In contemporary society, material abundance and financial accessibility are prevalent. Children are exposed to money in various forms on a daily basis, however, many lack a clear understanding of its value. For instance, some perceive stored-value cards and online payment systems as sources of unlimited funds, enabling them to purchase anything they desire. Recent surveys conducted by multiple organizations have highlighted a concerning trend: young people in Hong Kong frequently spend beyond their means.
Developing sound financial management habits during childhood helps instil core financial values and fosters lifelong responsible financial behaviours. Since 2004, the Child Education Centre for Teaching & Learning (CECTL), Department of Childcare, Elderly and Community Services (CECS) at the Hong Kong Institute of Vocational Education (Sha Tin) has actively promoted financial literacy in preschools and established Hong Kong’s first experiential learning hub, Kids’ Bank, a training platform for early childhood educators, while also offering parent education, functioning as a training venue for financial literacy. This initiative utilizes play-based learning and hands-on experiences to help children understand the evolution of money, the relationship between work and wages, budgeting, saving, and banking services.
Building on this foundation, a partnership was formed in 2017 between CECTL and the Hong Kong Monetary Authority to launch the Kiddie-Family Moneyland Programme, pioneering financial education within the pre-primary sector through interactive and play-based methodologies. In 2023, CECTL became a strategic partner of the Hong Kong Institute of CPAs, expanding its educational model to upper primary and secondary levels, ensuring continuity across different stages of schooling.
Experiential financial learning for early ages
Kids’ Bank is a financial education initiative designed specifically for children aged 3 to 6, tailored to their developmental needs. The programme integrates traditional Chinese values, benevolence, righteousness, courtesy, and filial piety, into the design of various experiential activity zones, fostering both financial literacy and character development. Key zones include:
- Banking Service Zone: Children engage in simulated banking activities such as opening accounts, making deposits, and withdrawing funds, to learn about banking services.
- Working Zones: By role-playing various professions, children learn the relationship between effort, time, and compensation, reinforcing the concept of earning through work.
- Consumer Zones: Simulated environments such as department stores and restaurants help children practice planned spending and distinguish between “needs” and “wants.”
- Caring for Others Zone: Children are encouraged to demonstrate kindness by using their own money or savings to support those in need, promoting empathy and social responsibility.
During their experience at Kids’ Bank, each child receives 20 coins and a smart card, along with a custom-designed wallet to manage their funds. Activities include spending, donating, working, and earning, offering a comprehensive introduction to money management. Parents are actively involved, participating alongside their children to reinforce financial concepts and foster shared learning experiences.
Since its inception, Kids’ Bank, in conjunction with the Kiddie-Family Moneyland Programme, has benefited over 4,000 children, 8,000 parents, and 250 educators. These initiatives have successfully embedded financial education into Hong Kong’s kindergarten curriculum, laying the groundwork for a lifelong understanding of financial responsibility.
Deepening financial literacy through all life stages
To broaden its reach and effectiveness, CECTL has equipped more than 60 Higher Diploma in Child Care and Education students at CECS with the skills to serve as professional tutors in children’s money management, enabling them to lead financial literacy activities in Kids’ Bank and support family engagement.
Beyond early childhood, financial education and life planning seminars have been organized to support secondary and tertiary students in acquiring practical financial knowledge and future planning skills. In collaboration with the Hong Kong Monetary Authority, a series of online community financial education initiatives were launched, introducing key financial concepts and interactive parent-child money management activities to the wider public.
To further support educators, professional development training has been provided for kindergarten and upper primary teachers, aimed at enhancing their capacity to design school-based financial education programmes and integrate financial management concepts into everyday teaching practices.
Financial literacy for lifelong success
Financial education serves as a cornerstone of character development, extending beyond the mere management of money. Through early intervention, play-based learning approaches, and collaboration with diverse stakeholders, the next generation is empowered to cultivate responsible financial behaviours. These initiatives establish a strong foundation for lifelong financial literacy and contribute meaningfully to the holistic development of individuals and communities.
Interested parties in Kids’ Bank may contact CECTL@vtc.edu.hk for enquiries and session reservations.
