IFEC launches Hong Kong Money Month 2021 to help
enhance digital financial literacy

An array of activities to help Hong Kong public to navigate in the digital era

1 March 2021

• IFEC study revealed that the COVID-19 pandemic has led to a higher adoption of digital financial services
• Nearly half (47%) of surveyed respondents have encountered online scams and one in eleven (9%) suffered financial losses

The Investor and Financial Education Council (IFEC) today launched Hong Kong Money Month 2021, an annual territory-wide campaign to promote good financial planning and improve digital financial literacy of the Hong Kong public. An array of activities and resources will be offered by IFEC and supporting organisations covering a wide spectrum of free initiatives for the general public.

The IFEC Chairman, Mr Lester Huang, said at the launch ceremony, “The COVID-19 pandemic has accelerated the digital transformation of financial services. While technology has enabled us to manage our personal finances with greater ease and convenience, it underpins the importance of digital financial literacy, and the need to counter the increasing threats from online fraud and cybercrime.”

“Together with support from stakeholders, Hong Kong Money Month 2021 will help equip the public with the necessary skills and knowledge to navigate the rapidly evolving digital world.” Mr Huang added.

Due to the COVID-19 pandemic situation, most activities will be carried out virtually, with a focus on digital and online money management, investing, scam prevention and cybersecurity.

Highlights of key initiatives¹ include:

• Anti-scam Online Quiz to help check people’s awareness and knowledge of financial scams and the possibility of becoming a victim.
• Facebook Live Talks to uncover tactics of ramp and dump scams on social media; virtual and traditional banks comparison, and how Fintech is transforming personal investment.
• Global Money Week Portal to provide money resources for schoolchildren and young adults.
• Money Management Challenge for students in primary, secondary and tertiary schools to take part and showcase their money management knowledge.
• Online Money Management Toolkit for working adults from all walks of life to help deal with their financial challenges during the pandemic.
• Parenting and Digital Money Webinar for parents to learn how to teach children to manage their digital money.
• Retirement Planning Guide for retirees to learn the basics of retirement money management.
• Workplace Online Money Workshop for tertiary students to learn about the essential personal financial life skills when entering the workforce.

Members of the public can visit the dedicated Hong Kong Money Month website (www.moneymonth.hk) to know more about the free and comprehensive learning activities.

The IFEC also announced its latest Digital Financial Services Usage Study revealing that there has been an accelerating uptake of digital financial services in Hong Kong. At the same time, with digital advancement and increasing popularity of social media, Hongkongers are increasingly being exposed to the looming threats of online scams.

The study showed three in four (75%) of the surveyed respondents used some form of digital financial services in the past year, with the top three areas being online banking (70%), online payments (57%) and online investing (43%). About half claimed they had used digital financial services more often in 2020 than the previous year, particularly for making online payments.

Amidst the digital and social media surge, close to half (47%) of the surveyed respondents reported having experienced online scams before, and one in eleven (9%) have consequently suffered financial losses, resulting in an average loss of over HK$17,000. Common online scams encountered by the respondents include receiving phishing emails or bogus calls to acquire bank account details (26%), online shopping frauds (12%) and fraudulent emails requesting money transfers (10%).

“Online scams and cyber-security threats have become pressing and serious issues with digital advancement and increasing popularity in social media usage,” IFEC General Manager Ms Dora Li said. “Through Hong Kong Money Month 2021, it is hoped that we can raise public awareness about online scams, and hopefully induce attitudinal and behavioural change, to help people better protect themselves against these scams and threats.”

A list of activities during Hong Kong Money Month 2021

(From right) Ms Dora Li, IFEC General Manager; Mr Ashley Alder, Securities and Futures Commission Chief Executive Officer; Mr Lester Huang, IFEC Chairman and Ms Kandy Wong, artiste officiated the Hong Kong Money Month 2021.