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Our Framework

The programme’s financial competency framework and its elements are informed by the Hong Kong Financial Competency Framework developed by IFEC and research findings from the University of Chicago Financial Education Initiative.

Capabilities

HKJCFEP Competency Element

Mindsets

Attitude

  • Withstand the influence of peer pressure and promotional messages on spending
  • Accept that money plays an important part in our life, but it is not the only source of happiness
  • Accept that having a growth mindset is beneficial for achieving goals
  • Accept that one’s mentality about risk impacts decisions

Motivation

  • Saving now is a way to be able to spend in the future
  • Being diligent can help pursue one’s goals for future betterment
  • Being cognizant of different life circumstances can empower the path to future personal and societal betterment.

Capabilities

HKJCFEP Competency Element

Knowledge and Skills

Money and Banking

  • Recognise the different, common forms of money used in Hong Kong, and understand how they can be used as methods of payment
  • Pay for goods and services with coins and notes, and calculate the correct change (cash settlement)
  • Pay for goods and services by non-cash means

Income and Jobs

  • Explore why people have different income and why these may change at different times

Saving and Investing

  • Describe how interest is earned on money saved in banks

Spending & Credit

  • Recognise the value and price of a product/service
  • Compare the pros and cons of buying from different channels (including online shopping)
  • Calculate discounts
  • Explain why people may need to borrow money or items, and potential pitfalls
  • Explain why people give money, time and effort to charities

Consumer Rights and Responsibilities

  • Describe what a responsible consumer is and the reasons for consumer protection
  • Describe the basic rights of a consumer

Financial Planning

  • Develop a financial plan to achieve a short-term personal goal
  • Explain the function of budgeting, and allocate money for different uses

Protection and Risks

  • Identify situations such as things that may get broken or lost that may result in a financial loss for individuals
  • Identify the risks of online shopping

Capabilities

HKJCFEP Competency Element

Decision Making Competencies

Behaviour

  • Consider ability to repay or return before deciding to borrow money or items
  • Resist desires and control temptations to spend when shopping
  • Compare products and prices, and select the best purchase option
  • Set short-term financial goals
  • Allocate money to meet various financial goals
  • Keep track of weekly spending
  • Utilise a decision-making process
  • Learn with family, friends, and community members