Industry practitioners share advice on building financial capabilities at My Money @ Campus Seminar at NUS
Singapore, 17 March 2016… MoneySENSE, together with the Association of Banks in Singapore (ABS) and Securities Investors Association (Singapore) (SIAS), held the My Money @ Campus Seminar today at the National University of Singapore (NUS). The Seminar is targeted at tertiary students between the ages of 17-25 years and aims to broaden their perspectives on the importance of managing their future income well and being financially healthy. This is the second My Money @ Campus event, following a successful inaugural seminar at SMU in October 2015.
2 The Seminar featured a special address by Guest-of-Honour, Mr Michael Zink, Head of ASEAN and Citi Country Officer, Singapore, who shared his personal financial management journey through the years. This was followed by a 45-minute Question & Answer session where Mr Zink engaged the students on topics ranging from tips on how to build an investment portfolio to his views on the implications and opportunities presented by the current investment climate. The Seminar also featured talks by speakers from the Investment Management Association of Singapore (IMAS), ABS and NUS around the themes of building an affordable investment portfolio, how certain behavioural biases can have an impact on financial decision making, and how to navigate global market trends for successful investing.
3 Mr Lee Boon Ngiap, Chairman of the Financial Education Steering Committee1 for MoneySENSE and Assistant Managing Director (Capital Markets), MAS, said: “I would like to thank NUS for partnering us in the My Money @ Campus Seminar series. It is never too early to learn good financial habits such as effective budgeting and how to start an investment plan. MoneySENSE is happy to collaborate with ABS, SIAS and NUS to bring financial education to NUS and other tertiary students at a critical juncture before they embark on their next phase in life.”
4 Mr Michael Zink, Head of ASEAN and Citi Country Officer, Singapore said: “Citi Singapore has been a strong advocate of financial education for more than a decade as we believe it is a natural extension of the work we do as a financial institution. Our community partners include NGOs, government organisations and educational institutions. We are honoured to support the My Money @ Campus series initiated by MoneySENSE, ABS and SIAS to bring the wisdom of early financial planning to more tertiary students, whose time is on their side to compound interest on their savings and invest for the long term in quality assets”.
5 Mrs Ong-Ang Ai Boon, Director of ABS, said: “It is imperative to start investing and planning for retirement when one is young so as to benefit from a longer investment horizon. ABS, together with other stakeholders, will continue to spearhead and support financial education among the young”.
6 Mr David Gerald, Founder, President & CEO, SIAS, added: “As with anything in life, it pays to start early. This holds true for investing. Savvy investors understand the benefits of investing early. We hope that through the seminar, students will take steps to plan ahead and take charge of their finances”.
7 Dean Bernard Yeung, NUS Business School said: “Initiatives such as My Money @ Campus helps to equip consumers, especially students, with the skills to make prudent financial decisions. Such programmes enable our students to make informed investment decisions and plan for their longer-term financial needs.”
Notes to editor
The Association of Banks in Singapore (ABS) plays an active role in promoting and representing the interests of the banking community in Singapore. In doing so, ABS works closely with the relevant government authorities towards the development of a sound financial system in Singapore. Since its establishment in 1973, ABS has promoted common understanding among its members and projected a unifying voice on banking issues. It has brought its members closer together through various guidelines and banking practices as well as the support of projects of mutual benefit to face the challenges of the financial and banking community in Singapore. Today, ABS has a membership of 158 local and foreign banks. Further information on ABS is available on the website: .
Securities Investors Association (Singapore)
SIAS, a registered Charity and Institution of Public Character, is the largest organised investor lobby group in Asia, with almost 71,000 retail investors as members. It is run by a Management Committee comprising of professionals who are volunteers. It actively promotes Investor Education, Corporate Governance and Transparency and is the watchdog for Investor rights in Singapore. To-date, SIAS has since year 2000, successfully organized over 1000 investor education programmes ranging from basic investment seminars for novices to certificate courses for investment savvy investors. Thus far, about 140,000 retail investors have benefited from these programmes, which are offered largely free. Members are educated on the features of investment products, and the attendant risks involved in each product. Investors are taught to make informed decisions on investing. SIAS is able to provide a variety of investor education programmes to its members and the investing community at large through collaborative arrangements with financial institutions and listed companies interested in investor education as part of its corporate social responsibility agenda.1 The Financial Education Steering Committee (FESC) comprises representatives from the Ministry of Social and Family Development, Ministry of Education, Ministry of Manpower, Ministry of Health, 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.