1

Providing Financial Education to the YoungEducation to the Young

BI-OECD Seminar 27 June 2011JakartaJakarta

TohToh HooiHooi MinMinMoneySENSEMoneySENSE, Singapore, Singapore

Content

• About MoneySENSE

• MoneySENSE initiatives for students 

• Our partners’ initiatives for students

• Challenges and looking aheadg g

2

About MoneySENSEObjectives:

• To provide a strategic overview and coordinate financial education efforts in Singaporefinancial education efforts in Singapore

• To empower consumers to make informed financial decisions

"In this new and changing environment, Singaporeans need to become more self-reliant in their financial affairs. They must acquire the knowledge and skills to manage their day-to-day finances makethe knowledge and skills to manage their day to day finances, make prudent investments and plan for their longer-term needs."- Then Deputy Prime Minister and Chairman of the Monetary Authority of Singapore, Mr. Lee Hsien Loong on 16 Oct 2003.

Focus of MoneySENSE Programme

Knowledge about the different investment products, and skills for 

A “MoneySENSE Consumer” will be able to:

‐Determine risk appetite, investment objectives and investment strategy.‐ Select a service provider (banker, broker, insurance agent, etc) who is most able toTier III:

Our focus & desired outcomes

p ,investing.

Skills and knowledge to help Singaporeans plan for their long‐term financial needs.

Basic money management skills

insurance agent, etc) who is most able to meet investment needs.‐Monitor own investment portfolio.

‐Allocate financial resources among various products.‐Develop and implement financial plan according to long‐term financial objectives.‐Review and refine financial plan periodically.

‐Establish simple financial goals 

InvestmentKnow-How

Tier II:Financial Planning

management skills such as budgeting and saving, and tips on responsible use of credit.

and budget.‐Manage day‐to‐day finances prudently.‐Use credit responsibly.

Tier I:Basic Money Management

3

Who’s the audience?Working Adults

Students

Seniors

Housewives

Low Income/Financial Assistance Schemes

Our partners

Financial Education Steering Committee 

MoneySENSE Industry Working Group 

4

MoneySENSE Roadshow

How we did the roadshow Create a fun and friendly atmosphere 

to draw in crowd– Simple gamesC l b it– Celebrity appearances

– Skits & quizzes Provide simple tips that can be 

adopted instantly Show how prudent money 

management makes sense Insights of fellow consumers  shared on MoneySENSE panels Promote seminar and guides for those who want more

5

Report card: how did we do?• More than 89,000 visitors 

throughout the 3 day event• More than 260 attended the 

MoneySENSE Seminar that followed 

• Media coverage• Increase in request for 

workplace talks• Increase in school 

applications for fin lit programmes

• Mini‐carnivals at polytechnic, ITE, community & unions

MoneySENSEInitiatives for

Students

6

MoneySENSE-ABS skit:Savings - a Sensible Habit

MoneySENSE-ABS skit:Save and Spend Wisely

7

MoneySENSE supports programmes at schools

Reaching tertiary students

8

MoneySENSE-CPF-Inter-Polytechnic Financial Education

Outreach Programmeg

9

Report card: How did we do?• More than 33,000 (43 %) 

students participated • Dipstick poll shows that 40%Dipstick poll shows that 40% 

of the students are aware of the need for emergency savings (as compared to 28% in 2005 survey)

• Students are also aware of free‐look period for insurance (74% vs 52% in 2005 survey)

• Positive spin‐off from the outreach event

MoneySENSE-CPF-ITE Financial Education Outreach

ProgrammeProgramme

10

How did we do?• 3,890 students participated in the “V f Lif ” O li“Voyage of Life” Online Game Challenge

• Money management talks attended by more than 3,700 ITE students

• 2,463 students2,463 students participated in the MoneySENSE Budget Competition

Bringing financial education to university students

11

Our partners’ financial education efforts

for the youngfor the young

Learning Journey for Students

12

Ministry of Education

13

21st Century Student Outcomes

Maths problem for 11 year oldsolds

Samuel spends 7/10 of his monthly salary on his family, 2/3 of the remainder on himself and saves the rest. If he saves $220, how much is his monthly salary?

14

Another one ….

Kassim has to pay a total of $9,832 to renovate his home. He has to pay a deposit of $4,000 first, followed by 36 equal monthly instalments. How much is each instalment?

Social studies (13-15 year olds)15 year olds)

Getting ready for an ageing population –promoting healthy living p g y g& financial planning

15

Building Capacity, Enabling, Empowering

What NIE does• Financial literacy pedagogy workshops for teachersteachers

• School cluster events for students

• Research on financial literacy in schools

16

Financial literacy pedagogy workshops

• Experiential, practical & empowering

• Engaging pedagogy and ideas to equip students with money management skills, knowledge and values 

17

Core messages

Financial literacy pedagogy workshop

SAVING ‐ Personal savings and prudent money management are 

means to financial stability and security.

MANAGING – Resources are limited and rational choices are necessary. Spending within one’s means and responsible borrowing to stay away from debt trap.  

SHARING ‐ Our financial decisions can impact our dependents & families Sharing with those less fortunatefamilies. Sharing with those less fortunate.

After 4 years ….• 2,800 teachers trained in personal finance education & 

financial literacy pedagogy skillsfinancial literacy pedagogy skills

• 290 schools in Singapore with an outreach of  about 250,000 students, parents and teachers

• 50 partner & host schools

• > 6,000 students and > 1,000 teachers involved in financial literacy research

18

Some findingsIn 2008‐2009

• 5055 students & 1056 teachers from 70 schools

• Students who had undergone some exposure to financial education programmes scored better in measures of attitudes and perceptions

• Teachers found training programmes useful

19

More findingsIn 2010 

• 141 teachers from 81 schools 

• 84% of the teachers surveyed have successfully begun implementation of FL programmes in their schools

• >70% of the teacher‐participants had also shared their p pknowledge of personal finance with their colleagues, friends and/or family members

Good but more to be done

Build capacity of teachers in terms of knowledge skills andBuild capacity of teachers in terms of knowledge, skills and values.

Be meaningfully linked to students’ learning in core subjects and the values aspects of financial education must be emphasized.

Help teachers create support and sharing learning communities.

20

Fun things at NIE: school cluster events

Learning financial literacy by competing in Learning financial literacy by competing in and completing different activities at various stations.

Financial literacy carnivals• Amazing race‐style challenge.

21

NTU Investment Interactive Club –Singapore Outreach

• Carnivals

• Campsa ps

• Junior College Breakfast Talks

• FINEX

Games, game shows & competitionsfeaturing

Drama Economics Video CliANIMATI

ON

Clips

PlayMoolah YouTube

Competitions

Fin Lit Competitions

22

“Our Dream Home”Stamford Primary School

• Learning objectives: Students learn about budgeting to furnish a home

• Total budget: $12,500 

Family background:

‐ Dad is a musician/composer, works mainly at home 

‐ Mum is a housewife, sometimes bakes 

cakes and cookies to sell during Hari Raya.

‐ Son is in Primary 5, loves football and Manchester 

Room/ Area Percentage

Living/ DiningRoom

20

Master Bedroom

15

Children’s Bedroom

11

Study Room 4

United.

‐ Baby daughter is 2 years old, loves dolls and Lego.

Kitchen 22

Toilet/ Bathrooms (2)

18

Total 100

Maths Using Telephone & Utility BillsSt Gabriel’s Secondary School

• Learning objectives: Students interpret and compute the phone plan/bill and make comparisons of phone bills from different householdsp p

• Take on the role of Advisor to advise how to curb the high usage and reduce the amount incurred on telephone bills

• E.g. change plans, cut down on MMSes

.

23

“The Cham Family Story”Victoria Junior College

• Learning objectives: Associating choices with opportunity costs involved

• Students have to provide financial advice to maximise the wealth quotient of the p qCham Family

• 3 generation family , different members with different  financial goals

• Students have to examine budget and  assess how to achieve goals

• Issues: Social‐cultural values differ amongst 3 generations

Challenges and looking ahead Continual scanning of emerging gaps where consumer education is needed – what can be achieved with the young

Developing content that young ones can understand and adopt

Building scale: getting partners involved 

24