Recent Activities
The Bank of China Hong Kong Charitable Foundation opens accounts for low-income children
Initial beneficiaries are primary students in Sham Shui Po
Supporting Organisations:
Participants from the "Plan for Our Future" project of the Five Districts Business Welfare Association School successfully opened their individually-owned accounts.
Many people in Hong Kong may have had their own savings accounts at a young age. However, it is not that easy for children from low-income families to do so due to various restrictions, such as the minimum balance requirements.
The Labour and Welfare Bureau (LWB) enlisted the support of the Bank of China Hong Kong (BOCHK) Charitable Foundation to offer the latest batch of project participants the chance to open BOCHK personal savings accounts and Club Deposit accounts as part of the CDF's Targeted Savings programme. No minimum balance is required. By enabling low-income children to set up their own bank accounts, this gives them access to the banking business, encourages them to save and manage money, and helps them develop self-discipline at an early age.
"Plan for Our Future" is a CDF project operated by the Church of Christ in China Heep Woh Primary School (Cheung Sha Wan), and its two partnering schools, Shamshuipo Kaifong Welfare Association Primary School and Five Districts Business Welfare Association School. It is the first project that offers account-opening services to CDF participants through the concerted efforts of the LWB and the BOCHK Charitable Foundation.
About 50 project participants were arranged to open their accounts at the bank branches in the vicinity of the three schools. The branch staff volunteered to work extended hours to provide services for the participants that day to show their care for the community.
Participant LI Yan is curious about banking services whenever she follows her mother to the bank to make a deposit. Opening her own bank account in the company of her parents, little brother and sister was certainly a memorable experience. "In the next two years, I will save up my pocket money and deposit it in my bank account myself every month. I will bear in mind the teaching of my parents and will not squander," she said. Her father hopes she will learn that money is hard earned and wealth building starts with savings.
CDF participants opening accounts at the BOCHK's Castle Peak Road Branch.
Participant LI Kam Ting is a Primary Four student who has settled in Hong Kong for about three years, but she rarely visits a bank. She was excited about setting up her own account in person for the first time. Her mother said, "I had been thinking of opening a savings account for my daughter for quite some time, but the minimum balance requirement has stopped me. Now, my dreams come true. With this savings account, I will teach my daughter the concept of money management and make her realise that it is important to form a saving habit at an early age."
In the past, most project operators running and managing the Targeted Savings programme had to set up dedicated bank accounts in the name of the projects to keep participants' savings on their behalf. Now that participants can make use of the personal savings and Club Deposit bank services to complete their targeted savings, this will reduce project operators' administrative burden in terms of manpower and time.
Targeted Savings is one of the key components of the CDF. It encourages participants to save a fixed amount of money on a regular basis over a period of two years so that they can use the savings to achieve their personal development plans. More importantly, it can help them develop a habit of saving.
Project operators interested in arranging bank account-opening services for their project participants may contact the LWB for details.