2019-07-06

Trend Forum 【Be the CFO of Your Life】 Create a Financial Safety Net with Comprehensive Financial Wellness Knowledge

    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 Lifetook 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.