Letters to Editor
Published Date: 16 July 2007

Response to "Do your own Homework" (The New Paper, 09 July 2007)

Dear Sir

Do your own homework" (The New Paper, 09 July 2007) implies that MoneySENSE consumer guides are biased because they are written by industry associations. This is not true.  The MoneySENSE secretariat (which comprises MAS staff) carefully vets the guides to make sure they do not push any products, specific financial institution or other commercial interests.

The MoneySENSE financial literacy program is a collaborative effort by the public sector, industry bodies and consumers. To encourage such collaborative efforts, MoneySENSE typically funds up to 50 per cent of the cost of each activity that meets its guidelines. This includes financial literacy activities initiated by industry associations.

We also consider the media has an important role to play and MoneySENSE welcomes increased coverage and commentary on financial education issues in papers such as The New Paper.

Consumers too have a role to play.  In this regard, we agree with the article's headline that consumers should always do their own homework before purchasing any financial product.  This is one of the key MoneySENSE messages.

Angelina Fernandez (Ms)
Director (Communications)
Monetary Authority of Singapore on behalf of the MoneySENSE Financial Education Steering Committee