Monetary Authority of Singapore Annual Report 2012/2013

EDUCATING CONSUMERS

MoneySENSE

MoneySENSE employed a variety of platforms to engage and help equip consumers from different walks of life with the necessary knowledge and skills to make informed financial decisions. While MoneySENSE educational efforts continued to emphasise building awareness and equipping consumers with foundational skills in budgeting, setting goals, managing savings and debt, buying suitable insurance and basic investing, educational initiatives were also undertaken to address thematic concerns or gaps in awareness vis-a-vis certain financial products, schemes and developments in the market.

Media Outreach

To extend our media outreach efforts beyond the English speaking population, we commissioned another series of the “Mind Your Money” TV Programme on Channel 8 in March 2013 to reach out to the Mandarin speaking population. Presented in an edutainment style format, the four-episode series featured tongue-in-cheek skits reflecting themes and views on money commonly shared by consumers, and interviews with experts on their opinions on topics ranging from buying a home, managing money, insurance and retirement planning. The series was well received with approximately 964,000 viewers.

Running parallel with the TV programme, a radio campaign was aired in the four official languages to disseminate a similar range of financial education messages. MoneySENSE radio campaign reached out to an estimated 1.5 million listeners via live interview or in the form of radio capsules.

MoneySENSE also sponsored 10 educational articles on new and common (but hard to understand) financial products and schemes in the Sunday Times and weekend editions of Business Times and Lianhe Zaobao. The choice of topics was mainly determined by feedback and other indications that consumers could benefit from learning more in these areas.

Outreach Through Other Platforms

The “My Money” seminars, a collaboration with the Association of Banks in Singapore, Securities Investors Association (Singapore), Singapore Management University Sim Kee Boon Institute for Financial Economics and National Trades Union Congress, continued to be a popular platform to highlight salient features and risks of common financial products. Approximately 3,200 participants attended the seminars which were made available in both English and Mandarin.

MoneySENSE continued to support the promotion of financial education to schools and students. For the lower primary level, we partnered the Association of Banks in Singapore and brought “Save and Spend Wisely” skits to the students. For the wider student segments, MoneySENSE continued to improve financial literacy through vendor-run programmes and competitions.