| Box
7 |
| MONEYSENSE
– SINGAPORE’S FINANCIAL EDUCATION PROGRAMME |
| |
To enhance
the basic financial literacy of consumers, the government
launched a national financial education programme called
MoneySENSE in October 2003. MoneySENSE is spearheaded
by a public sector Financial Education Steering Committee
comprising the Ministry of Community Development and Sports,
Ministry of Education, Ministry of Manpower, Central Provident
Fund Board and People’s Association. A private sector
MoneySENSE Industry Working Group, comprising representatives
from the major industry associations and community organisations,
has also been set up to work with the MAS-led Financial
Education Steering Committee to implement a series of
financial education initiatives. The MoneySENSE programme
covers three tiers of financial literacy: |
| |
| • |
Tier I – Basic Money
Management covers skills in budgeting and saving,
and provides tips
on the responsible use of credit. |
| • |
Tier II – Financial
Planning equips Singaporeans with the skills and
knowledge to plan for
their long-term financial needs. |
| • |
Tier III – Investment
Know-How imparts knowledge about the different investment
products
and skills for investing. |
|
| |
To kick-start
the programme, seed money of S$1 million per year for
the first three years has been set aside to co-fund financial
education initiatives.
MoneySENSE aims to reach out to all segments of the population
through community talks and seminars, educational brochures
and guides, and mass media activities.
Since its launch, MoneySENSE has supported a wide variety
of programmes including a series of interactive skits
on money management held at community venues; free seminars
on life insurance and financial planning; a 12-part series
on credit cards in a local newspaper; and a series of
consumer guides on life insurance, health insurance, credit
cards and car financing.
In 2003, MAS developed two consumer guides under MoneySENSE:”Dealing
with a Financial Adviser: What to Look Out for?”
and “Getting It Right: How to Resolve a Problem with
Your Financial Institution”.
In conjunction with MoneySENSE, MAS launched a new “For
the Consumer” portal on our website. The portal serves
as a central repository for all financial education materials,
including activities and events that are organised under
MoneySENSE. It also serves as an online feedback channel
for consumers. Going forward, the portal will be enhanced
with new content and interactive tools.
Over the next few months, MoneySENSE will conduct a national
financial literacy survey to benchmark the current level
of financial literacy among Singaporeans. |
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