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Research findings from an evaluation led by The Education University of Hong Kong (EdUHK) were released on Tuesday by the nonprofit Child and Adolescent Financial Education Fund (CAFEF), showing that its "4S Program" boosts financial capability and psychological well-being among schoolchildren.
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The 4S program covers four core areas across economics, personal finance, and character education: effective saving, wise spending, distinguishing between investment and speculation, and sharing.
Researchers evaluated the curriculum’s effectiveness among local primary and secondary school students using surveys and interviews, collecting 222 student questionnaires across six primary schools and two secondary schools.
The study revealed that more than 90 percent of participating students found the curriculum helpful in their daily lives and effective in improving their financial habits. Furthermore, over 90 percent of respondents praised the instructors' professional knowledge, caring attitude, and responsiveness.
Kevin Chung Kien-hoa, Chair Professor of Child Development and Special Education at EdUHK, said that the data show that participants found the program highly beneficial in enhancing financial planning skills, indicating significant potential for expanding the initiative to more students across the Greater Bay Area.
Subject to resource availability and community support, CAFEF aims to expand its curriculum to 10 schools in the Greater Bay Area over the next two years.
To date, CAFEF has served nearly 100 schools in Hong Kong, while reaching students and parents in Shenzhen, Dongguan, Macau, and Taipei.
