***********************************************************
"MPFA & IFPHK Financial Planning Competition for Secondary Schools & Universities", co-organised by the Mandatory Provident Fund Schemes Authority (MPFA), Education and Manpower Bureau, Institute of Financial Planners of Hong Kong and Committee on Home-School Co-operation, has ended successfully.
Executive Director (Supervision) of the MPFA Mr Jimmy Woo said today (June 17) that when young people started their careers, they could learn investment knowledge by participating in the MPF Scheme, with which they could make informed MPF investment choices for better retirement protection.
The award presentation ceremony was held this morning at Chiang Chen Studio Theatre of Hong Kong Polytechnic University. More than 200 hundreds students and their parents joined the ceremony.
Mr Woo said the MPFA valued the importance of youth education and he believed the competition could provide an opportunity for students to have a comprehensive understanding of the MPF System and realise the importance of retirement planning.
Chairman of Local Affairs Subcommittee, Institute of Financial Planners of Hong Kong Mrs Francine Fu said the competition could help spread the appropriate financial knowledge among the youth as all participants were from secondary schools and tertiary institutions.
The students had to act as financial consultants and formulate a retirement plan for a typical middle class family in Hong Kong. Seven proposals from each category were chosen for the final and the awards were presented this morning.
The champion of the secondary school category was from SKH Tsoi Kung Po Secondary School, while the first runner-up and the second runner-up were from The Methodist Church HK Wesley College and Chang Pui Chung Memorial School respectively. In the category of the tertiary institution category, participants from Hong Kong Polytechnics University won the champion. The prizes of the first runner-up and second runner-up were presented to the students from Hong Kong Baptist University and University of Hong Kong respectively.
"Pentagon Wisdom", which was formed by five Year 3 students from the School of Account and Finance of Hong Kong Polytechnic University, triumphed with an outstanding retirement plan which was worth more than $8 million. The leader, Ho Ting Kim said the best reward from the competition was that he could enhance his financial planning knowledge. Even though retirement was a long way off, the competition reminded him that MPF voluntary contributions could enhance retirement protection.
"Monopoly" from SKH Tsoi Kung Po Secondary School was the winner in the secondary school category. The team members won the prize by the suggestion of making more MPF voluntary contributions, change of investment portfolio and selling out of a flat. Team member Victoria Ma Ka Yan said that as all five members were studying Art, they knew little about investment. But with the help of their teachers and parents, they finally gained a better understanding of MPF investment, stock market and property market. They had already developed interest in investment.
After the ceremony, the judges, Director of Professional Education Department, Institute of Financial Planners of Hong Kong Mr Alvin Lam and Associate Publisher & Head of Research Department, Hong Kong Economic Times Mr Arthur Shek commented on the entries and provided some financial tips. DJ Choi Ho-leung also expressed his own financial planning idea with participants.
As well as organising the youth financial planning competition, the MPFA always introduces various youth activities and publishes leaflets to enhance the understanding of MPF among the youngsters.
Ends/Saturday, June 17, 2006
Issued at HKT 17:01
NNNN
