IEC launches Money Management Start Young!
7 October 2013
- A holistic money management education campaign encourages young adults to plan their finances from young age and promotes responsible attitudes and habits
The Investor Education Centre (IEC) today announced the launch of the 'Money Management Start Young!' education campaign aimed at promoting responsible attitudes and habits towards money management amongst young adults.
Popular singer Ella Koon was appointed the Ambassdor of the campaign, at today's launch ceremony held at the YMCA Hong Kong in Tsim Sha Tsui.
Co-organised with the Hong Kong Monetary Authority, and supported by Institute of Financial Planners of Hong Kong, the Hong Kong Association of Banks, the Hong Kong Polytechnic University, the University of Hong Kong, School of Professional and Continuing Education, and Vocational Training Council, the campaign comprises a creative media competition and a series of interactive workshops to be held at teritiary education institutions and youth centres from October 2013 to May 2014.
Launching the campaign, Mr Miles Larbey, General Manager of the IEC, said, "As they gain their financial independence, young people have numerous important money management issues to deal with, whether they are in tertiary education or entering the workforce, such as how to budget, using credit responsibly, paying for rent or saving up for a deposit."
"Money management is an important life skill for everyone. For young people, the benefits of developing good money management and financial planning skills from an early age can be enormous in the long term, while making financial mistakes, such as running up too much debt, can have serious consequences," said Mr Larbey. "Through this education campaign, we hope to help young adults develop their financial skills, knowledge and confidence, so that they are able to achieve both everyday and longer term financial goals."
"We are also glad that Ms Ella Koon supports our education campaign and we look forward to her sharing her tips on money management with our younger generation." added Mr Larbey.
Ms Ella Koon, the Ambassador of 'Money Management Start Young!' campaign, said at the launch ceremony, "I am honoured to be the Ambassador to contribute to this meaningful initiative. I would encourage our young fellows and my friends to sign up for the workshops and competition to gain the knowledge and skills beneficial to our lifelong financial health."
The campaign covers topics such as how to develop a budget, track spending and manage debt effectively; responsible borrowing including the use of credit cards, education grants and loans; understanding the importance of maintaining a good credit record; the benefits of starting saving from an early age; and rights and responsibilities relating to all aspects of personal finance including prudent investment.
The competition runs from October 2013 to May 2014. The champion will receive a prize of HKD10,000 to kick-start his/her long-term financial plan. A prize presentation ceremony cum exhibition event will be held in May 2014 as part of the campaign to celebrate and promote good money management practices.
The key messages of the 'Money Management Start Young' campaign was developed in response to the findings of the IEC's foundation research report Financial Knowledge and Capability in Hong Kong: A Foundation Study, published in June 2013.
The research found that while most people in Hong Kong have good control of personal finances, young people aged 18-29 were less aware of their living expenses, and one quarter of them did not have a plan to allocate future personal income towards expenses, savings and debt repayment. The research also showed that, relative to the general population, young adults have the least concern about their financial position and engagement in financial planning.
Photos and captions:
- Group photo: Mr Miles Larbey (left), General Manager of the Investor Education Centre, Ms Ella Koon (centre), singer, Ambassador of the 'Money Management Start Young!' campaign and Mr Angus Chan (right), Head, Enforcement Department of the Hong Kong Monetary Authority officiated the launch ceremony at the YMCA Hong Kong, Tsim Sha Tsui.
- Singer Ms Ella Koon was appointed the Ambassador of the 'Money Management Start Young!' education campaign, and shared her personal ideas and experience on money management and financial planning.
- Group photo: Mr Miles Larbey (4th left), Ms Ella Koon (centre), Mr Angus Chan (4th right) pictured with supporting organisations which include Mr Steve Chiu (2nd right), Chairman of Institute of Financial Planners of Hong Kong , Ms Boey Wong (3rd left), Secretary of The Hong Kong Association of Banks, Dr Man-Kwong Leung (2nd left), Associate Dean (Academic Support), Faculty of Business of The Hong Kong Polytechnic University, Mr Albert Hung (1st right), Principal Programme Director, Head of College of Business and Finance of The University of Hong Kong, School of Professional and Continuing Education, Mr Edmond Yu (1st left), Principal of Hong Kong Institute of Vocational Education (Haking Wong), and Mr Anthony Leung (3rd right), General Manager- Sales & Sales Operations of Metro Broadcast Corporation Limited.
- Image of the 'Money Management Start Young!' education campaign.