IFEC Publishes its Annual Report 2022-23
Power Up Your Financial Resilience

The Investor and Financial Education Council (IFEC) today published its Annual Report 2022-2023 that reviews its work and activities in enhancing investor and financial education in Hong Kong.

Themed "Power Up Your Financial Resilience", the report summarises IFEC’s integrated and digital-led initiatives in a bid to help cultivate good financial management habits among the Hong Kong public, highlighting the importance of wise investment, prudent financial management and planning to face financial challenges and economic uncertainties.

IFEC Chairman Mr Victor Dawes remarked, "As we mark our 10th anniversary, we celebrate the strides we have made in promoting investor and financial education.  We are delighted to see a continuous improvement and a record high in financial literacy level among the people in Hong Kong from the latest Financial Literacy Monitor, a survey toolkit devised by the Organisation for Economic Co-operation and Development/International Network on Financial Education (OECD/INFE).  The score of 13.7 out of 20 in 2015 increased to 14 out of 20 in 2022, indicating an improvement in the understanding of basic financial concepts by the Hong Kong public.  We are proud of our progress, but we also recognise there is still much work to be done to meet the evolving needs of the public."

Highlights of the year include:

• IFEC 10th Anniversary Education Campaign: To commemorate IFEC's 10th anniversary, a multi-media campaign themed "Embarking on our Financial Learning Journey Together" was launched in October 2022. The campaign video generated around 15.3 million views¹ and was ranked Hong Kong's Top YouTube Campaign video in October 2022². The "IFEC 10th Anniversary Education Seminar cum Investor and Financial Education Award Presentation Ceremony" was also held as the finale of the anniversary campaign.
• Continuous digital transformation: Financial education programmes and digital self-learning tools were further enhanced, including the newly launched Money Tracker Mobile App and the launch of online games such as the anti-financial scam themed game, "One Day Adventure with Grandparents Chin" to help the public identify financial scams to stay vigilant.
• Proactive investor and financial education: A series of educational resources and activities were launched with the aim to help the people in Hong Kong enhance their financial resilience. These included World Investor Week 2022 and Global Money Week 2023 covering a range of topics such as digital finance, virtual assets, anti-financial scams, financial education for children and youth, green and sustainable investing and retirement planning.
• Close collaboration with stakeholders: The annual flagship investor and financial education campaign, Hong Kong Money Month was held in March 2023 under the theme of "Be a Digital Finance Hero" to promote good financial planning and improve digital financial literacy of the Hong Kong public. Along with 85 supporting stakeholders, 177 free investor and financial education activities and resources were launched for the public. In addition, the Investor and Financial Education Award was presented to recognise the efforts of 31 organisations and individuals for their outstanding contributions on investor and financial education.
• Improving the penetration of targeted education programmes: IFEC has continued to work closely with stakeholders to optimise the tailor-made education programmes for students, working adults, the elderly and the underprivileged communities in Hong Kong.

IFEC General Manager Ms Dora Li said, "In today’s rapidly changing world, with advancements in fintech and digital investment and money management channels, investor and financial education is all the more important to help the public strengthen their financial resilience through advancements in digital financial literacy. We look forward to continuing collaboration with our stakeholders to help improve the overall financial wellbeing of everyone in Hong Kong, regardless of their gender, race, age or financial situation and to help reinforce Hong Kong as one of the world's leading international financial centres."

For details on the annual report, please visit IFEC website.

Footnote:

1. Source of figures: Facebook, Instagram, YouTube and Google Analytics

2. Source: admanGo

Photo captions:

1. The cover of IFEC Annual Report 2022-23: Power Up Your Financial Resilience