Survey: Six in ten Hong Kong teenagers struggle to cover their personal expenses

04/12/2018

Research finds students have financial awareness but still struggle with managing money, underscoring Visa’s mission to promote financial literacy through Hong Kong Liberal Studies-Financial Literacy Championship Online Quiz

 

The annual Hong Kong Liberal Studies-Financial Literacy Championship Online Quiz will be launched on April 16, 2018. The competition has been supported by Visa, the global leader in payments, for four consecutive years. It aims to test secondary school students’ awareness of financial management and instill discipline and good habits when it comes to managing money in the digital era. This year’s topics also include data privacy and how  to best protect personal payment data online.

Financial awareness needs to be rooted in practical money skills. A recent survey conducted by the Education University of Hong Kong’s (EdUHK) Department of Education Policy and Leadership found that Hong Kong teenagers have a high level of financial awareness but still encounter difficulties in managing their money.

The inaugural survey, titled “Teenagers’ Knowledge, Behaviour and Attitude towards Personal Finance”1, was commissioned in March 2018. 1,270 secondary school students aged between 15-19 were interviewed on their attitudes towards financial planning.

The research shows that 90% of secondary school students recognised the importance of making informed financial decisions but often spent beyond their means:

  • 70% believed that they had a good understanding of their spending habits
  • 66% of students had financial goals, and 70% of the students made a personal budget but only 9% kept detailed records of their expenses
  • 59% of those surveyed experienced trouble in covering their expenses, with one third of them admitted they struggle to cover their expenses for at least 3 months in a year

The findings of the survey underscore Visa’s mission to promote a high level of financial literacy and practical money skills in Hong Kong, not just among students but across all generations.

Visa understands the value of financial education to communities worldwide, and its power in creating opportunities for upward mobility and a better life for all. For nearly two decades, Visa has been developing financial literacy programs globally to help individuals make informed financial decisions. The company believes that learning how to spend, save and budget are essential skills that everyone needs to learn, especially the younger generation in Hong Kong.

For further information of the “Hong Kong Liberal Studies-Financial Literacy Championship Online Quiz 2018”, please visit www.hkedcity.net/iknowquiz. (Chinese only)

 

1 The study was conducted by the Department of Education Policy and Leadership of the Education University of Hong Kong and the Hong Kong Economic Journal in March 2018.  1,270 secondary school students aged between 15-19 old on their attitudes to financial planning.

 

About Hong Kong Liberal Studies-Financial Literacy Championship Online Quiz 2018

The Hong Kong Liberal Studies-Financial Literacy Championship Online Quiz 2018 aims to test and equip students on managing their money in the digital age. Over 10,000 students from 285 secondary schools in Hong Kong have taken part in this competition since its launch in 2015. The school-based financial experiential game, Million Castle, also forms part of the Championship with the aim to help secondary school students learn basic knowledge of financial management, make the best financial planning and understand future development and Internet risks.

About Visa Inc.

Visa Inc. (NYSE: V) is the world’s leader in digital payments. Its mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive. Its advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of connected commerce on any device, and a driving force behind the dream of a cashless future for everyone, everywhere.  As the world moves from analog to digital, Visa is applying its brand, products, people, network and scale to reshape the future of commerce. For more information, visit usa.visa.com/aboutvisa, visacorporate.tumblr.com and @VisaNews.