Hong Kong’s inaugural financial literacy strategy launched

27 November 2015

  • Cross-sectoral collaboration to raise awareness of the benefits of financial education, extend opportunities to learn and achieve synergy
  • Partnership platform with ambassadors and supporting organisations
  • Launch of Financial Competency Framework and IEC Research Grant

The Investor Education Centre (IEC) today released a coherent financial literacy strategy for Hong Kong. The Hong Kong Strategy for Financial Literacy (HKSFL) sets out for the first time a clear direction for financial literacy and provides a practical framework for actions across the government, finance, education and community sectors.

Mr TC Chan, Chairman, Steering Committee of the HKSFL said: "We hope this holistic Strategy will address various financial education needs of Hong Kong people and raise their awareness of financial education as a lifelong learning process, so they are empowered to make informed and responsible decisions for themselves and their families while coping with ever-changing market developments."

"In view of the increasing complexity of financial products and services and the rapid ageing of the Hong Kong population, the need for raising financial literacy has become more urgent than ever. A financially literate and an informed public will not only contribute to the stability and robustness of the economy, but also alleviate the financial burden to society over the long term", said Mr Chan.

The Strategy is the first initiative of its kind in Hong Kong with three strategic focuses: raise awareness of the benefits of financial education, extend opportunities to learn and enhance coordination and collaboration among stakeholders. To date, 40 sector organisations and industry associations have signed up as supporting organisations, and together with 11 ambassadors will promote the benefits of financial education to the public.

The IEC, with assistance from KPMG, has undertaken a comprehensive process to develop the Strategy building on the results of a public consultation, feedback from a series of stakeholder workshops, international best practice guidance as well as the full support from the community.

Mr David Kneebone, General Manager of the IEC, said: "The IEC is glad to provide support for the overall development and coordination of the Strategy as the secretariat. We will work with the Steering Committee, ambassadors and supporting organisations to make sure the Strategy moves forward to enhance financial literacy and well-being of the population, and to drive real change within Hong Kong society."

"To enable the successful implementation of the HKSFL, the IEC has launched a Hong Kong Financial Competency Framework to help establish behavioural standards for the public to emulate and for organisations to utilise when developing their initiatives. A research grant is also in place to encourage high-quality research with an objective to stimulate new financial literacy research and promote robust partnerships between financial education practitioners and academics," added Mr Kneebone.

For details, please visit the HKSFL website at www.hksfl.hk.

Photos and captions:

  • (From left to right) Professor Leonard Cheng, IEC Chairman, Professor KC Chan, Secretary for Financial Secretary and the Treasury, Mr TC Chan, HKSFL Steering Committee Chairman and Mr David Kneebone, IEC General Manager, officiated the launch ceremony of the Hong Kong Strategy for Financial Literacy. The Strategy aims to harness the enthusiasm and efforts of various sectors by setting common goals and enabling cross-sectoral collaboration to address financial education needs in Hong Kong.
  • Ambassadors from various sectors join up to raise awareness of the importance of financial literacy as well as the benefits of financial education. The officiating guests (centre) pictured with ambassadors. (From left) Mr Sze Kwok Hin, Mr Lau Chun Kong, Ryan, Ms Lam Yuen Lee, Viola, Ms Chui Yuk Ha and Mr Chan Wing Luk. (From right) Mr Hsiao Chun Mo, Moses, Ms Fang Meng Sang, Christine, Mr Lee Kam Wing, Bruno and Ms Lee Lai Kuen, Shelly, participated in the launch ceremony.
  • In collaboration with IEC, 40 sector organisations and industry associations from various sectors will participate in the Hong Kong Strategy for Financial Literacy as supporting organisations to help achieve synergy in providing financial education to the general public.