IM$avvy is a personal financial planning educational website run by the Central Provident Fund Board and supported by MoneySENSE.
About the Central Provident Fund Board
The Central Provident Fund (CPF) is Singapore's national social security savings scheme jointly supported by employees, employers and the Government. CPF members are employees and self-employed persons in Singapore. The CPF Board is the trustee of members' CPF savings.
The basic purpose of the CPF is to help members meet primary needs like shelter, food, clothing and health services in their old age or when they are no longer able to work. Benefits offered are to help meet one or more needs of the CPF member in his retirement. They include withdrawals by the member for retirement, permanent disablement, home ownership and medical care. The amounts available depend on how much the member has saved in the CPF.
MoneySENSE is the national financial education programme launched by Mr Lee Hsien Loong, then Deputy Prime Minister and Chairman of the Monetary Authority of Singapore on 16 October 2003. MoneySENSE brings together industry and public sector initiatives to enhance the basic financial literacy of consumers.
The MoneySENSE programme covers 3 tiers of financial literacy:
- Tier I - Basic Money Management - which covers skills in budgeting and saving, and provides tips on the responsible use of credit.
- Tier II - Financial Planning - to equip Singaporeans with the skills and knowledge to plan for their long-term financial needs.
- Tier III - Investment Know-How - which imparts knowledge about the different investment products and skills for investing.
Please visit the MoneySENSE website for more information on the programme.