News Release

Vancouver -- A 16-year-old Vancouver student from a self-described “frugal Chinese family” has won an essay contest sponsored by Canadian securities regulators to promote awareness of investing concepts among young Canadians.

Sarah Wong, a Point Grey Secondary School student, has been selected as the British Columbia winner of the Canadian Securities Administrators (CSA) “Test Your Financial IQ” essay contest.

Wong says that her parents and grandparents taught her from a young age to invest in low risk, capital-appreciating investments.

"Many of our dinner time conversations revolved around money," she wrote in her winning essay on how she would invest $2,500 in grand prize money if she won the contest.

The CSA, the umbrella organization of the 13 provincial and territorial securities regulators in Canada, launched the contest last fall to encourage Canadians from 14 to 18 to learn more about investing. Thirteen provincial prizes of $750 each were available with a national grand prize of $2,500 to be awarded in April during Investor Education Month.

Wong’s essay was selected from among 117 British Columbia entries.

“We want young Canadians to learn about the various investment products available and to think about why becoming educated about investing is so important to their future financial well-being,” said BCSC Chair Doug Hyndman. “Sarah’s essay is a fine example of a young person who is doing just that.”

“A strong and vibrant economy depends in part on ensuring the youth of today with the tools they need to contribute in the future,” said Rick Thorpe, minister of competition, science and enterprise. “With youth like Sarah in British Columbia, I know that our future will be in good hands.”

The B.C. Securities Commission is the independent provincial government agency responsible for regulating trading in securities and exchange contracts within the province. The BCSC reports to the Ministry of Competition, Science and Enterprise.

Backgrounder -- Sarah Wong’s winning essay

The financial products that I would choose to invest in if I won the contest prize of $2500.00 include mutual funds, and guaranteed investment certificates. I come from a frugal Chinese family who works hard for their money. I was taught by my grandparents and parents, at a young age to invest in low risk, capital appreciating investments. Many of our dinner time conversations revolved around money. I recall how we celebrated when stock prices went up. Though my grandparents made money on stocks, they didn’t spend it right away. They reinvested the money. My grandparents, who survived the Depression, always wanted to “save the money for a rainy day.” My parents also invested in stocks and GICs. When they made money, they put the money towards the mortgage on the house. When I realized how little interest the bank gave me on my savings account, I spoke to my banker. She suggested that I should purchase GICs and guaranteed savings bonds. My first formal investments were made with the “lucky money” I was given at Chinese New Year. My grandparents always blessed the money with the saying, “Gung Hay Fat Choy”, which means, happiness and prosperity. Under their leadership, the wisely invested lucky money they gave me would likely bring me happiness and prosperity.

My financial goals are similar to the financial goals that my parents set out for themselves. I would like to attend a local university on a scholarship, and preserve my savings. Though my parents purchased an RESP plan, I would like to use that for my post-graduate studies. I would like to save enough money to purchase a car and a condominium by the time I am twenty-six years old. My parents set a similar goal, and were able to achieve their goal through investments in T-bill funds, money market funds, growth funds and emerging market funds. Their money grew rapidly as interest rates were high, and emerging markets did well. I’ve witnessed a period of low interest rates, the crash of dot com companies and a downturn in the growth funds. I intend to invest conservatively at this time, as I do not have a lot of time to manage a portfolio. I believe that my investment strategies may change as I learn more about economics and business.

I will then take bolder steps in selecting mutual funds and might choose to manage my own portfolio.
I know that it is important for students to learn about investing. Throughout their lives, they will be offered many opportunities to make decisions about the ways they invest their money. Students need knowledge so that they can make educated choices about which investment tools to use. There are many ways that students can learn to be financially responsible. They can take business courses at school, at the brokerage firm or at the community centre. These courses teach teens about saving, investing in the stock market, staying out of debt, and creating a sound financial plan.

Financial planning is a lifelong skill which has always been a part of my life, and will always continue to be a significant part of my life.