On Tuesday, the Financial Consumer Agency of Canada (FCAC) announced that Matthew, a 13-year-old from Vancouver, was one of the winners of its Financial Literacy Month video contest.
In addition to placing second nationally, Matthew’s video – one of two entries from BC – also won the people’s choice award after he received 46 likes on his video entry.
In his video, Matthew explains what he learned about Smartphone costs when he shopped for the latest and greatest model. Matthew’s father plays a key role in the video, encouraging him to do his research before making a Smartphone purchase. In the end, he decides to hold on to his old phone and pursue his financial goal, which is to save enough money to go to architectural school.
The other BC entry was from two brothers, Ian and Sean, from Surrey, who explain how they were encouraged to invest money for their post-secondary education. They talk about how their parents encouraged them to explore investing their savings from their paper route.
In the video, they discuss compound interest and laddering, two concepts that help them grow their Guaranteed Investment Certificate (GIC) savings to meet their financial goal. In the end, viewers learn that the two Grade 10 students have earned enough to pay for their first of year university.
Both videos are excellent examples of how parents can help kids make their own financial decisions, and set goals.
You can view all FCAC video contest winners on the agency’s YouTube channel. They are a great resource for parents, teachers, and youth leaders looking for materials that will enhance young people’s financial literacy skills.
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