Empowering the Consumer
MoneySense commemorates 20th anniversary
October 2023
MoneySense, Singapore’s national financial education programme, commemorated its 20th anniversary in 2023 with a series of events and activities to help Singaporeans with their financial planning journey.
MoneySense continues to support the International Organization of Securities Commissions' (IOSCO) World Investor Week
7 October 2023
MAS organised the seventh Singapore edition of IOSCO’s World Investor Week (WIW), a global outreach initiative on investor education and protection. The highlight of 2023’s event was a retirement-planning festival “Ready for Life”, organised in collaboration with CPF Board, where the Basic Financial Planning Guide was launched. More than 2,200 participants attended the festival’s financial and lifestyle talks, while more than 600 participants visited the activity booths. Other WIW 2023 events included a townhall session for youths on investing, and a webinar for working adults covering market outlook and digital financial planning tools.
MAS launches the Basic Financial Planning Guide together with the financial advisory industry
7 October 2023
MAS and MoneySense, together with the CPF Board, Association of Banks in Singapore, Association of Financial Advisers (Singapore) and Life Insurance Association, launched a Basic Financial Planning Guide to help Singaporeans take steps to enhance their financial well-being. The Guide outlines a few rules of thumb, for individuals to start taking proactive steps to address their savings, insurance, and investment needs. From January 2024, the guide is available in six customised formats to meet the needs of individuals at different life stages.
MAS proposes to simplify requirements and facilitate access to simple and cost-effective insurance products
2 February 2024
MAS issued a consultation paper on proposals to reduce the amount of information collected by financial institutions from their clients, when they make recommendations on term life insurance and standard critical illness policies that are based on the rules of thumb in the Basic Financial Planning Guide. This will simplify the process for consumers, and encourage the offer of simple and cost-effective products to help consumers meet their protection needs, subject to the limits in the Guide.