Monday, February 17, 2014

Teens in Singapore to Learn How to Manage Finances

Teens learning to manage finances early in life will be a revolutionary shift as far as Singapore’s growth in the areas of education and economics is concerned. Read on to know what the program is about and how it’ll operate!

Even though Singapore already has a high literacy rate and is already the international hub of education, the Government of Singapore is keen to educate its young generation on how to better manage finances. As a practical step ahead in this direction, ‘teens studying finances’ will be a definite part of MoneySense, the country’s national financial education program.

What Does the Move Aim At?

The move will address a range of grave financial issues every person faces in life at one point in time or the other. This will help ultimately future Singaporean adults become more efficient at managing their finances!

Educationalists and social workers from across Singapore are likely to be involved with a single goal - spreading financial literacy among people, especially the youth.

Teachers will also be trained and prepared to impart quality financial education to students.

How Will the Program Be Brought into Practice?  

All Secondary 1 and 2 scholars will get a chance to develop finance management skills through this program initiated by the Ministry of Education, Singapore. 

The Ministry is all set to prepare teachers for this challenging responsibility by equipping them with all essential skills and information, so that they can make lessons both relevant and interesting for the young minds. 

Interestingly, it will not be a compulsion for the students to take exams for getting admission in the program, for the ultimate purpose of this initiative is to instill certain confidence and impart practical skills that can be utilized in future. 

Future Perspective and Scope of Success 

The idea is to make teenagers comprehend an otherwise complex subject - finance management early in life - so that they face no difficulty in developing the right attitude and approach during their formative years towards saving and spending money. 

The program also focuses on using social service networks to make more helpful ways and opportunities available to those going through financial problems. This is the reason a pilot program has been specially designed to coach social workers on financial literacy. Once properly trained, these counselors will be able to offer help to households with low income. 

Author Bio: Lim Chuwei is a Teacher in Singapore at ChampionTutor and highly advocates the use of cloud based application for teaching and learning.

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  1. Interesting and good to hear. How I wish I had this during my generation!! Would had achieved financial freedom by now hehe. I am in my early 30s btw


    1. Hi Aceirus,

      Financial freedom by age of 30 is possible if expenses is low and single and no house no children. If have all those, before age 40 is still a possibility. I'm working towards it now.

      If I'm still single by age 30, I would really have achieved financial freedom according to my plan. Hehe

    2. Hi SGYI,

      Well, I prefer to have a well balanced life. I want to treat myself well and not just focus on earning $$. But can't argue with the positives of setting a realistic timeframe and goal :)

      Really glad to be interacting with like-minded people like you. Let's all work towards our goals -> financial freedom -> happiness in life. All the best!


    3. Hi aceirus,

      I prefer a well balanced life too. Believe it or not, my focus has never been on earning money. Even investing is not about making profits but on finding the right businesses. The end result will be more money but our focus should not be on it.

      Happiness in life comes from gratitude and living a simple life. Not having to worry about money is even better. Indeed let us work together to achieve financial freedom.

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