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Partnership for the Young
Community Empowerment Scheme with Operation Santa Claus & JP Morgan

Many thanks indeed to JP Morgan and Operation Santa Claus for their support in this collaborative partnership for reading, volunteering and self expression. It will begin in April and is designed to empower 600 disadvantaged primary pupils at the Tin Yuet, Tin Shui and Tin Yiu Youth SPOTs. These children, from families with low educational attainments and few working skills often lack self-confidence and are socially isolated. In a district without a public library, the scheme will enhance language skills, stimulate the reading habit and broaden horizons. Contact Fiona Sze tel 2445 5777 email uictyt@hkfyg.org.hk for more details.

Operation Santa Claus
Verdant Foundation Ltd & HAB sponsor youth social enterprise

Cafe21 and Rebook, two new social enterprises have the generous sponsorship of the Verdant Foundation Ltd. Cafe21 is in the Federation’s headquarters building in North Point and Rebook, a book recycling project, is in Mongkok. Verdant is also providing funding for the team that looks after social enterprise at HKFYG. Rebook has support from the Home Affairs Bureau too, through the Enhancing Self-Reliance through District Partnership programme.
Email andy.ho@hkfyg.org.hk or gary.tang@hkfyg.org.hk for more details

Seminars for parents with the VTC & EDB

Seminars for parents of secondary school children are to be run on Sundays in March with the Vocational Training Council and the Education Bureau Committee on Home-School Co-operation. Presentations by speakers will be followed by a forum with HKFYG moderators. Topics will include parent-child conflict management, career planning, emotional disturbances and sexual experience in adolescence.
Contact Tang Wai-hung tel 2623 3121 for more details.

Caring Company logo 07/08
101 companies and organizations nominated by us have been awarded the Caring Company logo this year. Click here for a list of company names. A Recognition Ceremony will be held on 21 February 2008. Visit http://www.caringcompany.net/
en_req_off_business.php
for more information or call Bonnie in Partnership, 3755 7101.
HKFYG & RTHK recruit Little Reporters for the Olympics

A training workshop will be organized by the Federation with RTHK for pupils in Primary 4-6. It will include interviews with athletes, professionals, social celebrities and artists, in preparation for the Olympics and will be broadcast on RTHK Radio 2. The deadline for applications is 29 February. Call 2395 0162 (tel) and visit http://www.u21.hk/u21_2006/
promotion/little_reporter/index.asp
for more information.

Great timing: Gilman donates 20 oil radiators to beat the cold in Tin Shui Wai

20 oil radiators have been donated by Gilman for HKFYG's Tin Yuet Youth SPOT to distribute to the needy in Tin Shui Wai. The cold weather makes this a very timely Lunar New year gift. Tel Fiona 2445 5777 for more information.

Stock market crash ?

Sharp drops in the stock market have brought home to young and old alike the risks of unwise money management. Now we hear about youngsters running into ever more serious debt with credit cards. Managing money is an important skill however old we are and courses on it are available at the HKFYG's Continuous Learning Centre.

Good news is that underprivileged teenagers will get advice on saving with a pioneer government campaign next year. Hong Kong's more affluent youngsters get wise about the stock market and investments with courses organized by banks, chartered accountants and NGOs. We think every child needs to know what money means, how to look after it and make it grow. Will you partner us and help them? Phone Bonnie, 3755 7101, to discuss how to get started.

 
Teaching kids the value of money
Pocket money
 

I know a boy who gets $500 pocket money every day ... said Dr Raymond Wong, tutor on Grab the Chance, Get the Wealth, a course coming up at HKFYG's Continuous Learning Centre. He was talking about the need to teach money skills, not only to the young but also to those who come into regular contact with youngsters.

The course is about training the trainers how to instill sensible attitudes to money in the young and incorporates elements of child psychology with basic knowledge on money management and investments.

Many young people have scant idea of the value of money, let alone how to use it carefully. They have not learned to tell the difference between wants and needs. We encourage saving with role play, games and exercises, said Dr Wong.

Incautious parents give their children Octopus cards and just top them up when they get low. The temptation to use the cards on vending machines is just too great for the ones with no money sense.

As for pocket money, we suggest $60 per week for Primary 1 pupils, increasing by increments of $10 so that they get over $100 by the time they are in secondary school.

Wise mums and dads send their children to financial education programmes and camps. Another option is to encourage young people to get first-hand experience of managing money. They will be doing that this week, operating stalls at the Lunar New Year fairs. The HKFYG's Youth Employment Network is running the programme with Shell Hong Kong Ltd to support them:

They learn that real businesses face uncertainties, said a teacher of one group of students. Uncertainty and prudence are extremely healthy attitudes to have in the present economic climate. The sooner that youth, accustomed to a bull market and generous parents, acquire them, the better.

Visit www.clc.hkfyg.hk for more details of Dr Wong's course.
Visit http://yen.hkfyg.org.hk/yen/index.php for more info on the New Year fairs.

 
Money sense and social responsibility

The Hong Kong Institute of Certified Public Accountants interviewed 300 parents of children aged 6-12 and found that the majority were not confident in their ability to teach the kids how to look after their money. They won the Asia-Pacific PR Award for the Social Responsibility Campaign in 2007 with the programme, Rich Kid, Poor Kid and commissioned local writer Nuri Vittachi to write children’s books on the subject.* 10,000 of these books have been given away in the last two years.

Mainland students squander tuition fees

A university on the mainland has refused entry to 440 students for their final exams. They have been accused of using money designated for tuition fees to invest on the stock market or run a business. In total they owe the university 14 million yuan for their course fees and a third-year student of architecture owes 27.000 yuan. 180 million people live on under US$1 a day in China and the annual income of a rural peasant is just a few thousand yuan. Nevertheless, students can earn 200-300 yuan a month working as waiters.

*www.straitstimes.com/Latest%2BNews/Asia/STIStory_196431.html

Did you know?
In the US
1 in 5 teens have their own credit card or access to their parents' credit cards
30% of youth report their parents rarely or never discuss saving and investing with them
Pre-teens (8-12 years) spend US$946 each a year


Teens (13-19) spend US$3,300 each a year*
*www.extension.umn.edu/extensionnews/2005/affluenza.html
Hong Kong FLL Robotics Tournament 2007/08
Date Saturday 1 March 2008
Time 11am to 5pm
Venue Gymnasium in the Hong Kong Polytechnic University's Shaw Amenities Building
Dialogue Session with Financial Secretary

Date 17 March 2008
Time 5.30-7pm
Venue Sir Run Run Shaw Hall
Venue Hong Kong Academy of Medicine

May Moon and the secrets of the CPAs by Nuri Vittachi*
How to Raise a Money-Wise Kid by Nuri Vittachi*
Cashflow for Kids by Robert Kiyosaki and Sharon Lechter (authors of the bestselling book Rich Dad, Poor Dad)
Talking to Teens about Money
http://www.money-wise.org/articles/talking_to_teens_about_money_en_2007
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