Parliamentary Replies
Published Date: 02 April 2024

Written reply to Parliamentary Question on financial literacy for young persons

Date: For Parliament Sitting on 2 April 2024

Name and Constituency of Member of Parliament

Ms See Jinli Jean, NMP

Question:

To ask the Prime Minister (a) what are the initiatives introduced by the Ministry to guide young persons to develop financial literacy, including the sensible investing in digital assets; (b) what is the percentage of young persons participating in these initiatives; and (c) what are metrics that the Ministry is monitoring to evaluate the initiatives’ effectiveness.

Answer by Mr Lawrence Wong, Deputy Prime Minister and Minister for Finance, and Chairman of MAS:

1. Financial literacy education is incorporated into the curriculum from the primary to the tertiary level. Students from the Polytechnics and the Institute of Technical Education take financial education modules that encourage sound financial habits, and cover the fundamentals of investment literacy. At the Autonomous Universities, students can access course modules to build up their investment literacy, or participate in various campus activities, workshops and talks to learn about good money management and financial planning. The Ministry of Education regularly reviews its financial literacy programmes to keep up to date with the evolving financial landscape.

2. Beyond schools and tertiary institutions, MoneySense supports youths with access to financial literacy messages that supplement what they have learnt in school.These include talks on how to invest, and the virtual My Money@Campus carnivals that feature interactive learning and game booths. MoneySense, the Ministry of Culture, Community & Youth, and the National Youth Council (NYC) has also collaborated with social media content partners to engage youths on topical issues such as over-spending on luxuries. Together with the NYC, MoneySense also organises regular engagement sessions with youths to discuss issues such as good financial habits, investments, and scams. The MoneySense National Financial Capability Survey (NFCS) 2021, which seeks to better understand behaviour in dealing with financial matters, attitudes towards financial planning issues, and general financial knowledge, found that compared with the general population of Singapore, youths generally had higher levels of financial literacy.

3. Regarding digital assets, MAS has consistently warned the public against trading in cryptocurrencies given their lack of intrinsic value, volatile prices and highly speculative nature. MoneySense regularly amplifies these warnings to youths on social media, including through collaborations with content creators.

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