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Box Story 10

MoneySENSE – Promoting Financial Literacy Through Creative Platforms

Equipping consumers with knowledge and skills to enable them to make informed financial decisions continues to be a priority for MoneySENSE. In the past year, MoneySENSE stepped up the pace of delivering financial education to various segments of the population. Working with our partners and harnessing new media platforms, MoneySENSE successfully extended its reach to even more consumers to pass on basic skills on personal finance matters and knowledge on common financial products.

In partnership with MediaCorp, MoneySENSE launched the “Mind Your Money” series of seminars and radio programmes, to help Singaporeans become better informed about common money management topics and encourage them to take charge of their finances. To bring money management concepts to life, popular local celebrities were present at these seminars to share with the audience their own personal experiences and approach when it comes to money matters. A weekly radio segment was also broadcast in English and Chinese from February to April 2010 to complement and reinforce the key messages. Recordings of the radio segments and seminars are available online for those who missed the programme.

MoneySENSE made its first foray into social media by launching its Facebook page in November 2009. Internet-savvy consumers can now get updates on upcoming MoneySENSE events, receive daily tips on money matters and be notified of new MoneySENSE guides and articles. Fans can also interact with one another, sharing views on MoneySENSE activities and money matters in cyberspace. As of April 2010, over 1,300 people signed up as fans of the MoneySENSE Facebook page. Through tapping on the various media channels, MoneySENSE is able to bring financial education messages into the daily lives of Singaporeans.

MoneySENSE also collaborated with partners such as the Consumers Association of Singapore (CASE), the Chinese Development Council of Assistance (CDAC) and the National Trade Union Congress (NTUC) U Family unit to organise financial literacy carnivals for heartlanders and working adults. Modelled after the MoneySENSE Roadshow held in 2006, these carnivals employed a variety of activities such as skits and games to disseminate financial education messages in fun and interactive ways.

 
Learning about financial prudence through fun-filled carnival activities
 

To enhance consumers’ understanding of various financial products, MoneySENSE continued to partner the Association of Banks in Singapore (ABS), the Securities Investors Association of Singapore (SIAS) as well as Singapore Management University's Sim Kee Boon Institute for Financial Economics (SKBI) on the “My Money" series of seminars and radio programmes. Over 75% of participants gave the seminars a thumbs-up, rating the seminars as good or excellent. MoneySENSE is also ramping up efforts to educate Singaporeans on new financial products when they are launched.

As part of a longer-term approach to increase financial literacy amongst Singaporeans, MoneySENSE intends to partner an Institute of Higher Learning to set up a financial literacy institute. Building on the foundations laid by MoneySENSE over the last few years, the institute will develop a financial literacy core competency framework, identify core competencies relevant for each life stage, and develop and conduct programmes to equip consumers with these competencies to better manage their own financial well-being.

Since its launch in October 2003, MoneySENSE has organised talks, seminars and workshops that have attracted more than 65,000 participants. We have published 28 consumer guides and these are also available online. To reach the masses, MoneySENSE has also published infoadvertorials in newspapers in our four national languages and contributed articles to several magazines. These achievements would not have been possible without the strong support and commitment from the MoneySENSE partners, comprising the Financial Education Steering Committee1, industry associations2, community bodies and the media.

 
Helping consumers become better informed about money management concepts at a “Mind Your Money” seminar
 
 
Reaching out to the online community via Facebook
 

1 The MoneySENSE Financial Education Steering Committee consists of the Ministry of Community Development, Youth and Sports, the Ministry of Education, the Ministry of Manpower, the Central Provident Fund, the Monetary Authority of Singapore, the National Library Board and the People's Association.
2 The industry associations that work closely on MoneySENSE include the Association of Banks in Singapore; the Association of Financial Advisers; the Consumers Association of Singapore; the Financial Planning Association; the General Insurance Association of Singapore; the Insurance & Financial Practitioners Association of Singapore; the Investment Management Association of Singapore; the Life Insurance Association of Singapore and the Singapore Exchange Ltd.
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