IFEC launches branding campaign to raise financial resilience for consumers in HK

The Investor and Financial Education Council (IFEC) has launched a new branding campaign to raise financial resilience for consumers in Hong Kong.

The council has prepared a series of investor and financial education activities in a bid to cultivate good financial management habits among the public to get prepared for different challenges, enhancing their financial resilience.

The multimedia investor and financial education campaign is promoted via TV, outdoor advertising, internet and social media.

IFEC chairman Victor Dawes said: “Global inflation, market volatility and life circumstances can all put your financial resilience to the test. As we commemorate the 10th anniversary of the IFEC, we would like to remind all that with sound market knowledge, good money management and planning, we can become better equipped to handle financial shocks.”

IFEC general manager Dora Li said: “The IFEC team would like to extend our sincere gratitude to the Board, all our stakeholders and the public for embarking on this meaningful journey with us to help enhance investor and financial education in Hong Kong during the past ten years. Building financial resilience is an essential skill in the 21st century."

"The IFEC will continue to dedicate our efforts to work with stakeholders to provide investor and financial education resources and tools to help improve the financial literacy level in a bid to cultivate good financial management behaviour for the people in Hong Kong. We look forward to continuing this fruitful journey with you all together," Li added. 

To help the public to identify financial scams in order to stay vigilant, IFEC has developed an anti-financial scam board game called “One Day Adventure with Grandparents Chin”. A pilot run was conducted at local senior centres with an impact measurement exercise conducted by the City University of Hong Kong earlier this year.

Results showed that the board game had a positive impact on preventing the participants from falling prey to financial scams. Seniors who participated in the board game showed improved self-efficacy (around 10%), reduced susceptibility to scams (around 18%) and increased awareness of financial scam situations (around 16%).

The evaluation has shown that only 19% of the board game participants would give out personal information to a stranger in a hypothetical financial scam call, which is significantly lower when compared to the 44% of the control group that had not participated in the board game.

Furthermore, the IFEC introduced an animation series “The Chin Family Money Management Idioms”, allowing the children to learn money management knowledge in an interesting way. Revolving around the everyday lives of The Chin Family, these animated stories instill basic money knowledge through Chinese idioms, and help children develop good money management habits.

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