Financial Literacy Strategies - Sharing Singapore’s Experience Christina Tan MoneySENSE, Singapore RBI-OECD Workshop: Delivering Financial Literacy 22- 23 March 2010, Bangalore

Outline Financial Education - Common Goals - Common Challenges MoneySENSE - Singapore’s Experience

Common Goals To enable consumers to: Achieve fair dealing Make informed and effective financial decisions Take responsibility for their financial decisions

Common Challenges Scope Structure Distribution & Marketing Funding Assessing Effectiveness Sustainability

MoneySENSE - Sharing Singapore’s Experience

Scope Retirement Nearing Family Getting Married Starting Work Students

Structure & Distribution Community Organisations Schools Workplaces Trade Unions Libraries Media & Web Financial Education Steering Committee MoneySENSE Industry Working Group

Growing Thru The Years Added Focus on Students & Working Adults Mass Media & Events Content Development National Financial Literacy Survey Talks & Workshops

Multi-Pronged Approach to Reach Consumers Publicity and events to raise awareness Sustained seminars, talks, workshops for the general population Partner stakeholders on targeted initiatives for specific segments Simple messages / tools to encourage consumers to take simple steps Evaluate Progress via Feedback Forms, Dipstick Polls and Financial Literacy Surveys

Making Learning Fun Key messages conveyed through skits, games, supermarket races, etc In-depth knowledge conveyed via seminars Many positive spin-offs

Leveraging on New Media How $avvy are you?

MoneySENSE on Facebook

Educational Programmes with Independent Parties This is one of our key projects implemented recently. With the financial crisis, investors may have lost confidence in investment pdts, as well as in their dealings with financial institutions. This is a series of quarterly seminars, in English and Chinese, organised in partnership with independent experts from the Securities Investors Association and the Singapore Management University’s Sim Kee Boon Institute for Financial Economics. The series is funded by MoneySENSE and the Association of Banks in Singapore 13

Going forward . . . Increased Focus on Products Financial Literacy Core Competency Framework Financial Literacy Institute