Tackling Financial Literacy through Financial Education
The financial services industry has long been one of Hong Kong’s most significant pillars. In 2017, it accounted for 17.7% of the city’s total GDP, second only to the trading and logistics industry’s 21.7%.
Nevertheless, recent research continues to highlight the problem of financial illiteracy among the general public. Carried out in the 2nd quarter of 2017, a survey conducted by the Investor and Financial Education Council (formerly known as Investor Education Centre) has revealed that more than half of the survey interviewees, especially teenagers, have made investments without conducting appropriate due diligence. This is an issue that needs to be addressed.
Boosting financial education is one of the most sought-after ideals in Hong Kong, as it can have positive knock-on affects from one generation to the next. Therefore, we need an orchestrated effort to create a sea change. Regulators, industry players and professionals should come together to provide effective financial education to help the public make sound financial decisions responsibly.
As one of the leading professional bodies in the financial services industry, the IFPHK launched the first-ever “Financial Education Leadership Awards” awards last year to help widen Hong Kong’s financial education vision – while encouraging and rewarding those who are doing their part to address society’s needs.
Last year, the Awards aroused an overwhelming response in the community, from corporate entities to individuals. This reflects a firm commitment to deliver financial education unconditionally. I strongly believe that with our concerted efforts, together with the added recognition of the IFPHK Financial Education Leadership Awards 2019, we will continue to lead the public on better financial life journeys. Thus, I call upon your support for this meaningful initiative.