Moneysense Launches Financial Education Outreach to Polytechnic Students
Singapore, 26 June 2006...The MoneySENSE Financial Education Steering Committee and the Central Provident Fund Board (CPF Board) today organized the first of activities to bring financial education to polytechnic students. This is the first time that MoneySENSE is organizing a financial education programme for students at all five polytechnics in Singapore.
2 It is important to reach these students as they will enter the workforce in a few years' time. The national financial literacy survey, conducted by MoneySENSE in 2005, revealed that the average financial literacy scores, both in terms of knowledge and action, for adults aged between 18 and 24 were lower than the population average.
3 This polytechnic outreach is an extension of the inaugural 2006 MoneySENSE Roadshow. Held from 26 June to 15 July 2006, the polytechnic outreach will feature MoneySENSE games that are designed to convey financial education messages in fun and non-intimidating ways. For example, a game of darts is used to illustrate how structured products are often designed such that payments are made only when certain trigger events occur.
4 MoneySENSE is also working with industry associations to organise "Making Sense of Money Matters" talks to educate students on how they can better manage their finances when they step out into the workforce.
5 Students will also be invited to participate in an inter-polytechnic online game competition using the "Voyage of Life" game developed by the CPF Board. The game is designed to enable players to learn about retirement and financial planning concepts and CPF in an interactive manner.
6 RADM (NS) Lui Tuck Yew, Minister of State for Education will be the guest of honour at the closing event where the top 400 "Voyage of Life" game scorers from all five polytechnics will pit their skills against one another in a final round of the online game on 15 July 2006 at Republic Polytechnic. The findings of a financial literacy survey conducted among polytechnic students will also be announced at the closing event.
7 This polytechnic outreach is one of many collaborative efforts by members of the public-sector MoneySENSE Financial Education Steering Committee and the private-sector MoneySENSE Industry Working Group to empower Singaporeans to be more self-reliant in managing their finances. Going forward, MoneySENSE plans to organise more programmes to bring financial education to more students.