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Strategy for Financial Literacy -
Hong Kong SAR
OECD-Thailand Seminar on Financial Inclusion and Financial
Literacy in Asia, December 2014
Jeanette Kwok
Senior Manager, Corporate Communications, Research & Planning
Investor Education Centre www.hkiec.hk
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Contents
Establishment of the IEC
Hong Kong context and gaps
IEC Strategy
Hong Kong Strategy for Financial Literacy
Future plan
ESTABLISHMENT OF THE IEC
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Road to IEC
Feb 2010
HKSAR Government published proposals for a dedicated investor education organisation.
Dec 2010
HKSAR Government announced decision to establish the IEC with widespread support from stakeholders.
May 2012
Securities and Futures Ordinance amended to allow SFC to delegate its broadened education function to the IEC.
Nov 2012
The IEC officially launched
Helping HK people improve
their financial knowledge
and capability
Supported by financial
regulators, Education
Bureau and finance
industry
Work closely with
government, finance,
education and community
sectors
About the IEC
HONG KONG CONTEXT AND GAPS
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Hong Kong - statistics
Population 7.235 million (mid-2014)
Labour force 3.908 million (3.3% unemployment rate)
Oct 2014
GDP HKD2,022.2 billion / USD261 billion (2013)
GDP (per capita) HKD295, 303 / USD38,098 (2013)
Life expectancy Male: 81 Female: 86 (2013)
IEC Research: Financial literacy & capability
Financial
control 93% lived within
means
48% did not have a
budget plan to
manage expenses
Debts 1 in 5 HK people had
borrowed money and
19% had failed to
repay their debt
repayments on time.
13% admitted that they
struggled against
temptations
Financial goals Financial planning -
least knowledge and
capability
82% had financial
goals, but only half took
actions to achieve
Financial
resilience Half did not set aside a
fund for unexpected
financial needs
Youth Problems dealing
with money in
particular credit
cards
Least engagement
Investments One-third of investors
expected to have over
20% for their annual
investment returns
55% considered that
investing in RMB
guaranteed value
appreciation.
Retirement 16% did not save
Inflation was ranked top financial
concern, retirement needs came last.
Only 22% actually estimated how much
they need for retirement
IEC Research: Financial literacy & capability
IEC STRATEGY
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IEC Strategic Plan
2013 - 2016
Mass media
Research and evaluation, stakeholder collaboration
and international engagement
Community
outreach Website
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Strategy and approach
• Website: A central place
for comprehensive,
credible and impartial
financial information and
resources
• Outreach
activities for
school, youth,
grassroots and
elderly
• Media
campaigns on
TV, radio, print
and outdoor
channels
HONG KONG STRATEGY FOR FINANCIAL STRATEGY
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Objectives of Hong Kong Strategy for
Financial Literacy
Efficient
Relevant Consistent
Impactful
Improving financial literacy in HK
Contribute to
common objectives
Avoid duplication & ensure integration
Stimulate momentum
Provide guidance
and platform
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Key steps to building Hong Kong Strategy
for Financial Strategy
Audit of existing financial education initiatives & relevant research
Assess population needs to identify and agree target groups
Stakeholder consultation – clarify roles and responsibilities
Create structure for governance, co-ordination and implementation
Awareness, communication & engagement
Evaluation framework
IEC Financial Literacy Forum 2014
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Over 150 local and overseas practitioners and distinguished guests representing
the government, finance, education and community sectors gathered to discuss
promoting and improving financial knowledge and capability in Hong Kong.
FUTURE PLAN
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Refine IEC Strategy
Consumer research: IEC Brand & Resources
What works and what not
- Key audiences
- Gaps and mapping of contents and resources for audience
capability and needs
- Communications
- Brand acceptance, effectiveness and preferred qualities
Hong Kong Strategy for Financial Literacy and IEC Strategy
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Key focus areas
Develop Hong Kong Strategy for Financial Literacy
Financial Competency Framework (students and adults)
Independent, credible and accessible authority and brand for
financial education
Financial Capability and Behaviour Monitor
THANK YOU!
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