Efforts to Promote Financial Literacy among Students
Ministry of EducationSpeakers
Summary
This question concerns Mr Leon Perera’s inquiry about efforts to promote financial literacy among students, specifically regarding future choices affecting retirement adequacy. Minister for Education Ong Ye Kung stated that the Ministry of Education works with MoneySense to deliver age-appropriate modules across all educational levels. Primary and secondary students learn about savings and responsible credit, while pre-university students access financial education through Economics and online learning platforms. Polytechnic and Institute of Technical Education students undergo mandatory modules covering budgeting, compound interest, and national schemes like the Central Provident Fund. Autonomous Universities also provide finance modules and campus activities to build money management skills before students enter the workforce.
Transcript
47 Mr Leon Perera asked the Minister for Education what are the efforts to promote financial literacy among school students, particularly in respect of the choices they will need to make later in life that impinge on retirement adequacy.
Mr Ong Ye Kung: MOE recognises the importance of financial literacy education for our students, and works with MoneySense to deliver it in the following ways: In Primary schools, financial literacy education is anchored on the teaching of core moral values. Students are taught basic concepts and values such as delayed gratification, differentiating between needs and wants, spending within our means, thrift and savings. These are delivered through the Form Teacher Guidance Period and Character and Citizenship Education lessons.
In Secondary schools, students learn about simple financial planning, the responsible use of credit, and are equipped with knowledge of consumer rights, in order to become responsible and discerning consumers.
At the Pre-university level, financial literacy is infused in A-Level Economics. Students learn how to weigh costs and benefits, and consider constraints and perspectives in making well-informed decisions. Pre-university students can also access a financial education module through MOE's online learning platform, Student Learning Space, under Character and Citizenship Education.
At the Polytechnics and Institute of Technical Education, all Year 1 students will undergo a mandatory financial education module to equip them with basic financial knowledge and practical tools, and cultivate good financial habits. Students learn about key financial concepts such as budgeting and compound interest, and acquire a basic understanding of national schemes, such as the Central Provident Fund, and how it can be used to meet their housing, healthcare and retirement adequacy needs.
Similarly, at the Autonomous Universities, financial education is available through course modules in finance and investment, as well as various campus activities, workshops and talks which build awareness of good money management and financial planning before they enter the workplace.