Key Supervisory and Regulatory Initiatives

MARKET CONDUCT

MoneySENSE in the First Year – How Consumers Have Benefited
The government launched the MoneySENSE national financial education programme in October 2003 to enhance the basic financial literacy of consumers. In the first year, the programme focused on helping consumers build a strong foundation in basic money management and financial planning.

More than 80 talks and workshops on money management, financial planning and insurance planning were organised for different target groups including low-income families, students, housewives and working adults. Consumer guides covering topics such as health insurance, financial planning and investment products were published to help consumers make sense of these products and services. MoneySENSE also published a regular series of case studies and quick tips in the local newspapers.

In addition, MoneySENSE collaborated with the major financial industry associations to launch a MoneySENSE Family Outreach. Highlights included fun-filled activities for families, as well as the launch of The MoneySENSE Guide to Planning for your Family’s Financial Future and the Are you a MoneySENSible Family? cartoon booklet.

MoneySENSE has embarked on a national financial literacy survey to benchmark the current level of financial literacy among Singaporeans. The findings from the survey will help MoneySENSE develop and deliver financial education programmes that better meet the needs of different segments of the population. The survey findings are expected to be released in the second half of 2005.

Going forward, MoneySENSE will work with community groups to develop structured and sustainable grassroots programmes for low-income families and the elderly. MoneySENSE will also reach out to a wider segment of the population through more mass media programmes.