Issues of Aging and Financial Inclusion in Hong Kong
The OCED and Global Partnership for Financial Inclusion (GPFI) published in June 2019 the G20 Fukuoka Policy Priorities (“Policy Priorities”) on Aging and Financial Inclusion. It highlights specific policy priorities and aims to help policy makers, financial service providers, consumers and other stakeholders to identify and address the challenges associated with aging populations and the global increase in longevity, such as limited savings, low financial literacy, insufficient digital capability, lack of suitable financial products and exposure to financial abuses, etc.
The elderly in Hong Kong, similar to those in many other economies, face issues related to aging and financial inclusion. While different stakeholders have looked at specific issues faced by elderly in Hong Kong, with the publishing of the Policy Priorities, it is timely for Hong Kong to holistically review these issues and take actions where necessary.
With the Policy Priorities as a basis, the IFEC intends to work with relevant stakeholders to examine the issues of aging and financial inclusion of elderly in Hong Kong with the goal of recommending and advocating for preventive and remedial measures.
Input from stakeholders is important in examining the issues and developing the recommendations. Relevant stakeholders from different sectors will be invited to share their views, possibly in the form of round-table discussions or interviews.
As advocacy on financial literacy is one of the strategic focuses of the Financial Literacy Strategy, the IFEC will focus on the eventual advocacy of measures in relation to financial education recommended in this initiative.