Betty Chan - 2014 Symposium on Financial Education in Korea


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This presentation by Betty Chan was made at the High-level Global Symposium on Financial Education: Promoting Long-term Savings and Investments in Korea which explored policies and good practices for supporting long-term savings and investments through financial education and financial consumer protection. Find out more at

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Betty Chan - 2014 Symposium on Financial Education in Korea

  1. 1. Publicity and Education Programmes of MPFA Betty Chan Head (External Affairs) Mandatory Provident Fund Schemes Authority High-level Global Symposium on Financial Education 26-27 February 2014, Seoul, Korea
  2. 2. (I) Background of the Mandatory Provident Fund (MPF) System & MPFA (II) Audience of MPFA Public Education Programmes (III) Strategy (IV) Showcases (V) Means to Measure Programme Effectiveness (VI) Challenges (VII) Lessons Learnt Outline 2
  3. 3. (I) Background of the Mandatory Provident Fund (MPF) System & MPFA
  4. 4. • The MPF System was established in 2000. • A mandatory, privately managed, fully funded contribution scheme. • To provide retirement protection to Hong Kong workforce aged 18 to 64. • Employees and employers shall each contribute 5% of the monthly relevant income of the employees Background 4
  5. 5. Dual Role of MPFA MPFA as a statutory regulator MPFA as the driver of a social programme To regulate MPF schemes and MPF funds; and To supervise MPF trustees and MPF intermediaries. To enhance different stakeholders’ understanding of the MPF System; and To solicit stakeholders’ buy-in. 5
  6. 6. (II) Audience of MPFA Public Education Programmes
  7. 7. Two Major Categories 1. Existing members a) Laymen b) Keen-to-know 2. Future members 7 15-24 8% 25-34 26% 35-44 26% 45-54 26% ≧55 14% Primary and below 13% Secondary (Junior Forms) 14% Secondary (Senior Forms) 40% Tertiary education 33% Percentage distribution of employees by age group Percentage distribution of employees by educational attainment
  8. 8. (III) Strategy
  9. 9. • 1999-2005: Features of the MPF System • Late 2005-2007: To aware and take good care of their MPF investment • 2007 onwards: Features and relative risk levels of MPF fund • 2009 onwards: To make informed decisions in the lifelong MPF investment journey • 2013 onwards: To publicize proactive attitude in managing MPF investment and to enhance the image of the MPFA Progressive Approach 9
  10. 10. Laymen Keen-to-know Members Through programmes in mass media and e-platforms Presentation with graphic and minimal text Through customized programmes Face-to-face contact with detailed information Segmented Programmes 10 1. Laymen vs. Keen-to-know Members
  11. 11. • To encourage youngsters to cultivate a good habit of saving for the future. • To educate different age groups of youth on the merits of the MPF System, the compounding effect of savings and the importance of early planning for retirement. • School programmes and e-platforms Segmented Programmes 2. Youth 11
  12. 12. (IV) Showcase: MPF JJ Five Band
  13. 13. MPF JJ Five Band • To highlight the key features, relative risk and return levels of the five major types of MPF funds in a lively and interesting manner 13
  14. 14. (IV) Showcase: Lifelong MPF Investment Journey
  15. 15. • Theme: Making Informed Decision for Your MPF Life 15 Lifelong MPF Investment Journey
  16. 16. (IV) Showcase: MPF Investment Education Comic Strips
  17. 17. MPF Investment Education Comic Strips 17 Out-of-home Media Internet Portal Facebook Game Souvenirs
  18. 18. (IV) Showcase: “MPFA TV” Channel on YouTube
  19. 19. “MPFA TV” Channel on YouTube 19 Online Game Out-of-home Media Internet Portal Video on Default Fund
  20. 20. (IV) Showcase: Youth Education
  21. 21. • Students of Tertiary Institution  3D-animation training programme Youth Education 21
  22. 22. • Secondary School Students  Online learning platform  Interactive drama  Teaching kit for teachers  Teachers’ training workshops • Kindergarten and Primary School Students  Story books  Teaching kit for teachers and parents  Parenting programmes Youth Education 22
  23. 23. • Initiatives on Online Social Media  Facebook fan page “Rolling My Money”  Smartphone application Youth Education 23 Facebook Fan Page Smartphone App
  24. 24. (V) Means to Measure Programme Effectiveness
  25. 25. Means to Measure Programme Effectiveness • Survey on participants’ views on public education outreaching activities • Survey on members’ MPF investment knowledge • Focus Group Study on Youth Programmes • Public Opinion Survey 25
  26. 26. (VI) Challenges
  27. 27. Challenges • Scheme members’ inertia to learn more about their investment:  A “mandatory” system  Negative perception of the system  Retirement is considered too remote  Monthly contribution amount is relatively small • Prefer “investment advice/tips” to “investment education messages” • “Stock trading” mindset 27
  28. 28. (VII) Lessons Learnt
  29. 29. Lessons Learnt • Segmented approach to address different information needs • Involve famous financial market commentators, artistes and comic icons to catch public attention • Use of e-platforms and online social media • Use prizes to stimulate public interest • To publicize the merits of the MPF System • To enhance MPF and MPFA image to solicit buy-in • Investment education is an enduring battle 29
  30. 30. Thank You 30