A recent survey has revealed that nearly 10 percent of primary and secondary school students in Hong Kong have suffered financial losses due to fraud, with the average amount lost standing at approximately HK$1,100.
The online survey was conducted by the Hong Kong Institute of Certified Public Accountants (HKICPA) between May and June this year, gathering responses from more than 2,000 students from Primary 4 to Secondary 3.
The study assigned local students an overall financial literacy grade of B-, indicating they possess a general understanding of basic financial concepts and typically maintain appropriate consumer attitudes. However, the results highlighted an urgent need to improve their cyber safety awareness and ability to guard against technology-related fraud.
While the surveyed students rated their own anti-fraud capabilities highly—averaging 4.1 on a 5-point scale—the findings revealed a clear gap between this perception and reality. Nearly one in ten students reported having lost money to scams, with the highest single loss reaching HK$10,000.
Common types of fraud experienced by students included "zero-risk, high-return investment promises," "game point transactions," "online shopping scams," and "account hacking."
The HKICPA noted that students often underestimate the risks of digital fraud, making them susceptible to monetary lures such as online bargains and promises of easy money. The institute emphasized the urgent need to strengthen financial fraud prevention education.
On a more positive note, the survey showed that over 87 percent of students have regular saving habits, a figure consistent with data from two years ago. Additionally, more than half maintain records of their income and expenses.
The report also detailed that primary school students now receive an average of HK$93.8 in weekly pocket money, while secondary school students receive HK$320.9. Both amounts represent significant increases from two years ago, outpacing the rate of inflation.
The survey further uncovered that 44 percent of students have borrowed money from others, and 67 percent have lent money, primarily to friends or classmates. Concerningly, about 30 percent of students have resorted to borrowing to cover entertainment expenses, suggesting a need for better budget management and spending discipline.
The institute recommended that students plan their expenses more carefully to avoid borrowing for unnecessary spending. It also cautioned that irregular disbursement of pocket money by parents could negatively impact children's development of financial discipline.
