Tharman Shanmugaratnam: MoneySENSE launches new programmes to reach
more Singaporeans
Speech by Mr Tharman Shanmugaratnam, Deputy Chairman of the Monetary Authority of Singapore,
at the launch of the MoneySENSE 2006 Roadshow, Singapore, 31 March 2006.
* * *
Distinguished Guests
Friends from NTUC and various community organizations
Ladies and Gentlemen
Boys and Girls
Introduction
1. I am pleased to launch the inaugural MoneySENSE 2006 Roadshow, which seeks to bring financial
education to Singaporeans from all walks of life.
MoneySENSE has done well
2. MoneySENSE is on a roll. Since its launch in October 2003, it has seen over 140 talks, seminars
and workshops on financial education, attracting over 15,000 participants. It has also published 16
consumer guides with a total circulation exceeding one million.
3. These achievements are results of collaboration between government, industry, community groups
and our media partners. I encourage MoneySENSE to build on and expand these strong partnerships,
and bring financial education to even more Singaporeans.
4. Let me now touch on a few new programmes that MoneySENSE has lined up this year.
MoneySENSE launches new programmes to reach more Singaporeans
MoneySENSE 2006 Roadshow
5. Today's MoneySENSE 2006 Roadshow presents simple financial education messages and tips to
adults and children through fun activities. A simple game of shooting basketballs into nets from
different distances is used to highlight risk-return tradeoffs. There is also a supermarket contest to
illustrate the importance of spending within your budget, plus a chef to show you how you can cook up
a storm without spending a bomb.
6. There are plans to bring these activities to other parts of Singapore, and several community centres
are in discussions with MoneySENSE.
Important Role of Media
7. The media is still the most effective channel for financial education. In the national financial literacy
survey conducted by MoneySENSE, 54% of the respondents said they were interested to learn about
financial education through mass media.
8. I am glad the local newspapers have been very supportive in running MoneySENSE articles on a
regular basis. The Straits Times, Lianhe Zaobao and Berita Harian have been doing so regularly for
more than two years. Other publications like Today and Smart Investor have also begun to run regular
MoneySENSE columns. I would like to thank all of you for partnering us in this important effort, and I
would like to see this continue.
9. MoneySENSE will soon launch a TV game show requiring participants to make financial decisions
such as on whether to purchase certain items, whether to take on more credit, whether to take up
insurance and whether to invest in certain financial products. A preview of this new TV game show will
be staged at this Roadshow on Sunday. So look out for this sneak preview.
10. These are all good initiatives. But our financial education outreach can progress faster, and reach
many more people, if we make the most of our collaborations with the unions, community centres and
other organisations are here today. I encourage all of you to work with MoneySENSE to bring financial
education to residents in your neighbourhoods, to your workplaces, and to your members. In this
regard, I am happy to know that NTUC is planning to organise MoneySENSE programmes for its
members.
MoneySENSE encourages students to be ambassadors of financial education
11. It is also important to begin young. The Ministry of Education (MOE) has promoted financial
literacy in schools so that students get a basic sense of money matters and of the need to save and
spend wisely, from young. Financial education messages are taught through subjects such as Social
Studies and Civics and Moral Education at the primary and secondary levels. Our teachers have also
been given resources and training to enable them to deliver financial literacy lessons effectively. (One
of the resources well-received by teachers is a CD-ROM entitled 'Promoting Financial Literacy in
Schools' which comprises illustrations and case-studies to facilitate class discussions on financial
literacy matters and issues. Workshops focusing on hands-on activities are also conducted annually to
enhance teachers' competency in financial literacy.)
12. About 30 schools, through MoneySENSE, have enhanced their financial literacy programmes by
conducting enrichment activities. These include interactive board games on prudent money
management, workshops on financial matters such as debt, insurance and financial planning and
inter-school financial literacy competitions. To date, over 4,000 students had participated in such
activities.
13. Today, I'm pleased to announce a new programme to encourage students who have attended
MoneySENSE activities arranged by their schools to be "MoneySENSE Ambassadors". This includes
the many students here today for the inter-school MoneySENSE games competition.
14. Having learnt some basic money management skills through the workshops, I hope you will use
these skills and pass them on to your friends. An important step towards good money management is
to plan your expenditure and savings. As "MoneySENSE Ambassadors", you will first draw up your
own pocket money budget. You can do so with the MoneySENSE pocket money budget available on
the MoneySENSE website. Encourage your friends to also take the first step in managing their money
and draw up their own pocket money budgets.
15. Of course, it is not only about drawing up a budget. After you have drawn up your budgets,
remember to monitor your expenses and spend within your means. It is a simple discipline that's really
worth putting into practice from young.
The MoneySENSible Awards
16. Some may think that financial planning is only for the rich. This is a big misperception. Regardless
of our backgrounds and jobs, it is important to set our financial goals and map out how we intend to
achieve them. The earlier we start, as individuals and as families, the easier it is to achieve our
financial goals.
17. This Roadshow features posters of Singaporeans, from celebrities to the man-in-the-street, who
share how they manage their money. It's worth reading the tips and messages they share and see
how they can be applied in your lives.
18. I am also pleased to announce that in the coming weeks, MoneySENSE will launch a series of
MoneySENSible awards. MoneySENSE will partner with the media on this. We will ask all of you to
nominate people you know whom you think are doing a good job in managing their money. The
awards will recognize individuals who have good and sensible habits in each of the three tiers of
financial literacy: in basic money management: in financial planning, and in investments. Details will be
announced in the next few weeks.
Consumers need to take the initiative too
19. Each of us as individuals have to take responsibility for our own financial well being, and that of
our family. We can start by getting basic knowledge on money matters. Lack of knowledge often
results in bad decisions, which can hurt your financial situation. So we are bringing knowledge to more
people. I understand that several financial planning associations, the Securities Investors Association
of Singapore (SIAS) and Singapore College of Insurance (SCI) are working with MoneySENSE to
deliver talks at various community centres. MoneySENSE is also partnering the Association of Banks
(ABS) to run talks on credit management, the Life Insurance Association (LIA) and General Insurance
Association (GIA) to deliver seminars on insurance, and the Investment Management Association of
Singapore (IMAS) and the Singapore Exchange (SGX) to present talks on the basics of personal
investing.
20. You can also find a wide range of tools to for self-learning. For instance, the CPF Board has
several online calculators to help you plan for your retirement and housing needs. MoneySENSE has
worksheets to help you draw up your family budget and assess your debt commitments. There is also
a MoneySENSE guidebook to explain commonly used terms in financial documents that you may
encounter.
Conclusion
21. I wish you an enjoyable time at the roadshow. Enjoy the activities. Most important of all, let's all
use the tips and lessons we learn in your daily lives.