MoneySENSE - Accelerating Outreach

Since its formation in October 2003, MoneySENSE has been providing financial education to Singaporeans from all walks of life. In the past year, MoneySENSE continued to deliver programmes, covering a wide range of financial topics, including budgeting, credit management, insurance and retirement planning as well as personal investing. All these have been made possible by the unwavering support and contributions provided by members of the Financial Education Steering Committee^[1], industry and consumer associations^[2] and other MoneySENSE partners.

Leveraging on Media Platforms

Leveraging on media is one key way to accelerate financial education outreach. In 2011, MoneySENSE commissioned an 8-part “Mind Your Money” TV talk show that was broadcast on Channel 5 and Channel NewsAsia. In each episode, celebrities were invited to share their personal experiences on a wide range of topics including budgeting and saving, health insurance, home loans and investments while industry practitioners provided their expert opinions on these topics. Viewers had the opportunity to call in with their questions or post their queries on the MoneySENSE Facebook page.

For people on the go, MoneySENSE delivered financial tips through the radio in all four languages. Radio capsules featuring bite-size information on topics such as savings and budgeting, managing debt, personal investing and pitfalls of dealing with unregulated entities were broadcast on several stations. Industry practitioners also participated in a series of Mandarin chat room programmes where listeners could call in to have their queries answered.

Product education remained a key focus for MoneySENSE in 2011. With the wide variety of investment products available in the market, it is important for consumers to understand the key features and risks of the products before deciding whether to purchase them. Over the past year, MoneySENSE published media columns in Business Times, Sunday Times and Lianhe Zaobao to highlight the potential risks and benefits of investment products such as real estate investment trusts, bonds and some leveraged trading products. The articles also served to highlight the differences between plain vanilla insurance products and life insurance products bundled with savings or investment elements.

Financial Education for All

Early financial education can better prepare the young to take charge of their finances as they transcend adulthood. As such, MoneySENSE continued to support school-based financial literacy workshops, competitions and the MoneySENSE-ABS “Saving-the Sensible Habit” programme. These initiatives reached over 44,000 students in the last year.

MoneySENSE continues to work closely with our partners on different educational initiatives. MoneySENSE collaborates with the Consumers Association of Singapore (CASE) and relevant industry associations to hold public seminars covering topics such as consumers’ rights and responsibilities when transacting with merchants and financial institutions, as well as motor and travel insurance. For consumers who desire in-depth investment information, the “MyMoney” seminars provide a platform to highlight the key risks and features of a wide range of financial products. The seminars have attracted more than 3,000 participants in the past year; with more than 68,000 visits to the seminar webcasts.

It is important that MoneySENSE continually strives to find more effective and sustainable ways to deliver financial education to a wide spectrum of Singaporeans. One of the ways MoneySENSE intends to achieve this is through a tie up with the Singapore Polytechnic to set up a financial literacy institute. The institute will leverage on Singapore Polytechnic’s network, experience and expertise in bringing continuing education to adults. The institute will be staffed with trainers proficient in the delivery of financial education and will utilise different delivery mechanisms such as workplace and public talks, workshops and e-learning modules to cater to the unique learning styles of different segments of the adult population. These will complement ongoing MoneySENSE initiatives, and further extend financial education outreach to more Singaporeans.

[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 Board; the Monetary Authority of Singapore; the National Library Board and the People's Association.
[2]		The industry associations that work closely with MoneySENSE include the Association of Banks in Singapore; the Association of Financial Advisers Singapore; the Consumers Association of Singapore; the Financial Planning Association of Singapore; 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; the Securities Investors Association (Singapore) and the Singapore Exchange Ltd.