Periscope
'Generation of debt' lacks financial training in families, schools
Yet, many young people do not have to worry about the money matters, as parents often try their best to satisfy their childrenˇ¦s material needs, especially when the living standard of small families is getting higher, Professor Cheng added. ˇ§How can children manage their money if they do not need to do so?ˇ¨ the scholar asked.
James Mok Hon-fai, supervisor of the Hong Kong Federation of Youth Groups, meanwhile, said traditional thinking also contributed to the problem of lack of financial training for youth.
In doing a study on young peopleˇ¦s financial dependence on family, the federation found that many youths had no idea of their family incomes.
ˇ§The main reason is that their parents are not willing to tell their children this kind of information,ˇ¨ Mr Mok said, adding that many people in Hong Kong still somehow felt offended if they had to tell someone their pay levels.
ˇ§Parents should be more open. When their children know more about their own family financial situation, they tend to be more conservative when they spend,ˇ¨ he said.
Parents should also instill concepts, such as good consumption habit and how to deal with loans and borrowings, into their children as well as setting a good example for the young to follow, the youth worker said.
As many young people lack the sense of managing their own spending and income, they may try to make easy money when they encounter financial problems, the federation survey showed. Yet, for students who are aware of the importance of financial planning, they can hardly get trained in school.
Most secondary schools in Hong Kong do not provide financial courses and liberal study course at the advanced supplementary (AS) level mainly because academic subjects are given more weight to help students sit for public examinations to enter university.
To improve the problem of inadequate financial education in school, there are plans to cover the topic in the syllabus of liberal studies under the new senior secondary curriculum.
ˇ§The subject is not going to teach students detailed knowledge and subject-specific skills about financial management. Its aim is to help them become independent, rational and self-reflective,ˇ¨ said John Tan Kang, chief curriculum development officer of liberal studies and cross-curricular studies at the Education and Manpower Bureau.
ˇ§Students are expected to apply the knowledge they have learnt into different situations,ˇ¨ Dr Tan said.
John Tan Kang says there are plans to add financial education into the new senior secondary curriculum.
