TAIPEI, TAIWAN, JULY
6th, 2019 — The
general public’s financial knowledge is insufficient to navigate an
increasingly complicated society and economy and may lead to social issues. In
recent years, FQ (Financial Quotient) has become a critical survival skill similar
to IQ (Intelligence Quotient) and EQ (Emotional Quotient) and an important
quality highly valued internationally. In an effort to improve individuals’ FQ,
Prudential of Taiwan (POT) is offering complimentary financial education to
employers and associations to help their employees and members meet their
day-to-day expenses, save for short- and long-term financial goals and protect
their assets from risks. When everyone is able to improve their financial wellness,
the society as a whole can enjoy more Financial Inclusion, which is one of the
SDGs (Sustainable Development Goals) of the United Nations (UN).
POT, whose
mission is to help individuals achieve financial security and peace of mind is partnering
with Social Enterprise Insights (SEI), a media that focuses on social
enterprises and social innovation to launch a series of initiatives titled 【Be the CFO of Your Life】. Through media reports, a
trend forum and workshops, POT and SEI are raising awareness about Financial
Wellness.
The media
reports, which were recently published online, cover financial issues faced by
Taiwanese people and strategies to improve financial skills. As part of the
ongoing campaign, the Trend Forum 【Be the CFO of Your Life】took place at Syntrend
today (July 6th) with over 300 attendees. Dylan Tyson, CEO of POT
and Sunny Lin, CEO of SEI opened the forum by sharing the future trends of
Financial Wellness in Taiwan.
Financial issues
are not just about oneself
They are closely linked with social well-being
According to the
2019 Financial Wellness Census conducted by POT, financial issues are the
largest source of stress among Taiwanese people. Tyson said that the Financial
Wellness Program introduced to Taiwan this year has been very successful in the
U.S. and it consists of seminars covering financial planning, protection of
assets from risks, investments and retirement planning. The seminars are free
of charge for employers and associations. Tyson further explained that, helping
employees ease financial stress and become financially well will enable them to
concentrate more on work which in turn helps achieve company’s goals. It can
also be of help for employees to plan for retirement. At the end of the day, this
is a win-win outcome for both employers and their employees.
Sunny Lin, CEO
of SEI stated that since its inception, SEI has endeavored to bring social
innovation ideas that are internationally important but not much discussed in the
Mandarin-speaking part of world to Taiwan. Therefore, the initiative is also an
attempt to proactively respond to international trends: the Financial Wellness status
of one is impactful on their physical and psychological status, work efficiency
and family relations, and eventually on stability of the society. From this
regard, personal finance is not simply one’s day-to-day issue, but also an
important part of the civil well-being that should be very much valued by
businesses and government. When every person can elevate their Financial
Wellness status, the society as a whole would enjoy higher level of Financial
Inclusion, which is also one of the important topics within the SDGs by the UN.
Individuals,
organizations and the society join hands in creation of a financial safety net
Experts in
different areas were invited to the Trend Forum to share with the audience how
to expand the scope of Financial Wellness beginning from day-to-day life and
through the empowerment of organizational resources. Panelists for the
“Personal Life” Session are Nai-Fong Kuo, Associate Professor of Shih Hsin
University, Taco Chen, Founder of Fourdesire and creator of the “Fortune City”
app, and Jesse Lin, Co-Founder
and iOS developer of the “52 weeks moneychallenge” app. They shared with the
audience how to form habits, think out of the box and apply innovative
solutions, in order to enable everyone to better control their finances.
Panelists for
the “Organizational Empowerment” Session include Weber Chung, CHRO of 104
Corporation, Chloe Huang, Secretary General of B Lab Taiwan, and Jason Tsai,
Director of Financial Literacy and Education Association (FINLEA). They shared
how large companies, small- and medium-sized businesses and NGOs can innovatively
integrate financial concepts into company welfare and promote them among the
public, in an effort to help reduce stress in the workplace and society.
Through the process, businesses can also be more sustainable. This is a big win
for both parties.
This initiative
is aimed at inspiring more stakeholders from various backgrounds to participate
in the weaving of a financial safety net for the Taiwan society, from individual,
business to societal levels. When everyone is equipped with Financial Wellness
knowledge and becomes the CFO of his/her own life, our society will become more
financially inclusive. Before that, more public concerns and large-scale
cooperation will be needed. Therefore, in the final panel session of the forum
— “Weave a Financial Safety Net”, speakers from different backgrounds were
invited to discuss the ways to properly play one’s role in this matter, to make
use of resources and to work together to achieve the followings goals: for more
people to enable themselves to improve their own Financial Wellness status as
well as that of other people, for large organizations to provide their
employees with financial education as a way to fulfill corporate social
responsibility, for advocacy organizations to promote financial education to
different communities. With all the efforts devoted, to weave a financial
safety net for the Taiwan society.