Improve Your Financial literacy – Now!

by Patrick Liew on September 19, 2016

Despite initiatives by the government to promote financial education, only 0.15 percent of the respondents could recall attending a MoneySENSE financial literacy education program (Monetary Authority of Singapore, 2005).

The National Financial Literacy Survey 2005 indicates that many Singaporeans and especially those from the lower socioeconomic segment may not have the required mindset, knowledge and skills to generate equitable returns on their savings.

Results from the survey show that about half of the respondents were not inclined to learn how to better manage their money and about 34 percent of respondents have a wrong perspective about financial planning.

About 54 percent of the respondents felt that they should begin financial planning once they start working, but only 32 percent indicated an intention to actually act on it.

The survey also shows that while Singaporeans have improved their financial literacy (Today (Singapore), 2013), they are still not faring well in terms of financial planning (Today (Singapore), 2013; MasterCard Intelligence, 2013).

They are not actively managing their money well and planning ahead (Monetary Authority of Singapore, 2013) and more than half of the respondents are underinsured (Lam, 2014).

It is likely that Singaporeans couples do not have sufficient savings for their retirement. There is a gap of 5.7 years where they will run out of money (Mok, 2014).

In addition, Singapore is one of the worst performing Asia-Pacific countries in terms of investment know-how (MasterCard Intelligence, 2013).


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