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In two of my previous blogs, I had mentioned how I wish financial education could be mandated as part of mainstream schooling. We haven’t quite arrived that yet but I am equally happy to learn that the Institute for Financial Literacy has formally been launched this month.
This Institute, started by the MoneySENSE Financial Education Steering Committee and Singapore Polytechnic, aims to build “core financial capabilities across a broad spectrum of the Singapore population”, so says its press release.
What this means is that in three months’ time, laymen like you and I can gain access to free talks and workshops on various financial topics. These can range from numeracy skills to evaluate costs and benefits, selecting the right insurance and financial products, as well as understanding our rights and responsibilities as a financial consumer. If you’re interested, these is the first series of talks planned for October:
· Making the Most of Your Money
· Financial Planning Begins Now
· Are You Borrowing Too Much?
· Do I Need Every Type of Insurance?
· Building Your Nest Egg
· Investment and Financial Products ?
The Singapore Poly team headed by Dr Alex Lum (sharing my surname but in no way related to me!) is planning to partner companies and grassroots organisations to reach out to the masses. In so doing, they hope to reach out to the busy office executives and lower-income families. I applaud these initiatives and wish to see more done too for children, particularly teenage children.
While teenagers may not hold much cash at their age, it is at this time that they form many financial habits. It is also the age when peer pressure can rear its ugly head and spending to “impress” can take hold. I say this because of a recent “after-dinner” talk when my children shared on their school life.
My 13-year-old recently mentioned how his classmates get more pocket money than he does. He also spoke of someone in his class who received his first laptop when he was only in Primary 1. Luckily, he was not asking for more from us but merely sharing what he discovered. It would be good if teenage children have a better idea of how to spend within their means and to learn the value of delayed gratification.
Personally, I am looking forward to straight, unbiased information on selection of insurance policies and my rights as an insured. While reading up about financial literacy on my own had worked for me, having someone feed you the most up-to-date content is even better!
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