are about to start earning money and making some of their own financial decisions,” said Jean St-Gelais, chair of the CSA and president and CEO of the Autorité des marchés financiers (Québec). “The Financial Fitness Challenge is a great way to engage youth in financial education.”

The Financial Fitness Challenge website features online activities where participants can compete with their friends or with other youth at a local and national level. The site also features its own Facebook page where young Canadians can exchange ideas and tips about managing money.

While anyone can visit the site, the bilingual contest is open to Canadians ages 15 to 21 with a quiz featuring financial literacy questions and facts. Thirteen entries – one from each province and territory – will be randomly selected from eligible participants to win a notebook computer, and a national grand prize winner will be awarded $2,000.

Teachers are also encouraged to use the Financial Fitness Challenge as a learning tool to support the development of good financial behaviour among their students. An online teacher resource centre features classroom materials, including complete lesson plans, which can be downloaded.

“We encourage youth, teachers and parents to visit our entertaining and instructional site,” said St-Gelais. “Saving, budgeting and investing may seem like uninteresting subjects, but the Financial Fitness Challenge allows participants to learn, compete and have a good time.”