Proposal to Make Principles of Accounts a Compulsory Subject for Upper Secondary Students
Ministry of EducationSpeakers
Summary
This question concerns a proposal by Mr Don Wee to make Principles of Accounts (POA) a compulsory upper secondary subject to enhance financial literacy. Minister for Education Chan Chun Sing explained that POA remains an elective as it appeals to specific interests and is not necessary for teaching basic financial concepts. He highlighted that financial literacy is already infused into compulsory subjects like Character and Citizenship Education, Social Studies, and Food and Consumer Education. These subjects cover essential topics such as thrift, responsible credit use, and managing financial trade-offs. The Ministry of Education will continue reviewing its curriculum to ensure all students acquire fundamental financial literacy skills.
Transcript
18 Mr Don Wee asked the Minister for Education whether Principles of Accounts can be made a compulsory subject for all upper secondary students so as to improve Singaporeans’ financial literacy going forward.
Mr Chan Chun Sing: Principles of Accounts (POA) is an elective subject offered at the upper secondary level. While the POA curriculum covers transferable skills such as analysing accounting and non-accounting information for decision-making, which students can apply in their daily lives to make sound financial decisions, the subject may appeal more to students with a particular interest in accounting topics. It is not necessary to make POA a compulsory subject just to equip students with basic financial literacy.
Financial literacy is already infused into subjects such as Character and Citizenship Education (CCE), Social Studies (SS) and Food and Consumer Education (FCE) that are taken by all students. In primary school, students are taught foundational concepts such as the value of thrift and spending within one’s means in CCE lessons. Secondary school students are guided to become responsible and discerning consumers through simple financial planning and responsible use of credit in FCE. In SS, students learn about the need to manage trade-offs and the importance of individual responsibility in meeting the needs of individuals and society.
The Ministry of Education (MOE) will continue to review the curriculum and subject offerings in schools to ensure all students are equipped with basic financial literacy.