The number of people turning to a voluntary organisation for help due to overspending with credit card debts last year dropped by nearly half compared to that of the previous year. But the proportion of the number of young professionals and highly educated people rose for five consecutive years. They could not save enough money to get married or buy a flat even with their monthly incomes of some tens of thousands of dollars. They even owed hundreds of thousands of debts. Schools and parents should do a good job in financial management education as a proper prescription in response to the consumption patterns of the young generation against various forms of consumerist lures.   

Some decades ago, whether it was the mass media, bank ads or even family education all encouraged savings as a virtue to cultivate the thrifty rich and well-off middle-aged generation of today but with changes in social and economic environments, banks were flooded with money and consumerism rose. The young generation received information that encouraged consumption from all sides, much more than those that encouraged savings. Credit cards facilitated the "spending of future money", breaking through the barriers of people living within their own means. Their debts unknowingly grew larger and larger.

Greed for small gains eventually leaves one with nothing   

As the saying goes: "A swindler teaches his son 'nothing good is cheap'". This is a life lesson accumulated through painful experience. The previous generation became poor and owned nothing of value because they showed greed for some small advantages in front of them and they lost big for small gains as a result. They then taught their next generation not to be taken in.   

The common marketing practices in today's consumerist society target the general psychology of the people's love for small gains. No matter whether it is reductions or "buy one get one free" in the retail markets or the various VIP card and credit card discounts and reward point schemes, including various "privileges" such as priority booking for concerts, all attract more business from consumers. They buy many extra things and services that they originally have no plan to use, thinking they have got bargains and happily allowing their money to flow into other people's pockets.   

In the past, young people could not easily find ways to borrow money for lavish spending, which formed a natural restriction. Now all university students have banks directly or indirectly approaching them to open credit card accounts. Many have already formed the bad habit of spending beyond their means before they even experience the difficulties of making money. Some of them compete with peers in food, clothing, mobile phones, etc. while others become unable to control their own consumer impulse . Things get worse when they step into the society and workplace. Many only pay the minimum repayment of credit cards and hence their debts grow with overlapping interest . They eventually have to face bankruptcy.

Inviting people with past experience to give warning at school

The voluntary organisation analysed the cases of seeking help with credit card debt received in the past five years. They revealed that the proportion of professionals and university students asking for help increased each year. One of the factors was the increase in the number of university students. With the rise in the number of people entering universities, it has become more necessary to give " consumerist lure immunisation" well before the tertiary education period.   

Today students are taught to have their savings in the Primary Five General Studies subject. Starting from this September, knowledge in financial management will be taught in the Life and Society subject of junior secondary school including basic economic theories and investment risks as well as the consequences of overspending. In the Personal Development section of Liberal Studies in senior secondary school, there is also knowledge in financial management. But it is only in theory and lacking in personal experience. Listening to great theories and taking care of exams are not adequate. Students have to be able to put them into practice in real life.   

Now some schools work hand-in-hand with voluntary organisations to make arrangements for some people who turned over a new leaf after once going astray to have exchanges with students and equip them with anti-drug messages. In credit card spending, schools and voluntary organisations can also make similar arrangements using real life examples to fight the various overwhelming promotional temptations.