View All
View All
View All
View All
View All
View All
View All
View All
View All
Money matters. We all know this and we often wish our kids got a sound financial education early on in life. That’s why Sassy Mama tells you the different options you have in Hong Kong to help improve your child’s financial literacy.
Do you have a Joey from F.R.I.E.N.D.S. moment when people around you start talking about Bitcoin, Tether and Binance? Are you surprised that despite your love for art, you just aren’t able to follow NFT trades? Does talk of blockchain technology unhinge the gears of your brain?
Familiar feeling? We get you, Mama! Most of us really only started getting the hang of saving, budgeting and accounting when we forced to start adulting (read: when we became parents) and suddenly financial literacy these days is about so much more than we are used to! Hoping that your kids can do better? Don’t worry! There are ways to make sure that your kids don’t take as long as we did to get financially literate.
Did you know that financial literacy is such an important topic that money management is now being incorporated into the curriculums of many Hong Kong schools? What’s more, global banks and insurance companies are also getting involved in the financial education of their future clients. If you’re not sure how to give your children an age-appropriate financial education, we’ve compiled the best financial literacy classes, workshops and summer camps in Hong Kong. These courses are sure to bring your little ones up to speed with all things related to money matters (perhaps, they’ll be able to give you a crash course as well!). We’ve also listed activities and practices for your family to follow at home, so you can start enforcing economy at home. Who knows? Once they have learnt the value of money and how to save, earn and invest, perhaps they won’t be dipping into the Bank of Dad or Mum so often!
Read More: 5 Ways To Financially Prepare To Be A Parent In Hong Kong
Financial Literacy Classes In Hong Kong
Genius Finance – Financial literacy classes for kids as young as 7 years old
Always had a notion that financial education starts with adulthood? Not really! At Genius Finance, the financial course content has been developed keeping the latest economic events around the world in mind. So expect your kids to follow cryptocurrency, economic theory and big data.
Genius Finance, various locations across Hong Kong, www.geniusdevelop.com/finance
Kids Biz Academy – Partners of entrepreneurship programme from Silicon Valley
This academy offers project-based learning that gives children the opportunity to learn how to start and operate their own business, make their own movie and also execute their own trades. Working in teams of six, students get a first-hand feel of real-life business scenarios. Financial education programmes start at 8 years old.
Kids Biz Academy, WhatApp: 6996 8915, hwww.kidsbizacademy.com
Financial Education Centre – Financial literacy offered by The Hong Kong Family Welfare Society (HKFWS)
Part of the special services offered by the HKFWS, the Financial Education Centre works to promote financial literacy of children and their parents through money management workshops, student talks, edutainment programmes, consultations and their social media platforms. The Centre also offers Financial Social Work Certification Training to social workers, so that they would have the ability to intervene in finance-related matters, should the need arise (especially in the case of scams and loans).
Financial Education Centre (HKFWS), various locations across Hong Kong, www.hkfws.org.hk
Read More: Skills That Our Children Will Need In 10 Years’ Time
Financial Literacy Camps & Workshops
HSBC Summer Summit –Workshop focusing on financial literacy, etiquette and culture
Though applications for this year’s summer summit in July have closed, keep this in mind for the next few years as your kids get ready to choose their major in college. Check with your Relationship Manager to book your child’s slot as it is only open to direct relatives of HSBC Hong Kong Premier Elite Customers. Meant for kids aged 14 to 19 years, this 3.5-day programme offers a range of financial literacy and upskilling activities that aim to provide a better understanding of the banking industry, boost financial knowledge and broaden a child’s horizons. Other summer workshops include taster programmes for UK universities.
HSBC Summer Summit, www.hsbc.com.hk
FezEd Summer Camps – Teaching kids the basics of entrepreneurship and financial literacy
Want to enrol your kids in a summer camp that could help them for years to come? FezEd is offering 4-day summer camps that will simulate a marketplace to test kids’ business plans as well as an interactive environment to teach children about investing and trading. FezEd is offering these financial literacy summer camps at Hong Kong Academy in July and YMCA Kornhill in August.
FezEd, www.fezedhk.com
Read More: 2024 Hong Kong Summer Camps – Holiday Programmes And Summer Workshops
Financial Literacy In Schools
Financial education is slowly making its way into Hong Kong school curriculums. The Primary Humanities curriculum framework by the EDB outlines the financial literacy goals and focus of schools – smart money management and understanding of Hong Kong’s economy, amongst others. Secondary schools across Hong Kong were encouraged to participate in the Hong Kong Financial Literacy Championship in April this year.
The Financially Literate Schools Programme, co-organised by the Investor Financial Educational Council (IFEC) and the Centre for University & School Partnership of the Chinese University of Hong Kong (CUHK), aims to foster financial literacy in primary school students. In its sixth year currently, with seven participating schools, the programme aims to impart value-based financial education. Financial education is through subject lessons and non-subject curriculum activities. CUHK provides school-based support to participating schools, collaborates with teachers to develop lesson plans and offers guidance throughout the programme.
FWD Group and JA Asia Pacific have expanded their financial literacy programme to seven markets and over 25,000 schools in Asia. This holistic financial literacy programme covers three aspects – financial awareness, financial capability, and economic and social inclusion. Through fun games and interactive quizzes, both online and in-person, students learn about managing budgets, making sound money choices and serving their communities.
Read More: Building A Budget – Steps To Becoming Money Savvy
What You Can Do To Teach Financial Literacy At Home
As a certified public accountant and father once told us for a previous article for Sassy Mama, most children are highly receptive to new information. Some studies suggest that children from as young as 3-years-old can grasp basic Maths and financial concepts. What this Sassy Papa did was to give his kids $5 pocket money every week for them to put in a piggy bank. They could then use this to buy the toys they wanted.
Eventually, to explain that money needs to be earned, he moved to a small allowance in return for them completing simple chores at home. He used the app, iAllowance to track the chores his children completed. The app would let him automate their allowance payments once they are done. Taking this further, he then taught kids to budget for things they wanted to buy. Their family used Bankaroo, a virtual bank designed to teach kids about money, budgeting and setting goals.
Read More: Kid’s Pocket Money – When To Start, How To Do It And Pocket Money Apps
You can try the same methods at home to teach your kids a very important lesson – the value of an honest dollar. Once your kids are ready, you can also move from virtual bank to real ones. Many banks in Hong Kong are offering kids and teens independent savings accounts and debit cards. When you feel you child has understood the value of money, look at any of these options.
HSBC Children’s Savings Account for Teens, www.hsbc.com.hk
Bank of China i-Free Banking, www.bochk.com
Dah Sing Bank Doraemon Kids Saving Account, www.dahsing.com
Hang Seng Integrated Account, www.hangseng.com
Read More: Summer Internships And Jobs 2024 – Part-Time, Volunteer And Remote Work For Teens
Editor’s Note: Part of this post was originally written by Wilson Ng of Fastlane CPA in March 2020. His views have been incorporated into this updated post published by Anita Balagopalan in July 2024.
