Core actions

Under each of the three strategic focuses of the Financial Literacy Strategy are the following core actions.


Awareness

Increase the public's awareness of the benefits of financial education to their financial well-being.


Annual territory-wide awareness campaign

An annual territory-wide financial education campaign, such as the Hong Kong Money Month, can raise the public interest in financial education and may have synergies if complementary initiatives are run by different stakeholders at the same time.


Evidence of how financial literacy affects peoples' lives

Publicity of thematic research on how people manage their finances and the ramifications (due to low financial literacy) can raise the public awareness of the importance of financial literacy to their well-being.


Communicate the positive impacts of initiatives with financial education elements

Examples of positive impacts due to initiatives with financial education elements should be emphasised and promoted to different population segments by leveraging on stakeholders' reach to their service targets through their day-to-day operations.


Advocacy

Raise the awareness of policy makers and stakeholders of how raising financial literacy levels can support their policy areas and works.


Advocate financial literacy to policy makers

Regular engagement with policy makers can encourage them to include and/or escalate financial literacy to higher priorities, or embed financial literacy into their policy areas.


Respond to consultations on relevant policies or issues

Active responses and feedback to any public consultations on policies or public issues to which financial literacy is relevant will be done in order to influence the policy outcome that may benefit the public or the target groups' financial well-being.


Educate stakeholders on relevance of financial literacy

Engage stakeholders, who have initiatives aiming to improve the well-being of their service targets, to recognise the relevance and importance of financial literacy and integrate financial education elements into their initiatives.


Collaboration

Support collaboration amongst stakeholders for delivery of more and higher quality financial education.


Financial Education Co-ordination Committee

Establish a committee to foster closer communications and collaboration among stakeholders that are currently active in providing financial education. The committee will also provide a platform for sharing best practices of financial education in Hong Kong.


Opportunities for sharing and collaboration

Events such as the Stakeholder Sharing Workshop and the Financial Literacy Forum can provide insights into the good practices of some stakeholders and how partners can work together to enhance the reach and effectiveness of financial education.

A repository which contains information on financial education initiatives provided by supporting organisations of the Financial Literacy Strategy, can help increase the visibility of the education work of stakeholders.


Awards for recognising good works

Active engagement and collaboration of stakeholders in financial education can be encouraged and recognised through award schemes organised by different sectors.


Competency frameworks

A financial competency framework for Hong Kong can define the expected financial competency level that a person in different life stages should possess and help stakeholders to design and implement appropriate financial education initiatives.

An investor competency framework can define the competency that an investor is expected to possess and can help the investment community assess whether individuals have adequate competency to engage in investment activities.


Support for research, evaluation and monitoring

Research is critical to the development of financial education. A research grant programme will encourage high-quality academic research to advance financial literacy in Hong Kong.

A solid evaluation on the impact of individual financial education initiatives can help direct resources and drive the improvement of future initiatives. A set of evaluation guidelines will help stakeholders to effectively assess specific financial education initiatives.

The financial literacy levels of the public and the various target groups will be monitored and the results will be shared with stakeholders to identify areas of weaknesses and direct stakeholders' focus and education efforts.