Hong Kong social enterprise teaches money management skills by giving kids credit cards

South China Morning Post

01-03-2025

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A Hong Kong social enterprise is teaching kids about money management by giving them credit cards.
Solomoni is a free financial educational app that comes with Hong Kong's first Visa card for children. It was designed for children from six to 18 years old. The card and app allow parents and young users to monitor expenses and set savings goals.
The app was developed through Project Morals & Money (Project M²), a social enterprise project under Solomon Learning Group. The initiative aims to instil financial literacy and ethical financial habits from an early age.
Yeung Tsz-yu from Maryknoll Convent School (Primary Section) appreciated how the app tracks her spending: 'It helps me monitor my spending patterns and see where I need to adjust,' she said.
Solomoni was piloted in 15 schools in 2023, reaching nearly 1,000 students and parents. It offers interactive features that parents and children can use together, such as earning money through tasks, setting savings goals, tracking spending, and donating to charity.
The cards are stored-value cards and can only be used when the account has enough money. This teaches children to spend within their available funds.
Money management skills to help you save and make good financial decisions
Encouraging good habits
The social enterprise behind Solomoni has also launched a series of online lessons about money management skills.
Alison Chan is the co-founder of Solomon Learning Group. She said that 80 per cent of parents surveyed believe they will need to support their children financially even after they finish university.
'If parents can instil financial concepts early on, it teaches patience and the importance of delaying gratification,' she said. 'Earning money helps children understand that nothing comes easy, that hard work is necessary, and that they must take responsibility.'
She also stressed the value of charitable giving, a practice that is encouraged on the app. 'Donation is crucial because it fosters compassion and empathy – qualities that are essential in great leaders.'
Learning good financial habits as a child prepares you for the future. Photo: Shutterstock
New way of spending
Sylvia Chan May-kuen is the principal of Ying Wa Primary School. She said financial education was especially important in today's digital world.
'We used to handle cash, calculate change, and physically save money. But now, with digital payments, a moment of impulse can lead to an instant purchase,' Chan said. 'Schools play a key role in teaching them how to make choices – whether in communication, problem-solving, or money management.'
Students were excited about the lessons they could learn from the app.
'I'm most interested in learning how to evaluate whether a purchase is worth it – comparing cost and benefits,' said Jayden Wong Ban-yin, 11, a Primary Six student at Ying Wa Primary School
His classmate Karston Chan Hin-wang, 12, had similar ideas. 'I don't usually spend much unless it's something essential,' he said. 'I also consider the cost-performance ratio before making a purchase.'
Karston believed learning financial education skills at a young age would benefit children. 'Eventually, we won't be relying on our parents to pay for everything,' he said. 'Since we'll need these skills sooner or later, why not learn them early and adapt to managing money independently?'
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