The program will increase the financial literacy of upper primary students in Hong Kong and provide insights for other countries looking to develop financial education curriculum
CHICAGO, Nov. 20, 2024 /PRNewswire/ — On November 20, the University of Chicago Financial Education Initiative (UCFEI) launched The Hong Kong Jockey Club Financial Education Programme—a school-based financial education program for upper primary students—initiated and funded by The Hong Kong Jockey Club Charities Trust, in partnership with The Education University of Hong Kong, the Hong Kong Family Welfare Society, and CoCoon Foundation. UCFEI experts developed two different curricula, teacher training, and resources for the program that will be used in schools across Hong Kong starting this year. The learnings from this pilot will provide critically needed insights that can be used to develop financial education programs for young children in other countries around the world.
Financial education at the primary level provides a foundation that students need to understand the financial system and how to navigate it, but few high-quality, rigorously tested programs exist. Research suggests that the earlier financial literacy is introduced, the more likely individuals are to avoid debt, make informed financial choices, and build wealth over time. By age seven, children have developed many core values and habits around money based on what they see at home with their families. Through The Hong Kong Jockey Club Financial Education Programme, UCFEI experts will have the opportunity to pilot high-quality curricula that introduce key financial skills at the right point in young children’s brain development, maximizing their learning potential.
“I believe this program has the potential to not only benefit students and families in Hong Kong, but those across the world as well,” said Rebecca Maxcy, director of UCFEI and principal investigator of the project. “Today’s students are growing up in financially challenging times. There’s a global need for stronger financial education and one way to achieve that is by starting early.”
The Hong Kong Jockey Club Financial Education Programme takes a holistic approach that engages students, teachers, and parents. The comprehensive curricula, created by UCFEI, utilize a variety of pedagogical routines including scenarios, simulations, and role plays to ensure high-quality implementation. Student learning is reinforced by engaging them in classroom discourse and reflection on their own financial experiences. The curricula are also educative for teachers, deepening both their content and pedagogical knowledge. Parents will also receive expert advice and practical strategies to model sound financial habits for their children. The program is expected to benefit about 17,800 students and train 240 teachers from 70 primary schools. Additionally, 1,500 parents will also be engaged through parent-child workshops and talks.
“The University of Chicago is dedicated to providing life-changing educational opportunities, and this initiative to develop a financial education program in Hong Kong does exactly that. We are particularly honored to be partnering with The Hong Kong Jockey Club Charities Trust, which has a long history of engagement with the University of Chicago through its generous support of The Hong Kong Jockey Club University of Chicago Academic Complex | The University of Chicago Francis and Rose Yuen Campus in Hong Kong,” said Ka Yee C. Lee, Interim Dean of the Division of the Physical Sciences, Senior Advisor to the Provost for Global Initiatives, and the David Lee Shillinglaw Distinguished Service Professor in the Department of Chemistry at the University of Chicago.
About UChicago Financial Education Initiative
UCFEI was launched in July 2016 to develop the tools, resources, and capacity to spread robust financial education. The Initiative draws upon the group’s expertise in learning science, curriculum design, digital tool development, assessment, and programming, as well as their experience with schools, students, and families.
About the University of Chicago
The University of Chicago is a leading academic and research institution that has driven new ways of thinking since its founding in 1890. As an intellectual destination, the University draws scholars and students from around the world to its campuses and centers around the globe including the research center in Beijing, China and the campus in Hong Kong. The University provides a distinctive educational experience and research environment, empowering individuals to challenge conventional thinking and pursue field-defining research that produces new understanding and breakthroughs with global impact.
SOURCE University of Chicago – UChicago Financial Education Initiative
