MoneySENSE and Singapore Polytechnic Launch Institute for Financial Literacy
16 July 2012… The MoneySENSE Financial Education Steering Committee1 and Singapore Polytechnic (SP) launched the MoneySENSE-SP Institute for Financial Literacy today.
2 The Institute aims to build core financial capabilities across a broad spectrum of the Singapore population. Its launch is a significant development in the MoneySENSE financial education agenda. With a dedicated team led by Dr Alex Lum, the Institute will be able to deliver financial education to the public in a regular and structured manner.
3 The Institute’s programmes will build on MoneySENSE’s work on basic money management, financial planning, and personal investing. It will offer free talks and workshops to help consumers develop capabilities to make financial decisions that directly affect them and their families.
4 As a start, the Institute will offer free talks and workshops to the public on the following topics in October 2012.
Making the Most of Your Money
Financial Planning Begins Now
Are You Borrowing Too Much?
Do I Need Every Type of Insurance?
Building Your Nest Egg
Investment and Financial Products
These programmes will cover core financial capabilities such as 1) understanding money and having numeracy skills to be able to evaluate costs and benefits; 2) understanding yourself, your rights and responsibilities; 3) managing money to live within one’s means; 4) planning ahead; and 5) selecting financial products.
5 The Institute will conduct programmes to cater to different learning styles and preferences. For working adults, the Institute will leverage on Singapore Polytechnic’s Professional & Adult Continuing Education Academy to bring financial education talks and workshops to consumers at their workplaces. The Institute will partner community and grassroots organisations to reach out to consumers from lower income groups. It will also develop e-learning modules to facilitate outreach beyond talks and workshops. The Institute will work with financial industry associations, as well as consumer and investor bodies to continually update the content of its financial education programmes to ensure their relevance to consumers.
1 The Financial Education Steering Committee (FESC) comprises representatives from the Ministry of Community Development, Youth and Sports, Ministry of Education, Ministry of Manpower, Central Provident Fund Board, Monetary Authority of Singapore, National Library Board, and People's Association. The FESC provides strategic direction and oversees financial education programmes in Singapore.