IFEC Publishes Annual Report 2021-22
Making New Connections

The Investor and Financial Education Council (IFEC) today published its Annual Report 2021-22 that reviews its work and initiatives to advance investor and financial education in Hong Kong.

Themed “Making New Connections”, the report summarises an integrated and digital-led approach that the IFEC has adopted to connect with the Hong Kong public amid the challenges arising from the COVID-19 pandemic. The report highlights major trends and developments in the investor and financial education space, and how the IFEC addresses and caters to the learning needs of the population and different segments.

IFEC Chairman Mr Victor Dawes said, “Financial literacy is an essential tool for individuals to manage their financial affairs wisely and to be prepared for the unexpected. We have seen in recent years that COVID-19 has accelerated the need for enhanced investor and financial education to support better personal financial management and decision-making, and to build greater resilience.”

“Digital financial literacy has also become an important aspect of our education work. We have designed campaigns and programmes to help the public acquire the skills and knowledge to use digital financial products and services in a safe and responsible manner, and to guard against the risks associated with an evolving investment and digital environment.”

Key highlights for the year include:

• Campaigns and programmes for public and target segments via integrated channels: Thematic campaigns included the “What You Need to Know about Investing” campaign, the Anti-scam campaign, World Investor Week and Global Money Week. The IFEC also digitalised “The Chin Family Money and Virtues Story Books and Activities Programme” for kindergartens and the “Stock Trading Guru” programme for secondary school students, online toolkits for employees on retirement planning and money management, etc.
• Increase social media engagement: The Chin Family Facebook and Instagram followers have risen respectively, showing the IFEC successfully engaged more youngsters and those who are familiar with social media to learn more about investments and financial management.
• Provision of tailored investor and financial education information to the public: Delivered investor education on trending and topical matters via traditional and online channels. A wide range of topics were covered, such as investment, green and sustainable finance, crypto-assets, collective investment schemes, scam prevention and the Cross-boundary Wealth Management Connect Scheme in collaboration with the Hong Kong Monetary Authority.
• Stakeholder collaboration: Organised the Hong Kong Money Month 2022 which was supported by government departments, financial regulators, finance, education, NGO and media sectors, and some 70 financial education initiatives were organised for the public. In addition, to encourage more organisations to provide investor and financial education, the inaugural Investor and Financial Education Award 2021 was launched to recognise the efforts of 31 organisations, schools and teams for their valuable contributions towards investor and financial education in Hong Kong.
• The adoption of evidence-based approach: The IFEC has conducted three thematic research studies during the year, namely the Parenting and Money Study, the Retail Investor Study and the Financial Literacy Monitor, to understand more about the characteristics and needs of the target audience.

IFEC General Manager Ms Dora Li said, “More than ever in an environment of change and unprecedented challenges, the IFEC is committed to providing free, accessible and practical investor and financial education programmes and resources cater for individuals, families and various segments of the Hong Kong community. Through our array of programmes and initiatives, as well as our cross-sectoral collaborations, we are committed to provide meaningful and impactful investor and financial education programmes to help people manage their money wisely and help improve their financial wellbeing.”

An online version of the annual report is available on the IFEC website.

Photo:

• The cover of IFEC Annual Report 2021-22: Making New Connections