Financial literacy gaps and ageism in Hong Kong's investment scams: An analysis of vulnerability and structural causes
Original framing: “Elderly scam victims lose HK$850,000 on average, but ones who know finance lose more” — South China Morning Post
Research has shown that financial literacy programs can be effective in preventing scams, but only when they are tailored to the specific needs and contexts of the target population. In Hong Kong, a one-size-fits-all approach to financial education has failed to address the root causes of these scams.
The rise in investment scams targeting Hong Kong's elderly highlights the need for a more nuanced understanding of aging and financial security.
The emphasis on financial literacy and investment experience has created a culture of competition and vulnerability among retirees, while also obscuring the structural causes of these scams, such as ageism and financial literacy gaps. To prevent future scams, it is essential to develop and implement alternative financial models that prioritize social welfare and community development, such as community-based financial cooperatives and inclusive financial education programs. These solutions require a trickster reading that inverts the dominant narrative and prioritizes social welfare and community development over individualistic pursuits.