The start of summer break brings students more free time, naturally leading to increased screen time. Today's youth are deeply immersed in the digital world, from in-game spending and online shopping to supporting idols, subscribing to paid services, and tipping livestreamers. These activities involve important financial values and judgment. It is important for parents to proactively recognise this trend, communicate with their children and guide them toward sound digital financial habits.

Whenever students use their phones or computers, they are constantly targeted by online marketplaces promoting new products, sellers in chatrooms offering limited-edition collectibles, and livestreamers urging viewers to join paid memberships. Without adequate digital financial literacy, students can easily fall into the trap of unnecessary purchases or even become victims of scams.

1. Online shopping traps and impulse buying: Popular toys, collectibles, and limited-edition items are often advertised with phrases such as “limited edition” or “only one left”, creating a sense of urgency and FOMO (fear of missing out). These tactics encourage hasty decisions. Additional discount offers and seller pressure can further weaken their judgment, increasing the risk of impulsive spending.

2. Private transactions and fake sellers: Scammers often lure students with low prices, request upfront payment, and then disappear or deliver products that do not match the description. Even face-to-face transactions are not risk-free – incidents of product swapping, theft, or on-the-spot pressure have occurred during meetups, and goods have been stolen during exchanges in public places. Students must remain vigilant regardless of the transaction method.

3. Small but frequent in-game spending and tipping: Unlike one-off large expenditures, small and repeated payments can easily be overlooked. Spending HK$10 or HK$20 at a time on game credits, livestream tips, or subscriptions may seem insignificant, but these costs can quickly add up over the summer. Peer influence can make it worse, as students may feel pressured to keep up with friends who are tipping or upgrading memberships. The convenience of online payments makes it even easier to lose track of actual spending.

Digital financial literacy goes beyond simply saving money. More importantly, it is about developing the habit of “Stop, Check, and Ask” before making any financial decision. Parents can help their children understand online activities such as gaming spending, online shopping, paid memberships, and online tipping in a positive and balanced manner. This helps children enjoy the digital world while staying rational and self-disciplined, and reducing the risks of falling victim to scams and impulse spending.

Parents can use the following tips to guide their children in developing age-appropriate digital financial literacy:

In today’s digital age, financial technology and digital payments bring convenience and opportunities but also introduce challenges and risks. Keeping children away from the internet is impractical. Instead, parents and educators should guide young people to enjoy the convenience and entertainment of the digital world while practising financial discipline, maintaining rational judgment, and staying alert to potential risks. This is a sustainable way to build healthy digital financial literacy.

Worksheet : Online shopping [Aged 8-11] (Download)

Worksheet : Are free trials really free? [Aged 9-14](Download)

Worksheet : Mindful of Cybersecurity [Aged 9-14] (Download)

Worksheet : Spotting scammers' tricks [Aged 3-8] (Download)

Worksheet : Beware of In-Game Purchase Addiction [Aged 9-14] (Download)

IFEC Money Tracker app

Download the IFEC Money Tracker to track expenses and income, create budgets, monitor spending habits, and work towards savings goals. The app offers features such as shared budget management, allowing parents to ensure that their children's spending stays within budget.

Download IFEC Money Tracker app

"The Chin Family Smart About Money" animation series

The animation series revolves around hot topics, encourages students to develop the right attitude towards online game spending, idol support, cybersecurity, virtual assets, savings and tracking expenses, fostering healthy money management habits.

Watch "The Chin Family Smart About Money" animation series

Parents can take children to the IFEC FinEd Hub at The Mills in Tsuen Wan. The hub features an immersive and interactive environment that blends real-world financial scenarios into fun games, allowing families to learn money skills together in an enjoyable way.

Book a visit to the IFEC FinEd Hub.