search icon cross white
spacer bookmark cross
search icon
Search Tags

  Total: Bookmarks

 Bookmark(s) Click icon to add bookmark(s) to my profile

  •  Local Bookmark is Empty

 User Profile Bookmark(s)

  •  Profile is Empty
bookmark cross white
search icon cross white
search icon
Search Tags

忘記密碼/使用者名稱 重新發送啟動電郵 註冊帳號 幫助網絡登錄

HKICPA’s over-a-thousand-student survey developed teen money management indicators

28 January 2021

(HONG KONG, 28 January 2021) The Hong Kong Institute of Certified Public Accountants (HKICPA) has long had a strong commitment to demonstrating good corporate social responsibility. In celebration of the 15th anniversary of its flagship community project, "Rich Kid, Poor Kid", the Institute conducted the “Teen Money Management Survey 2020” (the “Survey”) of primary and secondary students between September and November 2020. Based on the survey results, the Institute has developed teen money management indicators.

"Financial management education is crucial for the youth, and has been the corporate social responsibility strategic focus of the Institute over the years. Through the Survey, we learned about the consumption habits and payment patterns of Hong Kong’s senior primary school students and junior secondary school students, and explored their money attitudes and understanding in financial management. We hope the data can help identify ways to strengthen financial education. To keep ‘Rich Kid, Poor Kid’ abreast of the time, the Institute has recently released five new volumes of the ‘10 Lessons in Money Management’ comic series for primary school students and their parents. The electronic version has become available on the Institute’s website," said Mr. Raymond Cheng, President of HKICPA.

The “Teen Money Management Survey 2020” was conducted online. Local students from Primary Four to Secondary Three were invited to complete a questionnaire on a voluntary basis through their schools. HKICPA received a total of 1,015 valid responses, of which 15% were from primary students and 85% from secondary students.

HKICPA believes that saving and expense tracking habits are key components in financial management. Based on the survey results on saving and money management habits, HKICPA has established the "Teen Money Management Indicators 2020". The indicators show that 84% of the respondents have saving habits, reflecting students involve in financial planning to a certain extent. However, among these students with saving habits, only 40% do expense tracking. Overall, of the 1,015 respondents in total, only 35% out of all respondents of the survey have the habit of expense tracking. 

Mr. Cheng said, “The Institute believes that the teen money management indicators can serve as a meaningful reference for parents and schools, so that financial education can be implemented responsive to the changing times and needs in daily life, thereby benefiting the young generation. We are happy to see our school age students have a certain level of understanding in money management, but there is still room for improvement in wealth planning and the use of electronic payments.”

Based on the survey results, HKICPA has the following recommendations:

1. Instil responsible consumption
To help children build up a positive attitude towards money and financial planning, the Institute believes that restrained and responsible consumption must be instilled in financial education. In addition, a full record of income, expenses and savings will be very helpful for students to execute financial planning.

2. Set out borrowing principles
The survey results reflect that many students have experience in borrowing money from others or lending money to others at school. However, borrowing is a concept seldom taught in financial education in general. The Institute recommends to fill the gap by strengthening guidance on lending.

3. Guidance on the usage of electronic payment tools
Electronic payment has gradually become a living habit. The lack of cash involved in transaction may make it difficult for children to grasp the concept of money. The Institute suggests to introduce the basic operation of payment tools with an emphasis on instruction and matters need attention. The Institute also encourages parents and teachers to teach about interest, deposit, debit cards, and credit cards.


For details of the “Teen Money Management Survey 2020”, please visit


About the "Rich Kid, Poor Kid” programme

The Hong Kong Institute of Certified Public Accountants launched the key corporate social responsibility programme “Rich Kid, Poor Kid” in 2005. With the continued support of our Accountant Ambassador members, the Institute encourages them to utilize their unique expertise and skill-sets of CPAs to contribute to society. In the past 15 years, the HKICPA’s “Accountant Ambassadors” volunteered to visit more than 685 primary and secondary schools, held over 829 workshops, and reached more than 148,000 Hong Kong students, educating young children and teenagers on positive financial management concepts and techniques. The “Rich Kid, Poor Kid” programme has been awarded as a "Financial Education Champion" by the Investor and Financial Education Council for three consecutive years.

To keep the programme relevant and practical, the Institute launched a programme revamp adding new elements to the school workshops. Short videos, animations, and five new volumes in the "10 Lessons in Money Management” comic series have been introduced. Through collaboration with the Hong Kong Monetary Authority, the newly-written comic series feature smart tips for parents. The electronic version of the whole comic series is available on the HKICPA's website.

Photo captions:

President Raymond Cheng
Mr. Raymond Cheng, President of HKICPA, believes that the teen money management indicators serve as a meaningful reference for parents and schools, so that financial education can be implemented responsive to the changing times and needs in daily life.

Chart 1_EN
"Teen Money Management Indicators 2020" show that 84% of the respondents have saving habits, and only 35% have the habit of expense tracking.

Chart 2_EN
Based on the results of “Teen Money Management Survey 2020”, HKICPA made recommendations on three areas in financial education.










1. 灌輸負責任消費的概念

2. 教導借貸原則


3. 指導使用電子付款工具







President Raymond Cheng

Chart 1_TC

Chart 2_TC