0914 MoneySense campaign to empower Singaporeans with financial literacy and skills and

1 Jhe MoneySense Campaign 2022, “Level Up Your Financial Health,” aims to empower Singaporeans with knowledge and actionable steps to take charge of their financial well-being and plan for retirement. Launching today and running through the end of November, this year’s campaign includes in-person and mass media education programs, as well as complementary services and tools to help with financial planning.

2 While MoneySense has made progress in instilling positive money management behaviors and habits in Singaporeans, we recognize that more can be done to improve knowledge of financial concepts and encourage longer-term financial planning among Singaporeans. MoneySense National Financial Capability Survey (NFCS) 2021[1] found that Singapore residents generally exhibit good financial management behaviors. More respondents budgeted and tracked their expenses, and maintained at least three months of expenses as emergency savings compared to 2017[2]. Knowledge of financial concepts could still be improved as 4 out of 10 respondents did not understand financial concepts such as ‘risk diversification’ and ‘simple and compound interest’. More Singaporeans need to take active steps in financial planning as just over half of respondents had not developed a retirement savings plan.

3 This year’s campaign calls on Singaporeans to take the first steps in their financial planning journey:

  1. Sign up for free retirement planning workshops and one-on-one financial health clinics. The Institute for Financial Literacy will hold workshops across the island to provide comprehensive, step-by-step advice on how to plan for retirement and deal with inflation. After the workshop, participants can sign up for one-on-one financial health clinics for personalized advice. (Please refer to Annex B for more information and how to register).
  2. Use the improved financial health check tool. This five-minute self-assessment provides personalized recommendations for improving financial health (www.moneysense.gov.sg/fhc/main).

4 Another useful tool that Singaporeans can tap into is MoneySense’s digital financial planning service, “MyMoneySense” (www.mymoneysense.gov.sg). This service allows individuals to automatically consolidate their government and bank financial data through the Singapore Financial Data Exchange (SGFinDex)[3]. It also enables Singaporeans to engage in financial planning by provide personalized and actionable advice.

5 Other campaign highlights include the following educational programs and events:

  1. Free programs. An infotainment game show, documentary series and short videos will air on national television and digital platforms. The programs will provide advice on managing finances and making sound financial decisions for a more secure retirement, amid inflationary pressures.
  2. MyMoney@Campus, MyMoney@Public and World Investor Week. MoneySense in partnership with academic institutions and industry[4] will organize a series of financial education programs for young people and the general public in various contexts.

6 For more information and practical advice on financial planning, the public can visit the MoneySense website (www.moneysense.gov.sg), Facebook page (moneysense), or Instagram account (@moneysense_sg).

Annex A

About MoneySense and MoneySense Consulting

MoneySense is Singapore’s national financial education program, launched in 2003. It aims to help Singaporeans manage their money well and make smart financial decisions for themselves.

2 MoneySense aims to make money matters simple and intuitive for all Singaporeans. Our programs and resources are:

Practice – There’s something to help everyone – whether it’s with day-to-day financial decisions or longer-term planning.

Impartial – We give objective information so that everyone can decide for themselves what works and what does not.

Pertinent – We analyze the latest developments in personal finance so you can act quickly.

3 We want to help Singaporeans:

• Have the skills, knowledge and confidence to weigh their financial options

• Know their rights and responsibilities in financial decisions

• Make informed personal finance decisions

• Plan your future well

4 To help Singaporeans understand their finances and take steps to improve their financial well-being, MoneySense worked with the Ministry of Manpower and the Government Technology Agency to develop MyMoneySense, a free digital service government financial planning. MyMoneySense allows individuals to automatically consolidate their financial data with government and banks through the Singapore Financial Data Exchange, and provides personalized and actionable advice to facilitate financial planning.

5 Beyond the resources posted on the MoneySense website and social media, the digital financial planning services and tools developed by MoneySense, and the large-scale campaigns and seminars organized by MoneySense, our Institute for Financial Literacy also offers conferences and workshops in the workplace and to the public. These cover a wide range of financial planning topics to help participants understand their own financial needs, make better financial decisions, and plan for their financial future. Our programs are always free and unbiased. We also work with industry and community partners as well as schools to deliver financial education programs to different target segments.

6 Our volunteers and partners play a valuable role in the success of our programs. We work with a variety of partners from:

• Schools and institutes of higher education

• Consumer and investor associations

• Financial sector associations

• Community organizations

7 MoneySense programs are overseen by the MoneySense Board.

8 The Council is co-chaired by the Monetary Authority of Singapore and the Ministry of Manpower, and includes representatives from the Ministry of Communications and Information, Ministry of Culture, Community and Youth , Ministry of Education, Ministry of Finance, Ministry of Health, Ministry of National Development, Ministry of Social and Family Development, Central Provident Fund Board, Government Technology Agency, Housing Development Board, Singapore Prime Minister’s Office and Civil Service Division.

Annex B

About the Institute for Financial Education and Retirement Planning Workshops

The Institute for Financial Literacy (IFL) is a collaboration between MoneySense and Singapore Polytechnic International Pte Ltd. IFL provides free and unbiased financial education programs to the public without promoting commercial financial products. The IFL organizes conferences and workshops in the workplace and works with many social service agencies in their awareness work.

2 These financiers training programs cover basic money management, financial planning and investment know-how.

3 The aim of these programs is to develop the core financial capabilities of Singaporeans. Available programs include:

  • Understanding Money
  • Understand yourself, your rights and responsibilities
  • Manage money daily
  • Plan ahead
  • Selection of the financial products that suit you.

4 As part of the MoneySense 2022 campaign, members of the public can sign up for free retirement planning workshops that will be held at various locations around the island.

Lesson Plan:

Learn how to prepare for a comfortable retirement. Understand the basics of retirement planning and the factors you need to consider when planning for your retirement. Learn how to build your retirement fund with CPF and how to invest, and protect your health care needs through insurance. Know how you can plan ahead with CPF Appointments and Continuing Power of Attorney.

Topics

  • What you need to know about retirement
  • What can you do now to start saving for your retirement
  • Who helps you build your retirement fund and what more can you do
  • How to Reduce Disruption to Your Retirement Plan with Insurance
  • Why you need to review and adjust your plans and how to leave a legacy

When:

Weekly sessions from September 14 to November 30, 2022

5 To register for retirement planning workshops, visit go.gov.sg/my-retirement-plan

6 For more information on the IFL and its programs, visit http://www.ifl.org.sg.



[1] The MoneySense 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 18-79. Please refer to Annex A for more information on MoneySense.

[2] MoneySense led the 2017 financial planning attitude survey.

[3] SGFinDex is a digital infrastructure that allows individuals to easily consolidate their financial information from participating financial institutions and government agencies. It is a joint initiative of 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.

[4] These partners include the Association of Banks of Singapore (ABS), the Securities Investors Association (Singapore), Singapore Exchange Limited and the Singapore Management University.


Donald E. Patel