IFEC launches Hong Kong Money Month 2023 to call for the public to enhance their digital financial literacy through various digital tools tailored for the Hong Kong public

1 March 2023

  • An array of financial management digital tools and activities are launched to help Hong Kong public to navigate in the digital era

The Investor and Financial Education Council (IFEC) today launches "Hong Kong Money Month 2023", an annual campaign to promote good financial planning and improve digital financial literacy of the Hong Kong public. Under the theme of "Be a Digital Finance Hero", a new TV commercial has been produced to call for the public to start their digital investor and financial education journey to manage their finances. Stakeholders from various sectors also help by offering an array of free activities and resources to enable members of the public to understand the risks and opportunities related to digital finance in a bid to help them enhance their financial well-being.

Mr Victor Dawes, Chairman of IFEC said, "With the continuous digital transformation in financial services, the public are increasingly exposed to a wide variety of financial management and investment products online. The 'Hong Kong Money Month 2023' aims to enhance the public's digital financial literacy so that everyone can enjoy the benefits and convenience brought about by digital finance while become better equipped in identifying and staying vigilant against potential risks."

IFEC Money Tracker Mobile App to track income and expenses to cultivate good financial management habits

The IFEC launches a new IFEC Money Tracker Mobile App to help members of the public cultivate essential financial management habits through tracking income and expenses while on the go. The enhanced and intuitive interface of the mobile app allows users to categorise expenses for better budgeting and to help them realise their savings goals.

IFEC Retirement Planner to start early to plan for a sustainable financial future

With the aim to encourage people in Hong Kong to start early to plan for a sustainable financial future, the IFEC Retirement Planner will facilitate users to map out their anticipated retirement needs and provide free action plans outlining key considerations on retirement planning.

To equip the public to stay vigilant on financial scams

Different types of financial scams are on the rise and this will seriously affect the financial well-being of the victims. According to the Hong Kong Police Force1, the number of cases of fraud and deception grew 45.1% to nearly 28,000 in 2022 compared to 2021, with over 70% of the reported cases as Internet-related. More than $1.8 billion and $1 billion were involved in investment fraud and telephone deception respectively. IFEC has prepared an array of online games to help the public to identify financial scam tactics and raise awareness to stay vigilant against swindlers. These include "Money-verse" online role-playing game and "One Day Adventure with Grandparents Chin" (in Chinese only) that simulate common financial scams encountered in daily life.

IFEC General Manager Ms Dora Li said, "The IFEC is committed to delivering the tools and resources that are practical and relevant to the needs of the public in a bid to cultivate good investment and financial management habits. We would like to thank the dedication and support of our stakeholders from different sectors to help promote and reinforce the importance of investor and financial education to create more learning opportunities for the public."

Highlights to key initiatives on Hong Kong Money Month 2023:

  • Online investing – an animated video offers an overview of the latest products and services provided by online service providers, reminding investors on cybersecurity and to be aware of their rights and responsibilities when engaging in online investment activities.      
  • Retirement planning - online seminar co-hosted with Insurance Authority and with the support from Mandatory Provident Fund Schemes Authority on retirement planning to discuss how tax-deductible retirement products can be useful for retirement planning with case studies and usage of various retirement planning digital tools.
  • Virtual assets – spokespersons from Financial Services and the Treasury Bureau and the Securities and Futures Commission to discuss the latest product and regulatory developments on the asset class in an online interview.
  • Online investment trends and impact of gamification webinar co-hosted with CFA Institute and CFA Society Hong Kong to discuss the latest online investment trends including the proliferation of online investment platforms and the impact of gamification on retail investors. Speakers will also share their insights on the macro-economic outlook amid uncertain market conditions.

For more details on the free activities offered by "Hong Kong Money Month 2023", please visit IFEC website.

Photos and captions:

1. Hong Kong Police Force: 14 February 2023