A child development fund, if implemented in Hong Kong, should be adapted to address local needs, Commission on Poverty Task Force on Children & Youth Chairman Dr Philemon Choi says.

The task force reviewed overseas experience in setting up such a fund. Members noted a child development fund is a relatively recent development in the UK and US. The dominant overseas models aim to promote long-term saving habits and improve financial literacy among the younger generation and their families, and cultivate self-responsibility and shared responsibility on the development of children among family and community networks.

Fund must avoid duplication

"Today we had the first formal discussion on the applicability of overseas experience in setting up child development fund in Hong Kong," Dr Choi said. "The task force considered that such a fund, if implemented in Hong Kong, should be adapted to address local needs. At the same time, there is a need to avoid duplication with existing funds and services. We shall continue to explore proposals in this direction to help reduce risks of intergenerational poverty." 

At the meeting, members expressed views on the purpose and possible design of such a fund. Noting there are diverse expectations from the community on the subject, the task force will arrange a sharing session to gauge relevant parties' views on ideas of a meaningful and feasible arrangement that suited Hong Kong's circumstances.