IFEC wants to up financial literary amongst Hong Kong's youth

Hong Kong's Investor and Financial Education Council (IFEC) has launched the campaign "Hong Kong Money Month 2022", offering investor and financial education learning opportunities to consumers across multiple touchpoints.

With the theme of "Invest in yourself", The campaign is aimed at raising awareness of the importance of early financial planning and investor education in Hong Kong. Highlights of initiatives include money management online quizzes, which are to test young people’s knowledge of personal finance, and help primary school students learn basic money management concepts. A writing contest to inspire secondary students to realise the importance of financial management to attain life goals will be launched as part of the campaign.

IFEC will also launch a financial wellness programme to provide an array of toolkits and seminars on money management and retirement planning for employers to offer to their employees; and a training workshop for social workers to master the knowledge and skills to become financial trainers for the community.

Meanwhile, hosted by the Education Bureau, the Hong Kong Monetary Authority, the Hong Kong Financial Literacy Championship 2022 will allow secondary students to learn about green and sustainable finance and the value of prudent financial planning. A series of webinars to discuss green and sustainable investment opportunities; financial and retirement planning amid the pandemic will be launched; while the Mandatory Provident Fund Schemes Authority will discuss MPF and retirement investment, and the Insurance Authority will explain insurance needs at different life stages.

“Investor and financial education play an important role in shaping the overall financial wellness of individuals and families in any segment. The IFEC will continue to partner with stakeholders to provide learning opportunities for the public to cultivate the right attitude and behaviour, along with good financial planning and investment habits, to further enhance their financial wellness," said Dora Li, general manager of IFEC.

The IFEC also examined the impact of COVID-19 on Hong Kong people’s money management and financial literacy levels in its latest Financial Literacy Monitor survey conducted in late 2021. Over half (51%) of the surveyed respondents said that their household incomes had fallen during the pandemic, and consequently 41% said they had saved less. The majority of respondents (83%) had to adjust their spending habits and became more financially prudent since the start of the pandemic. More than two-thirds of respondents (69%) said they had cut back on monthly spending, 37% compared prices more frequently, and 34% stopped or delayed the purchase of big-ticket items. In terms of financial goal setting, less than half (47%) reported having set long-term financial goals, down from 54% in 2019.

Moreover, the majority (79%) of the respondents said they were open to learning about financial management matters to stay up-to-date with emerging trends and developments, with 35% being active learners. Mature working adults (aged 30-49) form the most active group, followed by young working adults and pre-retirees (aged over 50).

“This year's Hong Kong Money Month theme, Invest in Yourself, is an open invitation to everyone in the community to start their financial planning early and acquire investment knowledge for self-improvement. In light of the challenging economic environment as a result of the continuing COVID-19 pandemic, we are calling for the public to make use of IFEC’s free educational resources to strengthen their financial health and resilience," said IFEC Chairman Victor Dawes.

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