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Singapore Government Launches Financial Literacy Institute

In an effort to instill the interest of financial learning in its citizen, the Singapore government has launched the MoneySENSE-SP Institute for Financial Learning last July 16.

According to a recent release from the website of the Monetary Authority of Singapore (MAS), the MoneySENSE Financial Education Steering Committee (the government’s arm for the proliferation of national financial education in the country), and Singapore Polytechnic would be teaming up to improve financial learning in the city-state. The team will be spearheaded by Dr. Alex Lum of Singapore Polytechnic.

The Institute aims to influence Singapore citizens from all walks of life to develop a knack for business and finance, as well as know how to make most of their savings.

The Institute will kick off its launching season by offering free seminars and workshops on financial planning, lending and borrowing capital, purchasing an insurance plan, building one’s nest egg, and understanding investment products.

The Institute will also be educating the general public under programmes that are meant to build their core financial abilities which include understanding their finances, income and balances; understanding their own financial needs and responsibilities; planning their budget, and choosing financial products that are right for them. Such programmes will help locals make wise financial decisions that will impact their daily lives and that of their loved ones.

The Institute will be modifying the program based on individual tastes and preferences. This will be very beneficial to busy adults who work on a tight schedule as well as parents who have their hands full at home. Adults also have a choice to enroll in Singapore Polytechnic’s Professional and Adult Continuing Education Academy, which offers flexible options and scheduled talks at the former’s workplace.

The Institute will also work with community and grassroots groups to extend their programmes to low-income consumers.