MoneySense Campaign to empower Singaporeans with knowledge and skills on financial and retirement planning
Singapore, 14 September 2022… The MoneySense Campaign 2022, “Level Up Your Financial Health”, aims to empower Singaporeans with knowledge and concrete steps to take charge of their financial well-being and plan for their retirement. Launched today and running until end November, this year’s campaign comprises in-person and mass media education programmes, as well as complimentary services and tools to aid in financial planning.
2.While MoneySense has made progress to inculcate positive money management behaviours and habits in Singaporeans, we recognise that more can be done to uplift knowledge of financial concepts and encourage longer-term financial planning among Singaporeans. The MoneySense National Financial Capability Survey (NFCS) 2021MoneySense Council commissioned the National University of Singapore to conduct the MoneySense National Financial Capability Survey in 2021 which involved 2,000 Singapore resident respondents aged 18 to 79 years old. Please refer to Annex A for background on MoneySense. found that Singapore residents generally adopted good financial behaviours in money management. More respondents budgeted and kept track of their spending, and maintained at least three months of expenses as emergency savings as compared to 2017MoneySense conducted the Financial Planning Attitudes Survey in 2017. . Knowledge of financial concepts could be further improved as 4 in 10 respondents did not understand financial concepts such as ‘risk diversification’ and ‘simple and compound interest’. More Singaporeans need to take active financial planning steps as slightly more than half of the respondents had not developed a plan for retirement savings.
3.This year’s campaign calls on Singaporeans to take the first steps in their financial planning journey:
(a)Sign up for complimentary retirement planning workshops and one-to-one financial health clinics. The Institute for Financial Literacy will hold workshops at island-wide locations to provide comprehensive, step-by-step guidance on how to plan for retirement and deal with inflation. Post-workshop, participants can sign up for one-to-one financial health clinics to obtain personalised guidance. (Please refer to Annex B for more information and registration details).
(b)Use the enhanced Financial Health Check tool. This five-minute self-assessment provides customised recommendations on improving one’s financial health.
4. Another useful tool that Singaporeans can tap on is MoneySense’s digital financial planning service, “MyMoneySense”. This service allows individuals to automatically consolidate their financial data from government and banks through the Singapore Financial Data Exchange (SGFinDex)SGFinDex is a digital infrastructure that allows individuals to consolidate their financial information from participating financial institutions and government agencies conveniently. It is a joint initiative by the Monetary Authority of Singapore and the Smart Nation and Digital Government Group, supported by the Ministry of Manpower, and in collaboration with industry partners.. It also enables Singaporeans to get started on financial planning by providing personalised and actionable guidance.
5.Other highlights of the Campaign include the following educational programmes and events:
(a)Free-to-air programmes. An infotainment game show, a documentary series and short videos will be broadcast on national television and digital platforms. The programmes will provide tips on managing finances and making sound financial decisions for a more secure retirement, amidst inflationary pressures.
(b)MyMoney@Campus, MyMoney@Public and World Investor Week. MoneySense in partnership with academic institutions and the industryThese partners include the Association of Banks in Singapore (ABS), Securities Investors Association (Singapore), Singapore Exchange Limited and Singapore Management University. will hold a series of financial education programmes for youths and the general public in various settings.
6.For more information and handy tips on financial planning, the public can visit the MoneySense website, Facebook page, or Instagram account.