Canadian youth are invited to get financially fit through an interactive scholarship contest sponsored by the Canadian Securities Administrators (CSA).

The contest, the “Financial Fitness Challenge”, which runs from February 4 to February 29, engages youth aged 15 – 21 with a quiz, games, tips and interactive simulations. The goal is for youth to learn the importance of saving and investing money for their future, ultimately aiming to make smart money management “cool” for an increasingly web-savvy generation.

Part of the CSA’s mandate is to improve the financial literacy of youth. Over 12,000 youth participated in the contest and registered for a chance to win last year and while only 33% were very interested in personal finance before completing the online challenge, 62% said they were very interested in personal finance after participating in the challenge. “Young people have a thirst for learning about saving and investing information, especially at an age where they hold their first part-time or summer jobs,” says Jean St-Gelais, chairman of the CSA and president & CEO of the Autorité des marchés financiers.

The contest features interactive games 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 teach the importance of balancing financial needs versus wants.

Other features include an overview of different types of investments, a compound interest simulator, and a student-focused budget calculator.

The quiz, which is 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. “The modules and worksheets are entertaining and instructional,” says St-Gelais. Teachers can go to www.financialfitnesschallenge.ca/teachers to check out the Teacher Resource Centre, download classroom materials and enter a contest to win a gift certificate or a $1,000 grand prize.