Financial Literacy Games and Workshops


Financial education games and workshops for students

Since January 2004, financial education messages have been delivered through appropriate subjects in the formal curriculum such as Character and Citizenship Education, Food and Consumer Education, Social Studies and Mathematics at the primary and secondary levels.

We encourage schools to supplement these by organising financial literacy games and workshops for their students. Many schools have done this by engaging vendors to deliver the programmes. Schools may also apply for co-funding from MoneySENSE to defray some of the costs if the programmes selected meet MoneySENSE’ criteria. Please refer to the following Q&A for details.

Q1. My school is engaging an external vendor to run a financial literacy programme. How do I know if the programme is eligible for MoneySENSE co-funding?

You may submit an application if you fulfil the criteria below:

  • The school is registered with the Ministry of Education (MOE).
  • The programme encourages students to build some or all of the core financial capabilities as well as knowledge in at least one of the three tiers of financial literacy defined by MoneySENSE.
  • The programme is run by an eligible vendor. See the list of eligible vendors.
  • The programme has not started and will not start till six to eight weeks from the date of application to allow sufficient time for the evaluation of the application.

We will review each application and advise the school accordingly on whether its application is approved. We will also consider other factors, such as whether the proposed participating students have attended other financial literacy programmes in the last year, the amount of MoneySENSE co-funding provided to the school thus far, whether the proposed programme includes longer term plans to build capabilities within the community, whether there are similar programmes currently offered on a complimentary basis by MoneySENSE volunteers, etc.

Q2: How much co-funding can MoneySENSE provide?

MoneySENSE typically co-funds up to 50% of the net qualifying expenses, subject to a maximum of $25 / participating student. The net qualifying expenses refer to the total cost of the programme minus fees (payable in cash and/or Edusave) charged to participating students.

As a special concession, MoneySENSE also co-funds up to 80% of the fees charged to a participating student if the student is on the MOE Financial Assistance Scheme (FAS).

Example:
ABC Secondary School is organising a financial literacy workshop for 100 students. 10 students are on MOE FAS. The school decides to select a vendor that charges $35 per student. The school decides to charge each student $25 (to be deducted from each student’s Edusave). The calculations are as follows:

 

Q3: What is the application procedure?

Step 1: Click here to download a copy of the Investor Education Scheme (IES) form. Schools that require a copy of the IES form in Microsoft Word format may email their request to consumers@mas.gov.sg.

Step 2: Complete the IES form. Click here for things to note when completing the IES form.

Step 3: Send the completed IES form and any attaching documents to the following address.

MAS Building
10 Shenton Way
Singapore 079117
Attn: MoneySENSE Secretariat, Consumer Issues Division

MoneySENSE will evaluate the application and inform the school if its application is approved. This process usually takes between four to six weeks.

Where an application is approved, MoneySENSE will send a letter of offer and acceptance to the school. Schools are advised to read through the terms and conditions in the letter of offer and acceptance. If the school is agreeable to the offer, the school should send the acceptance form with an authorised signature and school stamp to the same address as above.

Please note that vendors are not allowed to apply on behalf of schools.

Q4: How are the co-funding monies disbursed to the school?

MoneySENSE’s co-funding works on a reimbursement basis. Hence, the school will have to pay the vendor first.

After the programme is completed, the school will need to submit the following to the MoneySENSE Secretariat:

  • Claims forms (these would have been mailed to you upon programme approval, together with the Letter of Offer)
  • Certified true copy of the invoice billed to the school
  • Evaluation report/feedback for the programme
  • Students attendance lists

After receiving all relevant documentation from the school, MoneySENSE will process the payment. This process usually takes about three months. It may take longer if there are discrepancies in the information in the invoice, evaluation report/feedback and school’s co-funding application.

Q5 I am a vendor providing financial literacy programmes for schools. How can I be included in MoneySENSE’s list of eligible vendors?

Eligibility criteria for vendors:

  • The programme encourages students to build up some or all of the core financial capabilities as well as knowledge competencies in at least one of the three tiers of financial literacy defined by MoneySENSE (Tier 1: Basic money management; Tier 2: Financial planning; Tier 3: Investment know-how).
  • The programme does not promote or endorse a specific financial institution, its products and services, or membership of an industry association.
  • The programme is targeted at individuals and is suitably pitched for the target audience.
  • The programme is delivered by well-qualified practitioners with the requisite experience and expertise.

You will have to first invite MoneySENSE and MOE to assess your financial literacy programme for schools (this will be conducted without MoneySENSE funding).

We require that you let us know the proposed date of the programme at least one month in advance. Once we have confirmed our attendance on the date of assessment, please send us the following documents:

  • Programme outline, including topics covered, delivery mechanism and evaluation method (whether this involves any initial and/or post programme survey done by students)
  • Company’s profile and information
  • A List of current trainers with their CV and IC no. stated

The above approach is consistently applied to all vendors who wish to be eligible for MoneySENSE’s co-funding.