Professor Christina Yu The Irreplaceable Value of Financial Wisdom 12 Betty Law, Hang Seng Bank The Wealth of Life 14 What Is Financial Freedom?
A Gen Z Money Roundtable
A Father-Daughter Talk 20 What I Tell My Children About Money 22 Cash or Digital Payments? 26 How Money-Savvy Are You?
Youth Hong Kong June 2025
Volume 17 Number 2
YOUTH HONG KONG
published quarterly by The Hong Kong Federation of Youth Groups
EDITORIAL BOARD
Hsu Siu-man
Lakshmi Jacota
William Chung
Ada Chau
Christa Cheung
Judith Lee
Don’t Let Bamboo Scaffolding Become a Forgotten Cultural
Jefferson Mak
Saving Face Kirsten Choi 34 Marketing Hong Kong Better Zaynab Kola 38 The Women Before Me Cindy Victor 39 Baking + Animals = Love Reagan Lee 40 My Winding and Unpredictable Pathway
China Week
Marco Yu
Miranda Ho
Mia Yao
EDITING
Mia Yao (Managing Editor), Lakshmi Jacota, Elaine Morgan, Michelle Leung
INTERVIEWS
Mia Yao, Lakshmi Jacota, Ada Chau, Stella Chen, Tracy Cheng
CIRCULATION (unaudited)
9,000 in Hong Kong, throughout the region and overseas
VIEWS EXPRESSED are the authors’ and interviewees’, may come from official sources, and do not necessarily reflect the views of the editorial board or publisher
REPRODUCTION OF CONTENTS without written permission from the publisher is prohibited
SECTIONS & TRANSLATION
Mia Yao, Michelle Leung
PHOTOGRAPHS
stock images or in public domain
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Bryan Tsui
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Bryan Tsui
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The Wealth of Life
Betty Law of Hang Seng Bank shares her views on managing finances as an essential part of finding balance in life, while redefining the meaning of wealth beyond money.
Every stage of life, from childhood to retirement and everything in between, presents its own decisions and challenges, physical, mental and financial. To reflect this in the context of financial education, Hang Seng Bank, in partnership with the Hong Kong Family Welfare Society, has developed a board game called Life Smarts. Reminiscent of Monopoly, this 1.5-hour game helps players of all agesstudents, parents, young professionals, and retirees, navigate the thrills and spills of money management.
“The players learn how to make financial decisions while studying, at work or in retirement,” explains Betty Law, Hang Seng’s Head of Corporate Communications and Community Investments. “The underlying message is that wealth isn’t just about money. It is also about striking a balance between financial knowledge, health, wellbeing, and meaningful relationships with friends and family, while being about future planning, especially during earning years and retirement.”
What gives the board game its unique character? It is not just about earning lots of money, with the richest player crowned the winner. Instead, as Betty reveals, the actual winner isn’t the wealthiest but the one who achieves the most balanced, healthy life.
This game is one component of Hang Seng’s broader financial education initiatives, which respond to the rapidly evolving social and digital landscape in Hong Kong. Betty notes, with fast changes in daily life in the city, particularly during the pandemic, teenagers began spending more time at home and their grasp of financial management grew hazier. With the rise of electronic payments, young people now also seldom handle physical cash, and some of them struggle to develop a clear sense of “reasonable spending.”
Recognising these challenges, Hang Seng Bank has made financial education a priority. “We believe that in the digital age, fostering healthy financial values in the younger generation is crucial,” says Betty. “We have a corporate social responsibility to help all sectors of society build sound financial awareness.”
As a result of this forward-looking strategy, last year, the Bank formally established the Hang Seng Financial Volunteer Team to support financial literacy activities, with over 200 staff members sharing financial knowledge to promote financial inclusion within the community.
Additionally, Hang Seng is the Strategic Financial Services Partner for JC PROJECT LIFT, an initiative by The Hong Kong Jockey Club Charities Trust. This programme empowers underprivileged families with tailored financial education and services to help them break free from the poverty cycle. “We’ve observed that residents in transitional housing and low-income families often have a limited understanding of financial management,” Betty says. “Through workshops and sharing sessions, we show them how even small amounts of savings can grow into meaningful wealth.”
This is not Hang Seng’s only community project. In the 2023/2024 academic year, the Bank partnered with the Hong Kong Family Welfare Society to launch the Hang Seng Financial Literacy Academy and held more than 170 events that reached over 10,000 primary and secondary students, parents and social workers.
These events proved very helpful when explaining the difference between “wants” and “needs,” especially to young people, but as Betty notes, it is something we could all learn.
Another activity involved the Bank taking over 30 secondary students to visit the International Finance Centre and the Hong Kong Monetary Authority. Not only did the visit provide first-hand exposure to the financial world and, it also helped bridge the gap between finance professionals and the wider community.
Wealth isn’t just about money. It is about striking a balance. “ “
“Through all these activities, we want young people to understand that wealth isn’t just about money,” Betty adds. “It’s about making the most of the resources you already have.”
Hang Seng believes that everyone, regardless of economic status, should have access to basic financial services. From grassroots families to young people and the elderly, the Bank sees promoting financial literacy as a shared responsibility.
Betty emphasises that companies like Hang Seng have a duty to promote financial literacy in the community. While many schools and parents already provide financial education, Betty encourages a more structured, multi-party collaboration between businesses and NGOs. Reiterating the goals of the partnership with the Hong Kong Family Welfare Society as a successful model, where financial education is woven into school curriculum, rather than treated as an extracurricular activity. “This ‘Business-NGO-education sector’ model,” she says, “really is able to deliver more systematic financial education.”
Betty outlines three key ways the Bank aims to support financial education in Hong Kong: upholding the principles of financial literacy and inclusion, providing funding and professional support through volunteer financial advisors, and collaborating with organisations to maximise impact. “Making financial education work effectively is critical for Hong Kong’s future,” Betty concludes, “and we’re committed to being part of the solution.”
Metty:
Xen:
Metty:
Still Using Cash?
by Bimal Mirwani and Michelle Leung
Exploring whether the rest of the world is sticking with fiat currency or shifting to digital payments
Around the world, the way people pay for everyday goods and services is evolving with technological advancements. While traditional fiat currency – government-issued legal tender – has long been the backbone of commerce, digital payments are increasingly becoming the norm.
Asia-Pacific is leading this transformation, with 645.8 billion non-cash transactions recorded in 2023, surpassing Europe's total (361.1 billion) and North America's (237.3 billion). Latin America also shows substantial growth potential, particularly in Brazil, Peru and Colombia, driven by instant payment systems. Looking forward, digital payments are expected to generate USD 3 trillion in revenue globally by 2028, with Asia-Pacific accounting for nearly half of all transactions.
High-cash use markets
Cash
Medium-cash use markets
Low-cash use markets
Hong Kong
Hong Kong is quickly moving toward a digital payment future. In 2024, over 85% of residents used e-wallets like Octopus, Alipay, WeChat Pay, and PayMe, making these platforms a regular part of everyday life. Octopus stands out with a 98% penetration rate across the city, covering everything from retail shops and restaurants to public transport. Hong Kong’s Faster Payment System (FPS) is also highly popular as it can be used 24/7 and enables instant, free transfers and payments through phone numbers, emails, or FPS IDs across banks and e-wallets. Looking ahead, digital wallets are expected to make up about 40% of all digital payments by 2025. Although cash is still used, an undeniable trend is taking shape – one that clearly favours digital payments.
e-commerce
Octopus, Alipay, WeChat Pay, PayMe, PayPal, Google Pay, FPS 52%
38% point of sale
Digital payment methods
Mainland China
e-commerce
74% point of sale
Digital payment methods
Japan
China has quickly become a mostly cashless society, with digital payments now the everyday norm. Mobile platforms dominate, handling over 90% of mobile transactions nationwide. People use QR codes to pay for everything – from street food to train tickets –with digital wallets deeply woven into daily life. While cash is still used in some rural areas and by small vendors, its role is shrinking fast. The government and fintech companies are pushing innovation with AI, biometric security, and 5G contactless payments to make digital transactions even more convenient and secure.
Japan has been a cash-focused society, which is believed to be associated with its ageing population. While the older generation prefers traditional ways, the younger generation widely uses cashless methods. Recently, cashless payments have been gaining ground. In 2024, 42.8% of all transactions were digital. Despite this, cash still plays an important role. One typical example of Japan’s traditional payment method is Konbini, which means “convenience store” in Japanese. It is a typical local cash-based payment method that allows customers to order products online and pay for them at a convenience store. To encourage digital payments, the government is offering incentives, improving infrastructure, and updating regulations. In the future, the Japanese government, while not specifying the time frame, says it aims to bring the cashless ratio up to 80%.
33%
e-commerce
25% point of sale
Digital payment methods PayPay, Rakuten Pay, LINE Pay, QR code-based payments, Suica
South Korea
Digital
South Korea has firmly established digital payments as the norm. The country’s digital payments market is projected to reach nearly $198 billion in transaction value by 2025, with strong growth driven by mobile wallets, smartphone adoption, and a tech-savvy population that embraces contactless and QR code payments. The COVID-19 pandemic accelerated this trend. In addition, starting from April 2025, South Korea launched its central bank digital currency, the digital won “Hangang”, allowing participants to convert traditional bank deposits into the digital currency and spend at partner merchants. Despite the dominance of digital payments, cash has not been entirely phased out.
KakaoPay, Toss, Naver Pay, PayCo
Alipay, WeChat Pay, QR code-based payments
Australia
Australia has seen a big shift from cash to digital payments, with digital methods now the go-to choice for many. In 2024, digital payments made up 53% of all e-commerce transactions, overtaking card payments and cash for the first time. This growth is driven by mobile wallets and the now-popular buy now, pay later services. Fiat currency accounted for just 13% of consumer transactions in 2022, down from 70% in 2007, and it’s expected to fall further to around 7% by 2030.
Papua New Guinea
MiBank
United States
Papua New Guinea has one of the highest unbanked populations globally, with about two-thirds of its population lacking reasonable access to formal financial services. This limits widespread adoption of digital payments. Despite this, steady progress is being made in the adoption of digital payments, thanks to mobile payment platforms like BSP. Papua New Guinea is also exploring a Central Bank Digital Currency, which is currently in a pilot phase. Supported by international partners, including Japan’s Soramitsu and Mitsubishi, this initiative aims to reduce reliance on physical cash, lower transaction costs, enhance security, and promote financial inclusion across both urban and remote areas.
The United States is steadily shifting towards digital payments, though cash still plays a big role in everyday transactions. As of early 2025, about 53% of US consumers reported using digital wallets more often than cash or physical cards, and nearly 70% of online adults have used digital or mobile payments in the three months prior to March 2025. Mobile payments are expected to make up nearly 79% of all digital transactions this year, driven by convenience, speed, and security features like biometric authentication. Despite growing consumer use, many small businesses are slower to adopt digital wallets with less than 60% accepting them, compared to almost 95% supporting card payments. Cash usage, while declining, remains resilient due to long-standing consumer habits.
The UK’s payment landscape is evolving fast, with digital payments growing quickly, but cash is still holding its ground. In 2024, digital wallets, contactless cards, and instant bank transfers became more popular than ever, driven by consumers looking for convenience and security. The government’s National Payments Vision, launched in late 2024, aims to modernise the system with projects like the New Payments Architecture.
Surprisingly, cash usage has increased in recent years. Data from Nationwide shows cash withdrawals rose for the third year in a row in 2024. “The rising cost of living continues to impact people, and many are opting to budget with physical money to avoid getting into debt,” said Otto Benz, Director of Payments at Nationwide Building Society. Similar to most new technological innovations, market reports show that younger people are more likely to use digital payments and budgeting tools.
The Netherlands
The Netherlands has largely moved past cash, with digital payments now making up over 80% of all transactions as of early 2025. Mobile payments and contactless cards are especially popular for their speed and ease, while cash use at stores has dropped by about 20% since 2018. Digital wallets and online payment methods like iDEAL are growing fast, supported by high smartphone use and seamless integration with Dutch banks. While cash use has diminished, about 1.3 to 1.5 million people still depend on it for daily transactions as of 2020.
88%
e-commerce
33% point of sale
Digital payment methods
iDEAL, Klarna, SEPA Direct Debit
50%
e-commerce
34% point of sale
Digital payment methods
Mercado
Argentina
Argentina is in the midst of a big shift from cash to digital payments. Digital wallets have grown rapidly from just 4% market share in 2017 to around 25% in 2024, and the share of respondents using cash transactions declined to 69% in 2024. This rise is largely thanks to platforms like Mercado Pago, which offer contactless and offline payment options. Interestingly, Argentina leads Latin America in mobile payment app usage, with 95% of the population using payment apps on mobile devices.
Ethiopia
Ethiopia is still largely a cash-based economy, but it’s making big moves toward digital payments as part of its Digital Ethiopia 2025 plan. The government, along with the National Bank of Ethiopia, launched its first National Digital Payments Strategy in 2021 to boost financial inclusion, make payments more efficient, and support economic growth. Despite these advances, cash continues to play an integral role in everyday life.
N/A
e-commerce
N/A point of sale
Digital payment methods
Telebirr, CBE Birr, HelloCash, Amole
N/A
e-commerce
N/A point of sale
Digital payment methods
Apple Pay, Google Pay
Antarctica
Antarctica doesn’t have an official currency or a traditional economy since it’s mainly home to temporary scientific and support staff from various countries. Transactions usually happen using the currencies of the countries running the research stations, with the US dollar being the most common because of the large American McMurdo Station. Any digital payments are mostly made through digital wallets such as Apple Pay and Google Pay, especially on expedition ships and at station facilities.
Pago, PayPal, Rapipago, PagoFacil
DON’T LET BAMBOO SCAFFOLDING
BECOME A FORGOTTEN CULTURAL HERITAGE
by Jefferson Mak
Still seen clinging to the sides of buildings across Hong Kong, bamboo scaffolding is more than just a construction tool, but a fading tradition that carries the city’s cultural DNA.
An interesting thing emerged in March. During the DSE English-speaking examinations, many candidates found bamboo scaffolding a captivating topic. While Hong Kong is well known for its iconic skyscrapers, the renowned skyline owes much of its existence to the skilled armies of scaffolders.
Despite the word “scaffolding,” in Chinese 竹棚架, being unfamiliar to many students, local residents encounter it frequently, whether in the repairs of old buildings in Sham Shui Po, or in new constructions in developing areas. This traditional scaffolding system supports our construction activities, while at the same time, it preserves a valuable cultural heritage of Hong Kong.
Why Bamboo?
Bamboo scaffolding may seem like an outdated method in an era where metal is widely used, but Hong Kong's continued use of this material speaks volumes about its advantages. Bamboo is the perfect material for scaffolding because of its exceptionally dual properties, being both strong and light at the same time. This means that scaffolders can quickly and effectively erect – and disassemble – structures with ease, as well as transportation.
While steel is the primary material used in most of the Western nations, bamboo scaffolding is exclusive to some Asian regions. The explanation is the high accessibility, thanks to the abundance of bamboo groves in southern China, and its mass use in the past. It is also far less expensive than steel. Research have shown that bamboos can grow up to 90 cm per day, and can be harvested without harming the environment. In contrast, steel
production consumes a lot of energy and produces industrial waste. At a time when sustainability is becoming more and more important, bamboo is definitely the right choice.
The strength and durability of steel scaffolding may make it the preferred choice for large-scale construction projects in other countries, but the rust and corrosion problems faced by steel tubular scaffolding in Hong Kong due to the city’s proximity to sea, makes its replacement costs impractical.
Bamboo, however, will always have a place in the cultural history of Hong Kong, as the first type of scaffolding used to develop the city as we know it today.
My Encounters
As a Hong Kong youth with grandparents living in Cheung Chau, an outlying island of Hong Kong, I have witnessed the Cheung Chau Bun Festival multiple times, but I didn't really start to appreciate the craft until my interaction with a scaffolder in their neighbourhood. Watching his teamwork around the bun tower – carrying construction materials, climbing up and down with safety belts –caught my attention. I was curious and, in my conversations, discovered that many of them had been in the industry for generations. They talked proudly about their work, highlighting the artistry and skill required to build a strong and secure scaffold.
For many scaffolders, work is more than just a job; it's a long-standing family tradition. However, this tradition faced challenges after the tragic incident in 1978, during the Bun Festival. In a chaotic scene with hundreds of people climbing three towering bun structures, one of them suddenly collapsed under the weight, crashing into another structure and led to multiple injuries as spectators were unable to escape in time.
As a result of this tragedy, safety concerns and regulations emerged regarding the use of bamboo,
ultimately causing a shift from bamboo to steel frames in construction practices. While this change aimed to prevent future accidents, it also marked a turning point in a long-standing tradition in Hong Kong.
Given the hectic pace construction of today, steel, which is still seen by some as more dependable and modern. Of course, the fact that fewer people are interested in a career in scaffolding, as young people are increasingly drawn to positions in technology and finance, also puts this Hong Kong cultural legacy in danger.
I spoke with a scaffolding master who I had witnessed dismantling scaffolding from a completed building with a group of fellow scaffolders. While he was excited to safely complete another job, he was also worried about its future. He remarked, "I love working with bamboo, but everyone is attracted by the advantages of metal." I understood clearly the feeling behind his words, as I observe the decline of bamboo scaffolding in the city.
Preserving a Cultural Legacy
Bamboo scaffolding serves as a fundamental element of Hong Kong's cultural heritage, extending beyond its construction functions. Its significance lies in its rich history, the skilled artisans who have carried this craft through generations and its representation of the spirit of Hong Kong people. My personal experiences and the stories from scaffolders have shown me the significance of preserving this unique craft.
The tradition holds significant value because it shaped our city skylines into their present form and I believe we should respect the scaffolding craftsmanship and preserve something future generations should hear about and cherish.
Jefferson Mak, 16, has a passion for travel, exploring the world and discovering the details of his surroundings. He enjoys learning about the world and reflecting on his experiences. With strong enthusiasm for science, conducting experiments is his favourite activity in classes.
Joining The NEXT INFLUENCER Digital Media Training Programme was a turning point for me. Although I began my career in marketing, the programme opened my eyes to the excitement of being on camera and creating digital content. Inspired by this experience, I continued with M21’s professional courses and quickly discovered my passion for hosting and media production. In 2024, I made the bold decision to become a full-time slasher, dedicated to digital creation and presenting. This journey has brought me closer than ever to my dream of becoming a content creator and host.
A REAL-WORLD POLICYMAKER EXPERIENCE Youth Boardroom: 2025
The HKFYG Youth Boardroom trains students to debate, negotiate, and build consensus on real issues.
You may be familiar with the heated debates at school Model United Nations conferences, where student delegates represent different countries to discuss global issues, but have you experienced a localised format where students gain hands-on experience in discussing, debating, and shaping local policy? The HKFYG Youth Boardroom roundtable summit offers exactly that experience.
At the HKFYG Leadership Institute, located in the historic Former Fanling Magistracy, students showcased what they have learned in their training lessons on mediation, debate, and communication skills. They were presented with a pressing issue currently debated in Hong Kong: "Should Hong Kong implement pet-friendly carriages in the MTR, and if so, how?"
Wong Kit-wai, Elizabeth, a seasoned debate education specialist and founder of WKW Strategic Communications Studio, delivered training throughout the programme. She emphasised the unique niche the HKFYG Youth Boardroom offers compared to other debate training programmes.
Unlike other roundtable debates that focus on highlighting strengths and attacking opponents' weaknesses, she said this summit incorporated a consensus session for students to come up with proposals to solve real-world
issues. “Our goal is to provide a realistic context for students to learn effective communication. Debates that emphasise differences alone are insufficient for resolving real-world issues, and collaboration is essential. We aim to teach students how to negotiate and find common ground amid diverse perspectives,” Elizabeth said.
The roundtable summit lasted four hours. Students were assigned various stakeholder positions on the pet-carriage issue, such as veterinarian, pet owner, MTR management, and MTR frontline union.
To make the roundtable discussion as realistic as possible, stakeholder assignments were designed to be as concrete as they could be. For instance, among the pet owner roles, students were assigned positions as cat and dog owners, and exotic pet owners. This encouraged them to analyse the term "pet" and understand how the nature of different animals leads to varying needs in pet carriages.
During the second part of the summit, students presented their debate speeches on whether the Hong Kong government should implement pet-friendly carriages in the MTR. They were eager to share their findings after spending nights researching the topic.
Tsui Shui-bong, a Form 5 student from King Ling College representing veterinarians, shared that he spent three
nights preparing his speech and delving into animal wellness. He noted that, unlike previous speech preparations that focused solely on statistics, he aimed to make his speech engaging and emotional—a skill he developed in Elizabeth's training sessions.
Yiu Tung, a Form 4 student from Diocesan Girls’ School, delivered a speech representing exotic pet owners. In her preparation, she sought examples that the Hong Kong MTR could reference. "We also extended our research to cities like London, where the MTR also invested and operated a train line, to see if there are similar pet carriage policies we could learn from," Toby said.
After the speeches, students participated in an intense open discussion and debate, exploring the perspectives and concerns of the stakeholders they represented. From frontline workers' objections regarding how a large number of pets on board could impact employee benefits, such as allergy health issues and increased cleaning hours, to pet owners' advocacy for animal rights, the boardroom was filled with passionate voices and discussions.
As the debates concluded, students faced an even greater challenge: reaching consensus and developing a pet-carriage policy proposal that would satisfy all stakeholders while maintaining their positions.
Before sharing the proposals and voting on the best one, student stakeholders were asked to lobby for support. With only three proposals allowed for submission, each group needed to build alliances and develop a cohesive proposal that everyone could agree upon. They were then asked to present their proposals and field questions from the audience during the Q&A session, where they listened to their opponents’ concerns and sought ways to address them effectively.
Wong Yat-sum, a Form 4 student from Good Hope School, noted that "reaching consensus" was a new topic for her. She learned a great deal about negotiation skills through the training and ultimately performed well during the proposal and discussion sessions.
"The key is to listen. I learned how to pay attention to people's concerns and the perspectives behind their
objections. This feedback was invaluable for me to step back and refine my proposal to better accommodate different stakeholders," Ingrid said. "Through this training, I realised that effective compromise is an art of communication."
Lam Yick from Ying Wa College appreciated the lobby session for its practical lessons in negotiation skills. He expressed his interest in English public speaking and found the Youth Boardroom programme enjoyable, as it provided a rare opportunity to experience what political lobbying is like.
Trainer Law Wing-chung, also Founder and Director of Hong Kong-based strategy and public relations agency Jervois One, provided feedback to students after they voted on the best proposals. Through this lesson, he hopes students understand the key difference between writing and speaking, as well as the art of public speaking.
Trainer Elizabeth greatly valued the roundtable summit format, as it offers a unique opportunity for public speaking training in Hong Kong. Students not only showcase their differences through debate but also seek common ground for collaboration during the consensus-building phase.
“While debate is often a zero-sum game, reaching consensus is like finding the highest common factor in math. You need to identify common ground with the other party to advance your agenda, and I believe that most great innovations and collaborations in society do not occur from a single individual,” Elizabeth explained. “Rather, they emerge from a collective mindset formed through communication, understanding, and negotiation.”
The Youth Boardroom 2025 Roundtable Summit, organised by the HKFYG Leadership Institute, is supported by the Standing Committee on Language Education and Research (SCOLAR) and funded by the Language Fund. Committed to nurturing the next generation of leaders, the Institute designed this programme to cultivate empathetic leadership and enhance collaborative problem-solving skills.
and
Organised by the Professional Publications Unit of The Hong Kong Federation of Youth Groups, the Young Writers Programme enters its 10th edition. Since its launch, the initiative has helped 21 writers publish their first books, turning their writing dreams into reality.
To mark this milestone, an exhibition and a series of public talks will be held in 2025 to revisit our ten-year journey of creativity and growth. Join us and celebrate the power of writing together!
9/F Forum, Eslite Bookstore
31/8/2025 Hysan Place, 500 Hennessy Road, Causeway Bay, Hong Kong Opening Ceremony
August 2 (Sat) 2 pm
Teacher aka Writer: Making Chinese Learning Enjoyable
Date: August 2, 2025 (SAT)
Time: 2:30–3:30 PM
Venue: 9/F Forum, Eslite Bookstore, Causeway Bay
Speakers: Ms. Yip Chau Yin, Ms. Chak Yin Kwan
From Frame to Page: How Photographers Tell Stories