by Kay Rivera

Genworth Canada, the largest private residential mortgage insurer in the country, recently announced that it will support the growth and awareness of the University of Waterloo Financial Literacy Competition by offering a sponsorship commitment worth $100,000 over the next three years.

"Genworth is committed to promoting financial literacy amongst young Canadians. As a company that supports the health of the housing market, education is key to responsible homeownership. We need to ensure our younger generation is equipped with the knowledge to help them become financially stable into adulthood, " said Stuart Levings, President and CEO of Genworth Canada.

The Financial Literacy Competition (FLC), developed by the University of Waterloo School of Accounting and Finance (SAF) in collaboration with Business Studies teachers within the Waterloo Region, is open to Grade 9 and 10 students. FLC is an avenue for secondary school teachers to encourage their students to challenge and hone their knowledge in personal finance, accounting and wealth management, as well as to strengthen their literacy foundation in preparation for their future.

With Genworth Canada’s monetary support, benefits of FLC will be extended across Canada over the next three years.  While the program mainly aims to provide better understanding and awareness of the importance of financial literacy to young adults, it will also reward and recognize the top scoring students who will successfully complete the FLC and assist them with financial support towards post-secondary studies.

“Basic financial skills are a critical building block in every person's education. Integrating financial skills development throughout the curriculum ensures that students will have the knowledge to make effective decisions throughout their lives," said James Barnett, SAF Interim Director.

Two competitions are set for 2018, with the first commencing on May 30 and the second to happen later in the year.  For more details on how to participate, you can visit Financial Literacy in the Classroom.

 

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