Hong Kong Connection：Financial Education for Younger Generation

According to the Global Wealth Report 2024, Hong Kong ranks third globally in terms of per capita wealth, with an average wealth of around 4.5 million Hong Kong dollars. The government has recently launched Strive and Rise Programme includes “Financial Planning” as one of the compulsory basic trainings, highlighting the connection between financial capability and career planning as essential life skills. The Investor and Financial Education Committee (IFEC) under the Securities and Futures Commission of Hong Kong has outlined the financial capability elements that adults and schoolchildren should possess at different stages in its “Hong Kong Financial Competency Framework”. Additionally, the Education Bureau has introduced the “Financial Education School Award Scheme” this year in 2024/25 school year. For teachers, parents, and schools, what challenges do they face in teaching the correct financial concepts? As financial products continually evolve, what kind of financial education do citizens need to avoid falling into financial traps?