MoneySense’s “Level Up Your Financial Health” campaign has launched and will run until end November with in-person and mass media education programmes, as well as complimentary financial planning services and tools on its website.
Created in 2003, MoneySense is Singapore’s national financial education programme co-led by the Monetary Authority of Singapore and the Ministry of Manpower.
The campaign follows the MoneySense National Financial Capability Survey (NFCS) 2021 which found that Singapore residents generally adopted good financial behaviours in money management.
More respondents budgeted and kept track of their spending, and maintained at least three months of expenses as emergency savings as compared to 2017.
However, knowledge of financial concepts could be further improved as 4 in 10 respondents did not understand financial concepts such as ‘risk diversification’ and ‘simple and compound interest’.
The survey also found that slightly more than half of respondents had not developed a plan for retirement savings.
In light of these findings, this year’s MoneySense campaign aims to uplift Singaporeans’ knowledge of financial concepts and encourage longer-term financial planning.