HSBC unveils financial educational programme for children

Lender educates kids financial literacy through fun e-learning modules, money management guides and piggy bank competition.

HSBC on Monday launched a new community banking initiative for primary school children called ‘Save For Your Dreams’, a programme designed to help parents promote financial literacy and encourage saving at an early age. As part of the Bank’s ongoing financial education programme, the new initiative consists of a piggy bank competition for primary school children, fun online learning modules and a money management guide, according to an HSBC report.

Francesca McDonagh, HSBC’s Head of Personal Financial Services Hong Kong, said: “HSBC is committed to enhancing our community banking initiatives by developing products and programmes that benefit the Hong Kong community. Financial literacy is a vital skill that needs to be developed and taught from an early age. To support this pivotal social initiative HSBC’s financial educational programme is created specifically for primary school children, encouraging saving and prudent management of money. To maximise impact, we are working closely with parents and teachers to spread this programme throughout schools across Hong Kong.”

According to HSBC research, over half (53%) of parents begin teaching their children about saving and money management matters between the ages of six and eight. However, one-third of parents admitted difficulties in effectively communicating the right messages. The research also confirmed that parents and schools are the most effective channels for educating children about money management.

Central to the programme, primary school children across Hong Kong have been asked to design their own piggy bank based on the ‘Save For Your Dreams’ theme. From now until 2 November 2010, competition entrants can pick up a plain piggy bank at one of eight designated centres by dropping off an application form which can be downloaded from www.hsbc.com.hk/communitybanking. Based on the ‘Save for your Dreams’ theme, children will have until 19 November 2010 to create their piggy bank and upload photos for judging.

Children entering the competition will also receive an educational money management guide which helps parents teach children how to save, set financial targets and achieve goals. In addition to the competition, HSBC is also launching a number of online learning modules that teach children how to save and spend sensibly in a fun, interactive way.

The new programme is part of the Bank’s ongoing community banking focus to further the well-being of all residents within Hong Kong. Over the past two years, HSBC has launched a number of programmes targeting different members within the community including Community Caring Counters, Community Caring Corners and a Smart Seniors recruitment programme.

Ms McDonagh said: “Community banking is about fully harnessing the financial and economic potential of the whole community to benefit everyone within that community. HSBC has been working with the Hong Kong community for over 145 years. We are committed to producing tailored banking services and products to suit all members within our society. Community banking is a key focus for HSBC and is a cornerstone of a healthy Hong Kong.”

HSBC’s focus on community banking has led the Bank to launch a number of innovative products to help children and parents save for the future. The tailored products include a Children Savings Account with no minimum balance requirement, as well as combined insurance and savings plans Target Protection Plus and Lifestyle Education Protection Plus.

HSBC is also co-operating with Junior Achievement to provide schools with the ‘JA More Than MoneyTM’ financial education toolkit. HSBC staff, retirees and their families will be recruited as volunteers to conduct the game-based educational programme in primary schools enabling students to learn about earning, spending, sharing and saving money. Over the past two years, 47 schools and over 5,400 students have participated in the programme, which HSBC plans to extend to more primary schools in Hong Kong this year.