IEC promotes understanding of financial planning and money management in new TV drama series
26 September 2013
To help educate the public of the importance of holistic financial planning and money management, the Investor Education Centre will launch a new TV drama series, produced jointly with TVB, from 30 September 2013.
Entitled 'Wisdom of Financial Planning' , the 10-episode one-minute drama series explains various financial planning and money management concepts, ranging from budgeting to investing. The drama series uses everyday scenarios in the setting of a family to address various financial needs and goals at different life stages. Certain episodes are specifically tailored for particular target groups, such as young adults, pre-retirees and the elderly.
The series covers topics such as the importance of financial planning; how to develop a holistic financial plan and build an investment portfolio; responsible borrowing as part of a financial plan; role of insurance to protect your assets, as well as seeking professional advice.
Mr Miles Larbey, General Manager of the IEC said, "Financial planning is an important life skill whatever your age or circumstances. The ability to holistically manage and plan your finances allows people to better achieve their financial goals throughout their life, whether those goals are relatively large such as buying a house and planning for retirement; or relatively smaller ones such as paying for education or going on vacation."
"Through this entertaining drama series, we hope to help people manage all aspects of their personal finances including the ability to budget, manage debt, protect assets against unforeseen incidents with insurance and invest responsibly commensurate with their risk tolerance," added Mr Larbey.
The key messages of this education initiative were developed in response to the findings of the research report Financial Knowledge and Capability in Hong Kong: A Foundation Study, published in June 2013. The research, which was commissioned by the Securities and Futures Commission to inform the establishment of the IEC, found that financial planning, as a key aspect of financial literacy, was an area where Hong Kong people demonstrated the lowest levels of understanding and ability. Only about one third of respondents (36%) had chosen to do a financial plan but the nature and benefits of financial planning were not very clear to them.
For example, about half of the respondents (49%) believed that financial planning was only tailored for multi-millionnaires and the majority (68%) of respondents considered it only involved investment and wealth management advice. For those who have notplanned their finances, a third (33%) said they did not need it, or they did not know where to start (28%), and some (24%) mentioned that they did not have time to do it. In addition, the research showed that the mature age demonstrate a lower understanding of financial matters while young adults have the least concern about their financial position as well as the least engagement in financial planning.
The education programme series will be broadcast from 30 September to 11 October 2013 at 10.30 pm on TVB Jade and HD Jade. All episodes will be re-run on TVBs website (http://www.tvb.com) for four consecutive weeks after the broadcast. The audience can also participate in an interactive quiz on TVB Fun mobile apps after each episode.
Members of the public are invited to visit a dedicated sitelet on the IEC website (www.hkiec.hk) for full details of the education programme.