IEC launches interactive calculators and publications to promote better money management
28 March 2014
Following the launch of the new look and contents of the IEC website (www.hkiec.hk), the Investor Education Centre (IEC) today launched its second set of interactive tools – IEC Debt Calculator and IEC Cut-back Calculator to help the general public in Hong Kong manage their budgeting and personal debts.
Designed to give an overview of all personal debts including credit cards and personal loans, the IEC Debt Calculator provides users with tips and options to help the public manage their debts effectively. The Calculator shows repayment scenarios with different repayment amount, repayment period and annualised percentage rate to facilitate review and comparison; and works out the debt to income ratio to measure the burden of debt over the borrower’s income.
The interactive Cut-back Calculator helps the public prioritise their "needs" and "wants" and look for any non-essential expenses they can cut to save money. It shows the total amount that can be saved per year if cut back as well as the percentage to users’ annual income to facilitate their review and decisions. This Cut-back Calculator supplements the IEC’s existing Budget Planner by encouraging the public to conduct a full review of all their expenses for better money management.
"As Hong Kong’s dedicated organisation to provide comprehensive, credible and impartial financial information and education resources, we have developed these new interactive education resources and tools in response to the findings of our research Financial Knowledge and Capability in Hong Kong: A Foundation Study and the feedback we have received from our stakeholders and consumer research. We hope these resources and tools provide members of the public with an user-friendly and convenient way to plan and manage their personal finances," said Ms Cecilia Ko, Acting General Manager of Investor Education Centre.
Furthermore, the IEC has published two booklets, Financial Planning and Managing your Money, Credit and Debt, to support the public in their learning and actions.
Financial Planning serves as a quick reference guide for the public to understand the concepts of financial planning and to get started with a basic financial plan. Meanwhile, Managing your Money, Credit and Debt provides checklists, tips, case studies and guidance on how to better manage one’s personal finance holistically.
The public can request a copy of the booklets by calling 2700 6000 or download them from the IEC website (www.hkiec.hk).
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