One-year course organised by charity organisation Enrich equipped participants with knowledge on investment types, tools and concepts
Seventy-nine migrant domestic workers in Hong Kong had their graduation ceremony at the HKEX Connect Hall today, after completing a year-long financial literacy programme organised by charity organisation Enrich and sponsored by the KPMG Foundation.
Enrich, a Hong Kong-based NGO that focuses on providing financial empowerment for migrant domestic workers, held a financial literacy lecture series focused on investment, which included 16 two-hour lectures (eight each in English and Bahasa Indonesia).
The programme, which launched in October 2017, aimed to provide impartial, balanced and credible information on investment to migrant domestic workers. A wide variety of topics were covered, including understanding savings, time deposits and current accounts, as well as investing in stocks, children’s education and real estate (property and agricultural land). A total of 315 domestic workers have attended the programme, with the 79 participants who completed all lectures graduating today. Following the lecture series 97 percent of attendees now understand the risks of investing.
Ros R, an Indonesian domestic worker attendee, says: "This lecture series was very useful for me to learn about investments, and I have already applied some of it. For example, I have bought shares in environmentally friendly technology. It has changed my mindset about short-term and long-term investment."
Pat Woo, Partner and Head of Corporate Social Responsibility, KPMG China, says: “Although many migrant domestic workers are well-educated and may have financial experience in their home countries, when they move overseas they are particularly vulnerable to financial exploitation because of illegal placement fees. They may also be unaware of the risks of borrowing from loan sharks or signing personal guarantees for friends. Equipping them with the knowledge to save, budget and plan for greater financial security is essential to building a better life for themselves and their families.”
“The key initiatives of the KPMG Foundation – which is celebrating its 10th anniversary – include supporting underprivileged and disadvantaged people in Hong Kong and mainland China through projects focusing on education and empowerment. With its support of migrant domestic workers – who are an integral part of many families – Enrich is a good fit,” says Woo.
In addition to sponsoring the project, volunteers from KPMG China also participated as lecturers and facilitators.
Lucinda Pike, Executive Director of Enrich, says: "We are pleased that KPMG has prioritised the promotion of financial inclusion this year, and that they have chosen to do so for migrant domestic workers, who are a vulnerable group in Hong Kong. We believe that this is a great example of how charities and corporations can work together to create mutually beneficial partnerships, enabling our domestic worker participants to receive impartial education about investment from professionals in the field, and empowering KPMG staff to volunteer their expertise and skills."
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The KPMG Foundation was established in February 2008 with the objective of engaging our own people, alumni and other stakeholders in the community to deliver sustainable solutions to social and environmental issues in China. It funds programmes related to the four key focus areas including Advancing Sustainability, Lifelong Learning, Promoting Inclusive Development, and Inclusion and Diversity.
KPMG China operates in 19 cities across China, with around 12,000 partners and staff in Beijing, Beijing Zhongguancun, Changsha, Chengdu, Chongqing, Foshan, Fuzhou, Guangzhou, Hangzhou, Nanjing, Qingdao, Shanghai, Shenyang, Shenzhen, Tianjin, Wuhan, Xiamen, Xi’an, Hong Kong SAR and Macau SAR. With a single management structure across all these offices, KPMG China can deploy experienced professionals efficiently, wherever our client is located.
KPMG is a global network of professional services firms providing Audit, Tax and Advisory services. We operate in 154 countries and territories and have 200,000 people working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.
In 1992, KPMG became the first international accounting network to be granted a joint venture licence in mainland China. KPMG China was also the first among the Big Four in mainland China to convert from a joint venture to a special general partnership, as of 1 August 2012. Additionally, the Hong Kong office can trace its origins to 1945. This early commitment to the China market, together with an unwavering focus on quality, has been the foundation for accumulated industry experience, and is reflected in the Chinese member firm’s appointment by some of China’s most prestigious companies.
Enrich is the leading Hong Kong charity promoting the economic empowerment of migrant domestic workers.
Enrich empowers migrant domestic workers to invest in themselves through financial and empowerment education. Enrich’s workshops equip domestic workers with the tools to save, budget, and plan for a future with greater financial security while they are here in Hong Kong.
For more information visit: www.enrichhk.org