No More Financial Regrets: Hong Kong Money Month Calls for All to Take Action on Financial Goals

1 March 2019

• IFEC survey revealed more than half of Hong Kong adults have financial regrets
• Over a hundred representatives from the government, finance, education and non-profit sectors join hands to support Money Month and promote widespread financial learning opportunities and events across the Hong Kong territories
• More organisations take part in offering over 90 free events and initiatives to students, working adults, investors, retirees and vulnerable groups

The Investor and Financial Education Council (IFEC) today launched Money Month 2019, a Hong Kong-wide campaign to promote good financial planning and well-being among the Hong Kong public. The launch ceremony was attended and supported by over 100 representatives from the Financial Services and the Treasury Bureau, Education Bureau, Hong Kong Monetary Authority, Insurance Authority, Mandatory Provident Fund Schemes Authority, Securities and Futures Commission and many financial education partners.

Taking place during the month of March under the theme Plan For Your Future: Act Now!, this annual campaign provides the means for Hong Kong people to break free from financial regrets and achieve their goals. According to an IFEC survey¹ released last month, 59% of the adults in Hong Kong said they struggle with financial regrets from the past year. They include spending too much, failing to make any investments and not following a budget.

The Secretary for Financial Services and the Treasury, Mr James Lau, said, "The Government is dedicated to promoting financial education in Hong Kong. We support the Investor and Financial Education Council to enhance the financial literacy of the general public by means of a wide range of educational activities. In face of the uncertainties in the external environment including trade frictions between China and the US, Brexit and global economic downward pressures, the financial markets will inevitably become more volatile making investments even more challenging. There is therefore a need to educate the investing public to stay resilient and vigilant against any downturn."

He also called for support from the community to contribute towards a more financially literate society.

Money Month rallies support from more than 40 organisations across a wide spectrum to offer solutions to the many money related questions asked by people from all walks of life. Close to half of the 40 participating organisations are social welfare related and the rest are from government bodies, sectors of banking and finance, and education. Joining force together, they offer over 90 financial education events and initiatives to the public and targeted groups in conjunction with Money Month.

Activities will comprise of shopping mall events, financial planning seminars, investment talks and online learning opportunities for students, working adults, investors, retirees and vulnerable groups.

"In our recent survey, we found that when it comes to financial planning, a lot of Hong Kong adults tend to focus more on the short term, and they lack the confidence to achieve their long-term financial goals," said IFEC Chairman Mr Lester Huang. "Many people also tend to procrastinate, or simply don’t know where to start."

"That’s why we would like to urge everyone to act now, to review where they are in regards to money, make solid plans, and commit to take action towards their financial well-being," said Mr Huang.

In its third year running, the annual Money Month campaign aims to raise the awareness of the importance of financial literacy, provide more financial education opportunities for people and invite more stakeholders joining us to spread the word.

Members of the public can visit the Hong Kong Money Month website (www.moneymonth.hk) to make use of the free and comprehensive resources and tools and register for events.

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