Hong Kong’s Investor and Financial Education Council (IFEC) has launched the “Hong Kong Money Month 2022” campaign, providing consumers with learning opportunities in investment and financial education through multiple touchpoints .
With the theme “Invest in yourself”, the campaign aims to raise awareness of the importance of early financial planning and investor education in Hong Kong. Highlights of the initiatives include online money management quizzes, which aim to test young people’s knowledge of personal finance and help elementary school students learn basic money management concepts. money. A writing contest aimed at inspiring high school students to realize the importance of financial management in achieving their life goals will be launched as part of the campaign.
IFEC will also launch a Financial Wellness Program to provide a range of toolkits and seminars on money management and retirement planning for employers to offer their employees; and a training workshop for social workers to master the knowledge and skills needed to become financial trainers for the community.
Meanwhile, organized by the Education Bureau, Hong Kong Monetary Authority, the 2022 Hong Kong Financial Literacy Championship will allow high school students to learn about green and sustainable finance and value 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 investments, and the Insurance Authority will explain insurance needs at different stages of life.
“Investor and financial education plays an important role in shaping the overall financial well-being of individuals and families in all segments. IFEC will continue to partner with stakeholders to provide learning opportunities for the public to cultivate the right attitude and behavior, as well as good financial planning and investment habits, in order to ‘further improve one’s financial well-being,’ said Dora Li, chief executive of IFEC.
IFEC also looked at the impact of COVID-19 on money management and financial literacy levels of Hong Kongers in its latest Financial Literacy Monitor survey conducted at the end of 2021. More than half (51%) of respondents surveyed said their household income had dropped during the pandemic, and as a result 41% said they had saved less. The majority of respondents (83%) have had to adjust their spending habits and have become more financially prudent since the start of the pandemic. More than two-thirds of respondents (69%) said they had reduced their monthly expenses, 37% compared prices more frequently, and 34% had stopped or delayed buying big-ticket items. In terms of setting financial goals, less than half (47%) said they had set long-term financial goals, down from 54% in 2019.
Additionally, the majority (79%) of respondents said they were open to learning financial management issues to keep abreast of emerging trends and developments, with 35% being active learners. Active working adults (30-49 years old) are the most active group, followed by young working adults and pre-retirees (over 50 years old).
“The theme of this year’s Hong Kong Money Month, Invest in Yourself, is an open invitation to all members of the community to start their financial planning early and gain investment knowledge to improve themselves. In light of the challenging economic environment resulting from the continuing COVID-19 pandemic, we call on the public to use IFEC’s free educational resources to build financial health and resilience,” said the President of IFEC, Victor Dawes.
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