1% Bottom Line + 1% Time = Community Betterment
We call it the 'Power of One'. At Monexo, we have taken a pledge to spend 1% of our time and bottom line for financial education - to raise awareness about the choices and options one has at hand to lead a financially aware and healthy life.
Monexo believes that this integrated community approach will have a ripple effect in spreading financial education among the various communities of Hong Kong in the long run.
The Importance of Financial Education
Financial education is increasingly becoming essential, not just for investors, but for the average family trying to decide how to balance its budget, fund their children's education and ensure an income for themselves when they retire. In today's world, the growing sophistication of financial markets means that consumers are offered a variety of complex financial instruments for borrowing and saving. The result is that a majority will not be able to choose the right savings or investments for themselves, and furthermore, may be at risk of fraud, if they are not financially literate.
Financial education will go a long way here in encouraging savings. It would also throw a challenge to financial service providers to develop products that truly respond to the needs of consumers which should have positive effects on both investment levels and economic growth. Financial literacy is vital to help ensure consumers save enough to provide an adequate income in retirement while avoiding high levels of debt that might result in bankruptcy and foreclosures. This in turn can help ensure that the financial sector of a nation makes an effective contribution to real economic growth.