Financial Literacy an Important Part of School Curriculum

We thank Forum writers Khoo Yik Lin ("Handling cash helps children build financial literacy", April 16) and Teo Pek Ean ("Using digitalisation, tech aids from a young age not a good thing", April 19) for sharing their concerns on broadening access to digital payments in our schools.

The Ministry of Education (MOE) recognises the importance of financial literacy education. Students will not be short-changed by schools having a cashless payment option as there are still opportunities to learn about the fundamentals of financial literacy.

MOE promotes financial literacy by infusing key concepts into school curricula at all levels.

For example, primary school pupils are taught basic concepts such as differentiating between needs and wants, spending within their means, as well as the value of thrift and accumulating savings through character and citizenship education (CCE) lessons.

Secondary school students learn how to become responsible and discerning consumers through food and consumer education, where simple financial planning, responsible use of credit and knowledge of consumer rights are taught.

At the pre-university level, CCE lessons guide students to apply values as they learn about financial goals and how to manage their future financial responsibilities.

Financial literacy is also included in the A-Level economics curriculum, where students learn to weigh costs and benefits to make well-informed decisions. Education on financial literacy continues in the institutes of higher learning as well.

These curricular efforts are complemented by exposure to authentic, real-life settings. In a digital era where contactless transactions are more prevalent, giving our students an option of cashless payment in schools can familiarise them with such transactions in a safe environment, should they prefer to do so. We assure Mr Khoo and Ms Teo that the use of e-payment is optional, and cash will continue to be accepted in our schools.

We thank parents for working with us to inculcate in our students positive habits in managing money. For instance, parents can teach financial literacy in everyday life by setting aside a weekly budget and discussing with their child how to apportion the money daily.

Together, we can guide our young ones towards developing a responsible attitude towards money.

Ms Loh Wee Cheng
Divisional Director, Student Development Curriculum Division 1
Ministry of Education