Financial Literacy Around the World
Financial literacy is gaining prominence worldwide, especially with regard to more complex and comprehensive financial systems. It is crucial to acquire a greater understanding of key financial concepts to understand and evaluate the choices available, and more importantly, to better sustain one’s healthy financial well-being.
The work on national efforts and strategies for financial education was launched in 2009 as an integral part of the Organization for Economic Co-operation and Development (OECD)’s project on financial education. Today, nearly 60 economies have implemented national strategies for financial education worldwide.
In October 2013, the Hong Kong Monetary Authority set out to support financial literacy as one of the key initiatives of the high-level principles detailed in the Treat Customers Fairly (TCF) Charter.
In 2015, the Investor Education Centre (IEC) launched the “Hong Kong Strategy for Financial Literacy” (HKSFL), setting out a clear direction for financial literacy and a practical framework for actions across the government, finance, community and education sectors.
Corporate support in financial education is not only beneficial to customers, but is also seen as an effective way to build trust (since customers would then rightfully perceive these brands in a more positive light). In addition, these efforts help to build an economically sound customer segment that can add value to the corporate brands’ respective businesses.
Being an integral part of the financial services industry, the IFPHK is obliged to respond duly to society’s emerging needs. As a consequence are the genesis of the first-ever IFPHK Financial Education Leadership Awards.