IEC calls for a Hong Kong strategy for financial literacy

10 November 2014

The Investor Education Centre (IEC) today held its inaugural financial literacy forum to call for a "Hong Kong strategy" that is focused on increasing financial literacy.

In his keynote address for the forum themed "advancing financial education through collaboration and innovation," Professor K C Chan, Secretary for Financial Services and the Treasury, highlighted the importance of financial literacy and the socio-economic benefits it would bring Hong Kong. Over 150 local and overseas practitioners and distinguished guests representing the government, finance, education and community sectors gathered at the forum to discuss promoting and improving financial knowledge and capability in Hong Kong.

Mr David Kneebone, General Manager of the IEC, said: "Hong Kong has an increasing and diverse range of financial education initiatives. While we celebrate the diversity of efforts, it’s time to harness the enthusiasm, goodwill and strengths of stakeholders from different sectors to set common goals that are conducive to the future development of Hong Kong as an international financial centre."

"A coherent strategy for financial literacy is essential as it assists to avoid duplicated efforts and helps to address gaps in resource production. It will also stimulate greater momentum to increase financial literacy efforts generally and provide a platform to support peer learning and professional development,” he added. He also sought the support of stakeholders from various sectors in taking this step forward to advance financial literacy in Hong Kong.

Professor Leonard Cheng, Chairman of the IEC in his opening remarks, said: "We hope the IEC Financial Literacy Forum will provide a good framework for discussions on financial education, especially to build a consensus on how financial education should be understood and practiced. Cross-sector collaboration is key to bringing financial education to the next level and enhancing the financial well-being of people in Hong Kong."

Two leading international experts on financial literacy Mr Olaf Simonse from the Netherland’s Ministry of Finance and Dr Joanne Yoong from the National University of Singapore joined the forum to share with the audience the benefits and challenges of implementing a financial literacy strategy; as well as the latest global developments and research results regarding long-term savings and investment for retirement.

More details on the forum are available in the IEC website: www.hksfl.hk.

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