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"MPFA & IFPHK Financial Planning Competition for Secondary Schools & Universities", which was 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, brought to a successful close today. Mr Jimmy Woo, Executive Director (Supervision) of the MPFA said when the youth started their career lives, they could learn investment knowledge by participating MPF Scheme, with which they could make informed MPF investment choice for better retirement protection.

The Award Presentation Ceremony was held this morning (Saturday, 17 June 2006) at Chiang Chen Studio Theatre of Hong Kong Polytechnic University. Over 200 hundreds students and their parents joined the ceremony.

Mr Jimmy Woo, Executive Director (Supervision) of the MPFA delivered his speech in the ceremony as saying that 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 realize the importance of retirement planning.

Mrs Francine Fu, Chairman of Local Affairs Subcommittee, Institute of Financial Planners of Hong Kong, said the competition could help spread the appropriate financial knowledge among the youth as all the participants were from secondary schools and tertiary institutions.

The Competition invited participants from tertiary institutions and secondary schools. The students had to act as a financial consultant 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 to the winners 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 5 Year-3 students from the School of Account and Finance of Hong Kong Polytechnic University, triumphed with an outstanding retirement plan which was worth over $ 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 to go, the competition reminded him that MPF voluntary contributions could enhance the 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 the flat. Team member Victoria Ma Ka Yan said that as all five members were studying in Art class, they knew little about investment before. With the help of their teachers and parents, they finally had a better understanding of MPF investment, stock market and property market. Moreover, they had already developed interest in investment.

After the ceremony, the judges, Mr Alvin Lam, Director of Professional Education Department, Institute of Financial Planners of Hong Kong and Mr Arthur Shek, Associate Publisher & Head of Research Department, Hong Kong Economic Times, made their comments on the entries to the audiences and provided some financial tips to the youth. DJ Choi Hoi-leung also expressed his own financial planning idea with the participants.

The MPFA dedicates the importance of youth education program. Besides organizing the youth financial planning competition, the MPFA always introduces various youth activities and publishes leaflets to enhance the understanding of MPF among the youngsters.


END/Saturday, 17 June 2006