0914 MoneySense Campaign to empower Singaporeans with information and expertise on monetary and

1 The MoneySense Campaign 2022, “Level Up Your Financial Health”, goals to empower Singaporeans with information and concrete steps to take cost of their monetary well-being and plan for his or her retirement. Launched immediately and working till finish November, this yr’s marketing campaign contains in-person and mass media schooling programmes, in addition to complimentary companies and instruments to assist in monetary planning.

  

2            While MoneySense has made progress to inculcate constructive cash administration behaviours and habits in Singaporeans, we recognise that extra could be finished to uplift information of monetary ideas and encourage longer-term monetary planning amongst Singaporeans. The MoneySense National Financial Capability Survey (NFCS) 2021[1] discovered that Singapore residents usually adopted good monetary behaviours in cash administration. More respondents budgeted and stored observe of their spending, and maintained a minimum of three months of bills as emergency financial savings as in comparison with 2017[2]. Knowledge of monetary ideas may very well be additional improved as 4 in 10 respondents didn’t perceive monetary ideas corresponding to ‘risk diversification’ and ‘simple and compound interest’. More Singaporeans must take energetic monetary planning steps as barely greater than half of the respondents had not developed a plan for retirement financial savings.

         

3            This yr’s marketing campaign calls on Singaporeans to take the primary steps of their monetary planning journey:

1. Sign up for complimentary retirement planning workshops and one-to-one monetary well being clinics. The Institute for Financial Literacy will maintain workshops at island-wide areas to offer complete, step-by-step steerage on plan for retirement and take care of inflation. Post-workshop, contributors can join one-to-one monetary well being clinics to acquire personalised steerage. (Please consult with Annex B for extra info and registration particulars).
2. Use the improved Financial Health Check software. This five-minute self-assessment supplies customised suggestions on enhancing one’s monetary well being (www.moneysense.gov.sg/fhc/main).

 

4        Another useful gizmo that Singaporeans can faucet on is MoneySense’s digital monetary planning service, “MyMoneySense” (www.mymoneysense.gov.sg). This service permits people to robotically consolidate their monetary information from authorities and banks by way of the Singapore Financial Data Exchange (SGFinDex)[3]. It additionally allows Singaporeans to get began on monetary planning by offering personalised and actionable steerage.

 

5        Other highlights of the Campaign embody the next academic programmes and occasions:

1. Free-to-air programmes. An infotainment recreation present, a documentary collection and quick movies will probably be broadcast on nationwide tv and digital platforms. The programmes will present tips on managing funds and making sound monetary choices for a safer retirement, amidst inflationary pressures.
2. MyMoney@Campus, MyMoney@Public and World Investor Week. MoneySense in partnership with tutorial establishments and the business[4] will maintain a collection of monetary schooling programmes for teens and most people in numerous settings.

 

6        For extra info and helpful tips on monetary planning, the general public can go to the MoneySense web site (www.moneysense.gov.sg), Facebook web page (moneysense), or Instagram account (@moneysense_sg).

 

Annex A

 

About MoneySense & MoneySense Council

 

          MoneySense is Singapore’s nationwide monetary schooling programme, began in 2003. It seeks to assist Singaporeans to handle their cash nicely and make sound monetary choices on their very own.

 

2        MoneySense goals to earn money issues easy and intuitive for all Singaporeans. Our programmes and assets are:

 

•         Practical – There is one thing to assist everybody – whether or not it’s with on a regular basis monetary choices or longer-term planning. 

•         Unbiased – We give goal info so that everybody can resolve for themselves what works and what doesn’t.

•         Relevant – We break issues down on the newest developments relating to private finance to be able to act promptly.

 

3        We need to assist Singaporeans:

       •         Have the abilities, information and confidence to weigh their choices in monetary issues

•         Know their rights and tasks in monetary choices

•         Make knowledgeable choices on the subject of private funds

•         Plan nicely for his or her future

 

4        To assist Singaporeans perceive their funds and take actions to enhance their monetary well-being, MoneySense has labored with the Ministry of Manpower and Government Technology Agency to develop MyMoneySense, a free, authorities monetary planning digital service. MyMoneySense permits people to robotically consolidate their monetary information from authorities and banks by way of the Singapore Financial Data Exchange, and supplies personalised and actionable steerage to make monetary planning simpler.

 

5        Beyond assets printed on the MoneySense web site and social media, monetary planning digital companies and instruments developed by MoneySense and large-scale campaigns and seminars that MoneySense runs, our Institute for Financial Literacy additionally brings talks and workshops to workplaces and the general public. These cowl a variety of monetary planning matters to assist contributors perceive their very own monetary wants, make higher monetary choices and plan for his or her monetary future. Our programmes are all the time free and unbiased. We additionally work with business and neighborhood companions in addition to colleges to carry monetary schooling programmes to totally different goal segments. 

 

6        Our volunteers and companions play a useful position in making our programmes a hit. We work with a wide range of companions from:

•         Schools and Institutes of Higher Learning

•         Consumer and investor associations

•         Financial business associations

•         Community organisations

 

7        MoneySense programmes are overseen by the MoneySense Council.

 

8        The Council is co-chaired by the Monetary Authority of Singapore and the Ministry of Manpower, and contains representatives from the Ministry of Communications and Information, Ministry of Culture, Community and Youth, Ministry of Education, Ministry of Finance, Ministry of Health, Ministry of National Development, Ministry of Social and Family Development, Central Provident Fund Board, Government Technology Agency, Housing Development Board, Prime Minister’s Office of Singapore, and Public Service Division.

 

 

Annex B

 

 

About Institute for Financial Literacy and Retirement Planning Workshops

 

The Institute for Financial Literacy (IFL) is a collaboration between MoneySense and Singapore Polytechnic International Pte Ltd. IFL supplies free and unbiased monetary schooling programmes to the general public with out selling industrial monetary merchandise. IFL holds talks and workshops at workplaces and works with quite a few social service companies as a part of their outreach.

 

2        These monetary schooling programmes cowl primary cash administration, monetary planning and funding know-how.

 

3        The goal of those programmes is to develop Singaporeans’ core monetary capabilities. Available programmes embody:

• Understanding Money
• Understanding Yourself, Your Rights and Responsibilities
• Managing Everyday Money
• Planning Ahead
• Selecting Financial Products appropriate for You.

 

4            As a part of the MoneySense Campaign 2022, members of public can register without spending a dime retirement planning workshops to be performed at numerous areas islandwide.

 

Course define:

Learn put together your self for a snug retirement. Understand the fundamentals of retirement planning and components it’s essential contemplate when planning your retirement. Learn construct your retirement fund by way of CPF and investing, and shield your healthcare wants by way of insurance coverage. Know how one can plan forward with CPF nominations and the Lasting Power of Attorney.   Topics What you must find out about retirement What are you able to do now to begin saving on your retirement Who helps you to construct up your retirement fund and what extra are you able to do How are you able to cut back disruptions to your retirement plan with insurance coverage Why it’s essential assessment and regulate your plans and go away a legacy

When:

Weekly periods from 14 September to 30 November 2022

 

5        To register for the retirement planning workshops, go to go.gov.sg/my-retirement-plan

 

6        For extra info on IFL and its programmes, go to http://www.ifl.org.sg.