is spearheaded by the Financial Education Steering
Committee (FESC) comprising the Ministry of Community
Development, Youth and Sports, Ministry of Education,
Ministry of Manpower, Central Provident Fund Board,
People’s Association and MAS. The MAS-led
FESC works with the MoneySENSE Industry Working
Group, made up of representatives from the major
industry associations and community organisations,
to implement financial education initiatives.
Since its launch in October 2003, MoneySENSE
has organised more than 140 talks, seminars,
courses and workshops for over 15,000 Singaporeans,
and published over 100 educational articles in
the media. In the last year, MoneySENSE launched
several new initiatives.
||In March 2005, MoneySENSE commissioned
the first national financial literacy survey.
The findings showed that Singaporeans have
healthy attitudes toward managing their finances
but lack an understanding of common financial
products. Singaporeans could also improve
in their planning for emergencies and retirement.
Respondents also indicated that they preferred
to receive financial education through the
||To address these areas, MoneySENSE launched
MoneySENSE Matters, a quarterly newsletter
in the main newspapers, to highlight simple
steps that Singaporeans can take to better
manage their finances. MoneySENSE also developed
worksheets that consumers can use to draw
up their budgets and assess their debt commitments.
||To enhance Singaporeans’ understanding
of common financial products, MoneySENSE
worked with the local media to publish fortnightly
columns featuring common financial documents
and key areas that consumers should take
note of. MoneySENSE also partnered industry
associations to organise seminars on health,
motor and investment-linked insurance, unit
trusts and securities investments.
||To further extend its reach, MoneySENSE
held the inaugural MoneySENSE 2006 Roadshow
at the HDB Hub from 31 March to 2 April.
The event, which attracted over 89,000 visitors,
disseminated simple financial tips and messages
through games, skits and seminars.
||To complement MoneySENSE’s broad-based
programmes with targeted initiatives, MoneySENSE
developed a worksheet to guide senior citizens
in managing their retirement funds, and worked
with the Securities Investors Association
of Singapore (SIAS) and the Singapore College
of Insurance to launch a new series of “Financial
Planning for Families” talks. MoneySENSE
also launched radio programmes, with key
messages for different audiences, in the
first quarter of 2006.
||MoneySENSE has been working closely with
Community Development Councils (CDCs) to
organise basic money management workshops
for low-income families. To further build
up capabilities, Southeast CDC implemented
a train-the-trainer workshop for CDC officers
and family service centre social workers.