Financial Literacy

This tag is associated with 4 posts

Offer Details And Strategies To Help Financially-Strapped Older Singaporeans

While “the proportion of older Singaporeans who could meet their monthly household expenses and have some money left over increased by about half to 30 per cent from 2009 to 2017” (ST, May 10), the fact that 70.5 per cent of the 4,500 Singaporeans and permanent residents surveyed – aged 60 and above – believe that they have not been able to adequately meet their daily expenses warrants a deeper examination of the extent to which the elderly in the country are actually financially strapped, whether the combination of individual savings or personal income sources with familial and governmental support remains sustainable, and if there are serious systemic issues to be addressed. And if the cited factors for increased financial inadequacy, by the researchers, include the higher costs of living and rising healthcare expenses, for instance, what are the policies or strategies which might help alleviate the financial situation? Continue reading

Singapore’s Financial Literacy Problem

That 80 per cent of those who invested their monies through the Central Provident Fund Investment Scheme (CPFIS) “would have been better off leaving their monies in the Ordinary Accounts” (TODAY, Sept. 14), and that 45 per cent of them actually lost money should not come as a surprise, if these empirical findings are evaluated in the context of financial literacy rates in Singapore. Notwithstanding the limitations in its methodology – as to whether the sample might be representative of demographics – a survey conducted by Mastercard earlier this year found that even though the 422 respondents scored well in investment knowledge, retirement planning was the lowest-scoring component. Continue reading

Decline In Financial Literacy Worrying

That Singapore has recorded the largest decline in the MasterCard Financial Literacy Index should concern many. “Basic Money Management” – which examines skills of “budgeting, savings, and responsibility of credit usage” (TODAY, Apr. 28) – accounted for a large part of the decline, and it is moreover worrying that respondents scored “particularly low in the areas of managing unsecured loans and saving for big purchases”. The national financial education programme MoneySENSE might have published educational articles and organised sessions as part of its awareness campaigns since 2003, yet it may be necessary to re-examine whether citizens can attain financial well-being and consumer protection. Continue reading

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