Road to 5**：Casual consumption attitude of young people

[2021.01.25] 發表

【明報專訊】Youth I.D.E.A.S., established by the Hong Kong Federation of Youth Groups, interviewed 1034 students at secondary schools, tertiary institutions and universities and recent graduates through an online survey in July and August 2019. They published their latest report on ''Improving Financial Education for Young People,'' stating that nearly 30% of those interviewed hold a casual attitude towards consumption.

◆News summary

According to the report, 18.6% of them intentionally neglect the amount of money they have spent, while 10.2% spend as much as they have. Additionally, 48.6% have been unable to make their ends meet, and a small percentage of them have resorted to ''highly risky methods'' such as ''settling credit card debts with another credit card'' (4%) or ''borrowing money from banks or finance companies'' (2%).

Wong Ga Yu, convener of the Education and Innovation Group of Youth I.D.E.A.S., points out that common education curriculums are not required to cover finance-related knowledge. He urges the Education Bureau to include financial education in the new high school curriculum under the category ''Other Learning Experiences,'' encouraging schools to strengthen and train students' financial management skills in addition to regular courses.

Source: Ming Pao, 14 October 2019

●Mock examination question

''Making financial education a compulsory subject in schools is the most effective way of improving youth financial management skills.'' Do you agree with this statement? Explain.

◆Agree

‧Educating all students

Making financial education a compulsory subject in school can ensure that the largest number of young people receive financial education, which will improve their financial management skills. If schools are allowed to decide whether they provide financial education courses or not, some schools may reduce teaching time or even choose not to provide the related courses. That will make it difficult for all students to acquire such knowledge.

‧Ensure school resources are adequate

As far as resources are concerned, making financial education a compulsory subject can ensure that schools have sufficient human resources and different types of support. If the courses are provided by social welfare groups, these group's different understanding of financial education and their different resources available to them will make it difficult to ensure the quality of financial education, not to mention improving the overall financial management skills of young people.

◆Disagree

‧Family members have greater influence

Rather than rely on educational institutions, allowing family members to be responsible for instilling financial management skills in teenagers would be more effective. Education within families can more effectively improve their financial management skills than a compulsory subject in school does.

‧Leaving the planning to social welfare organizations is more feasible

If financial education becomes listed as a compulsory subject, time and resources for other classes will reduce, thus affecting regular course planning. If social welfare organizations become responsible for planning related courses, students can participate in their spare time, and schools can cooperate with the groups they find more suitable. Financial education-related activities will become more feasible and sustainable, and it will be more effective in improving youth financial management skills.

Translated by Odyssey Lang

[通通識第690期]