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What is the Women’s Empowerment through Financial Literacy (WEFL) Ambassador Programme?

The Women’s Empowerment through Financial Literacy (WEFL) Ambassador Programme has been providing training in financial education to women in Hong Kong since 2022 with the aim of empowering women to achieve their financial targets and life goals. The WEFL team is comprised of professors from The Chinese University of Hong Kong (CUHK) and The Education University of Hong Kong (EdUHK), and is inspired by the research of Professor Lynne Nakano (CUHK) who found that many single women in urban East Asia felt unprepared for financial independence. The training is led by Professor Christina Wai Mui Yu (EdUHK) and Dr. Eric Kim Fai Law (EdUHK), leaders in the field of personal financial education. The project is generously funded by the Faculty of Arts and the Department of Japanese Studies, CUHK. The program addresses the need for single women and other marginalized groups, such as single mothers and migrant domestic workers, to access education in personal finance. Through financial literacy education, the WEFL programme seeks to empower women to manage their finances and thereby improve quality of life and enhance well-being.

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Our Goals

The WEFL Programme aims to enable women to possess the attitudes, motivations, knowledge, skills, and behaviors to achieve basic financial literacy to successfully manage personal finance and achieve financial well-being.

Identifying Core Values and Long-term Financial Planning

Core values are our fundamental beliefs about life that guide our actions, decisions, and behaviors. They remind us of what is important in our lives and what we truly desire in life.

When we know what is important to us, we can live in alignment with those values. This leads to greater satisfaction, clarity, and self-awareness.

When our financial situation is sound, we feel more in control of our lives and are better able to make choices. It allows us to withstand financial shocks, alleviate stress, achieve goals, and enjoy a meaningful life.

Objectives

To enable participants to achieve financial well-being by gaining control over their finances, making informed choices, absorbing financial shocks, releasing stress, meeting personal goals, and enjoying a meaningful life.

Impact

By participating in the WEFL program, women are better equipped to navigate financial challenges, support their families, and pursue educational and professional opportunities. We aim to empower women to live financially independent lives.

Recent Activities:
WEFL Workshops

On February 3rd and 24th, 2024 at the Chinese University of Hong Kong, we conducted two training workshops on financial literacy with a total of 40 participants. These workshops aimed to enhance our participants’ knowledge and understanding of financial concepts and practices while empowering them to live a happy life.

From January to September 2022, we held a kick-off meeting, two workshops on basic financial knowledge, and three specialized workshops, including getting started, entrepreneurship education, and investment and housing. These workshops not only equipped our participants with basic and special financial knowledge, but also enabled them to lead more independent lives and foster their overall well-being.

Topics Covered:

Personal finance in different life stages
Career and personal finance
Credit record management
Investments and risk management
Retirement planning

Participants actively engaged in discussions and practical exercises, reinforcing their learning and developing essential financial skills.

Participant Testimonials

“In Asia, we learn a lot in school, but no one taught me how I can make use of this information for my personal financial planning. Your program has awakened my awareness to look at my personal finances. After this program, I will look at my future financial plan… I've already shared some of the awareness and what I learned from these classes with my colleagues and some of my friends, and I think it's definitely helpful.” (Michelle, WEFL Ambassador Programme participant)

“Participating in the WEFL program has transformed how I manage my finances. The topics covered, such as credit record management and retirement planning, were incredibly relevant and practical. I now track my expenses diligently and create monthly budgets to ensure I save regularly. Additionally, I have started investing in low-risk options for my future, something I was previously hesitant to do. These changes have given me greater financial control and peace of mind.” (Miranda, WEFL Ambassador Programme participant)

Collaborations

EmpowerU

EmpowerU connects migrant workers with opportunities to learn from top education partners including NGOs, companies, and university professors. WEFL collaborated with EmpowerU to offer workshops providing financial knowledge tailored to meet the needs of female migrant workers. Workshops were held in February 2023 and May 2024 at the University of Hong Kong.

Hong Kong Federation of Women’s Centres (HKFWC)

HKFWC promotes gender equality in Hong Kong through providing women with services, education and advocacy, with a focus on serving grassroots women. WEFL collaborated with HKFWC by providing training in personal finance for members at their Jockey Club Wah Fu Centre in June 2024.

Hong Kong Young Women’s Christian Association (HKYWCA)

HKYWCA strives for women’s rights and provides women-oriented services, serving different groups of people in need. WEFL collaborated with HKYWCA by providing training in personal finance for women in workshops held at the their Kowloon Tong centre in March 2023 and June 2024.