Opinion | Hongkongers deserve a financial education that empowers them
Despite Hong Kong’s status as a global financial hub, a significant portion of its population lacks essential financial literacy. Personal finance is still largely absent from our school curriculum. We teach students algebra and essay writing but rarely show them how to read a bank statement or plan a monthly budget. While some non-governmental organisations offer workshops, they’re not systematically embedded in our education system.
Migrant domestic workers, who play a crucial role in Hong Kong’s economy, also face financial literacy challenges. A 2024 survey by Enrich HK and the University of Hong Kong found that 62 per cent of migrant domestic workers are “financial beginners”, highlighting the need for targeted financial education programmes.
I remember getting my first part-time pay cheque during secondary school in Hong Kong. Like many students working weekends at a chain store in Mong Kok or Causeway Bay, it felt empowering until I saw how little I understood about what was actually on the payslip. Mandatory Provident Fund (MPF) deductions? Tax codes? I didn’t ask. I was just happy to be earning. That moment stuck with me.
We often call Hong Kong a global financial centre – and it is. However, financial knowledge doesn’t trickle down just because skyscrapers go up. For many working-class families, navigating credit card bills, rent hikes or MPF choices can be deeply confusing. Being surrounded by finance doesn’t mean you’ve been taught how to handle your money.
The cost of this knowledge gap is heavy – not just on individuals, but on society. Hongkongers are among the most hardworking and economically active people in the world, yet many live with constant financial stress. High living costs, inadequate retirement planning, speculative investments and a culture of saving without strategic allocation are symptoms of a deeper issue.