A new post-secondary scholarship opportunity for Canadians 16 to 22 years of age was launched Thursday by Toronto-based Brandes Investment Partners & Co.
The annual scholarship program, accessible through BrandesScholarship.com, is designed to impart lifelong lessons in financial literacy that will help young Canadians as they move into their earning (and saving) years.
The program is being initiated by Brandes to advance financial literacy and responsibility among Canadian youth.
“Enabling Canadian youth to better manage their personal finances is an important contribution to their futures, to their families and to the country as a whole,” says Carol Lynde, Brandes president.
Participants are invited to complete a financial self-knowledge quiz, The Money Factor, to find out their “money factor” —their fundamental attitudes and behaviours toward money. Once the quiz is complete, participants are encouraged to enter the contest. Eligibility for the scholarship requires submission of a 250-word essay based on insights gained from the custom financial profile generated by taking the quiz.
The Money Factor quiz and profile are intended to help students become more effective in managing their financial affairs and assess three aspects of their money personality:
- their tendency to spend or save;
- whether they generally take or avoid risks; and
- how much interest they have in financial matters.
The deadline for entry is July 20. Ten post-secondary scholarships of $1,000 will be awarded each year to eligible participants. The contest is open to all Canadians 16 to 22 years of age (for regulatory reasons, the contest is not open to residents of Quebec). This year’s winners of the Brandes scholarships will be announced on August 20, after judging by a panel of qualified financial professionals. Winners will be required to provide proof of acceptance/registration at a post-secondary institution.
The scholarship and quiz were specifically developed to address recommendations from the federal Task Force on Financial Literacy. In February 2010, the Canadian government launched this task force to investigate the financial literacy of Canadians of all ages. It released its recommendations on how to improve financial literacy for all Canadians in its February 2011 report, “Canadians and Their Money.”
“The Money Factor and Brandes Scholarship Program provide a tool and an incentive to work toward achieving financial literacy ― an essential skill set for the future well-being of young Canadians,” concludes Lynde.