Hang Seng Bank : and TWGHs Healthy Budgeting Family Debt Counselling Centre launch ‘Money Master Financial Education Programme’ (29 Jun 2021)

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29 June 2021

Hang Seng and TWGHs Healthy Budgeting Family Debt Counselling Centre

Launch 'Money Master Financial Education Programme'

Equips Young People with Positive Money Attitudes and Skills to Plan for Future

And Protects Them from Online Fraud Traps

Hang Seng Bank and TWGHs Healthy Budgeting Family Debt Counselling Centre today announced the launch of 'Money Master Financial Education Programme' to build the digital financial literacy and money management skills of 12- to 15-year-old junior secondary students. The programme also aims to raise youngsters' awareness on issues such as online financial security and financial cyber-crime.

Experts suggest1 it is crucial to learn financial education at an early age as childhood and youth experiences play a big role in shaping an adult's money management behaviours. Many existing financial education programmes target senior secondary and tertiary students. However, more young people are beginning to gain greater financial exposure and independence in the transition from primary to secondary school, making it an ideal time to begin learning about basic financial concepts and money management.

At the same time, with the use of digital commerce and payment technologies continuing to spread, convenient and flexible money management has never been easier. With new conveniences also come new risks, such as online fraud and scams, and trends show more young people are falling victim to online fraud2,3. For example, a recent survey found that 30% of Generation Z interviewees 4 would disclose their mobile wallet information, showing there is room to enhance their awareness of online security and reduce their exposure to financial crime risks.

The 'Money Master Financial Education Programme' will equip young people with knowledge and skills that will help them make smart financial decisions and avoid online financial scams. Through a combination of fun animated videos, interactive games and group discussions, about 2,000 junior secondary students from 20 schools in Hong Kong will learn about saving, consumption and digital commerce, as well as online security and how to use digital financial tools in a safe and effective way. Hang Seng volunteers will participate in the Programme by sharing their professional knowledge and experience.

1. Financial Literacy Strategy 2019, Investor and Financial Education Council, 2019
2. Law and order situation in 2020, Hong Kong Police Force, 2020
3. Cyber Security and Technology Crime Bureau, 2020
4. Cyber Security and Fraud Hub, HSBC, 2020

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For 88 years, Hang Seng has been nurturing young people in Hong Kong through community investment initiatives. The Bank leverages on its resources and expertise to promote financial sustainability in the community. Last year, Hang Seng launched a pioneering 'e$mart Financial Education Programme' to educate Hong Kong primary school students about digital transactions and money concepts. The programme reached 1,000 primary school students and parents last year. The newly launched 'Money Master Financial Education Programme' will continue to enhance digital financial literacy and nurture healthy money habits of junior secondary students through both online and face-to-face learning, reaching out to more young people in Hong Kong.

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Photo Caption

May Wong, Head of Communications and Corporate Sustainability, Hang Seng Bank (middle); Low Chen-yang, Deputy Head (Community Services), Tung Wah Group of Hospitals (left) and Sandy Wong, Senior School Development Officer (Career Guidance), Career Guidance Section, Education Bureau (right) officiated at today's launch ceremony for the 'Money Master Financial Education Programme'.

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Hang Seng Bank

Sonia Tsang

1. 2198 4112 [e-mail]

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About Hang Seng Corporate Sustainability

As a homegrown financial institution, Hang Seng shares the drive, determination and dreams of the people of Hong Kong and strives to build a prosperous and sustainable future for the city. Young people are key to sustainability. Engaging them and providing them with tools for development is crucial to their success. This is why a key component of Hang Seng's approach is empowering Hong Kong's young people with the skills, knowledge and self-esteem that they need to thrive. Hang Seng is also committed to the wider society. Its four pillars of community investment are: equip young people with future skills for employability, improve their financial literacy and promote sustainable finance, address climate change concerns, and care for the community. In 2020, Hang Seng invested HK$30 million in community development in Hong Kong, bringing its total contribution over the past decade to HK$282 million.

About TWGHs Healthy Budgeting Family Debt Counselling Centre

Tung Wah Group of Hospitals established Hong Kong's first Healthy Budgeting Family Debt Counselling Centre in 2002 to help address ongoing economic difficulties and problems of unemployment and debt. The centre aims to offer one-stop, comprehensive services, including debt consultations and case-by-case counselling, to help individuals address financial problems, and the associated emotional problems, so as to promote harmony within families.

As a precautionary measure, the centre is also actively engaged in raising public awareness of appropriate financial management by rendering various kinds of financial education programmes to students in secondary schools, universities and tertiary institutions; parents; professionals; unemployed persons; and those in low-income groups. We hope to improve the financial skills and knowledge of the public, and to raise awareness of the importance of having a healthy attitude and values towards finance.